Read previewChina's baby bust could see its urban pet population outnumbering the number of toddlers by 2030, investment bank Goldman Sachs wrote in a July 28 report.
According to Goldman Sachs' forecasts, China will have more than 70 million urban pets by 2030.
AdvertisementThe rise in pet ownership, the bank said, could help push China's pet food market to $12 billion by 2030.
People having more pets than babies shouldn't be surprising considering how China is presently grappling with a demographic crisis.
China's population shrank again in 2023, with the number of deaths exceeding the number of births by 2.08 million people.
Persons:
—, Goldman Sachs, Lin Zhang, Zhang, Zheng Mu, Zheng, Cash, haven't, Bihan Chen, Emily Huang, Huang, Ann, Hunter van Kirk
Organizations:
Service, Business, country's National Bureau of Statistics, University of New, Zhang, National University of Singapore, National Association of Realtors, NAR, Bloomberg Intelligence
Locations:
China, country's, University of New Hampshire, Europe, East Asia