By 2030 China Will Have Twice as Many Pets as Young Children

By 2030, China’s pet population is expected to nearly double that of its young children, according to a recent Goldman Sachs report. The urban pet population is projected to surpass 70 million, while the number of children aged four and under will decline to less than 40 million. This shift marks a dramatic change from 2017, when there were 90 million young children compared to 40 million pets.

Goldman Sachs analyst Valerie Zhou attributes this trend to a combination of a declining birth rate and increasing pet ownership among the younger generation. With new births in China anticipated to decrease by an average of 4.2% annually until 2030, largely due to a shrinking female population of childbearing age and a general reluctance to start families, pet ownership is on the rise. As of 2023, nearly half of China’s pet owners are between 23 and 33 years old.

The trend toward pet ownership is expected to significantly impact the pet food market, which is forecasted to grow into a $12 billion industry by 2030. Additionally, cats are predicted to become more popular than dogs due to their lower space requirements.

Globally, falling birth rates are becoming more common, with many countries facing similar demographic challenges. China’s population, which decreased for the second consecutive year in 2023, now stands at 1.41 billion, reflecting broader trends in declining birth rates and changing family dynamics.

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