Recent Publications
Taiwan Economic Research Monthly
The huge business opportunities derived from the vigorous development pet industry
With the global trend of declining birthrate and growing demand for companionship, the pet industry has developed rapidly in recent years. According to international pet economic statistics, the economic scale of the global pet market is estimated to exceed US$260 billion in 2022, with a compound annual growth rate of 5%. Even in 2020, the most severe year of COVID-19, and the global economy showing negative growth, the pet economy still maintains a 5% growth rate, which shows that the charm of cute pet economic development cannot be stopped. According to the research survey conducted by the Taiwan Economic Research Institute in 2020, the market size of my country's pet industry has exceeded NT$50 billion. It is also predicted that the number of “hairy children” in Taiwan will exceed the number of children between 2023 and 2027. It is expected that the industry will soon enter a golden period of development. In the future, whether Taiwan’s pet industry can sustainably maintain its growth momentum, as shown by the development experience of developed countries, how to meet the relevant needs of the owner's rising awareness of animal protection will be the key focus.