China will have nearly twice the pets than young children by 2030

By 2030, China's urban pet population is projected to reach over 70 million, nearly double the number of children under four, which is expected to decline to less than 40 million, according to a Goldman Sachs report. This shift marks a significant change from 2017, when there were approximately 90 million children in that age group compared to around 40 million pets. The report attributes this trend to a declining birth rate, with new births anticipated to decrease by an average of 4.2% annually until 2030, largely due to a reduction in the population of women aged 20 to 35 and a growing reluctance among younger generations to start families. As a result, pet ownership is expected to rise, particularly among individuals aged 23 to 33, who currently represent nearly half of pet owners in China. The pet food market is also projected to expand significantly, potentially reaching a value of $12 billion by 2030. Additionally, the report forecasts that cat ownership will surpass dog ownership, as cats require less space. This trend mirrors a global decline in birth rates, with many countries experiencing similar demographic shifts.

- China's urban pet population is expected to reach over 70 million by 2030.

- The number of children under four is projected to fall to less than 40 million.

- A declining birth rate is driving the increase in pet ownership.

- The pet food market in China could grow to $12 billion by 2030.

- Cat ownership is anticipated to surpass dog ownership in China.