“non-involved or tolerant” [pet] Parenting is no longer the norm for pet owners,” said Emily Chow, Deputy CEO of OneDegree. “They place great importance on daily care, feeding, and the well-being and health of their pets.”
Pet ownership has grown in popularity in Hong Kong over the past five years, with the number of cats, dogs, birds and other pets increasing by 50,000 to 1.19 million between 2018 and 2023, according to Statista. It became. Industry sales have increased by 50% over the past five years, to US$1.2 billion last year, according to Euromonitor data.
Aging population, COVID-19-related social isolation and high child care costs are among the main factors driving growth in Hong Kong's pet industry, according to a separate report from the German Chamber of Commerce and Industry in Hong Kong and OneDegree. It is said to be one.
Hong Kong virtual insurance company OneDegree on track to become profitable in 2024: CEO
Hong Kong virtual insurance company OneDegree on track to become profitable in 2024: CEO
According to OneDegree's Chow, pet owners these days don't just go to the veterinarian when their pets get sick, they schedule regular health checkups and enroll their pets in insurance plans. It is said that there is. “They consider their pets to be family members and give their four-legged companions the same love and care,” she added.
However, despite the money and effort Hong Kongers spend on caring for their pets, the city's pet insurance industry is still in its infancy, with an estimated take-up rate of around 5 percent.
According to the report, 16 percent of the 526 pet owners surveyed by OneDegree had never heard of pet insurance, and of those who did, they enrolled their pets in an insurance plan. There were less than half of the people.
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“we believe [that] By continuing to educate pet owners, providing transparent product information, and providing a seamless and efficient online insurance purchasing and claiming experience, the Hong Kong market will grow and flourish.” she said.
Meanwhile, mainland China's pet industry has also shown positive growth, despite slowing growth momentum in recent years due to the coronavirus pandemic and its impact on household disposable income.
Online insurance company OneDegree raises $27 million to expand coverage of digital assets
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Last year, mainland pet owners spent an average of 2,875 yuan (US$400) a year on dogs and 1,870 yuan (about 40,000 yen) on cats, down 0.2% and 0.75%, respectively, compared to 2022 levels. Nevertheless, the market recorded total sales of $13.6 billion, an increase of nearly 100 percent from 2018, according to separate reports from industry groups such as the China Veterinary Medical Association and Euromonitor.
According to the association's report, pet food accounts for 52.3% of pet owners' spending, while medical products and services such as medications, health checks and vaccines account for 28.5%.
According to estimates by iiMedia Research, the mainland's pet economy is expected to reach sales of 81.1 billion yuan next year.
