
Nestlé, the world’s largest food company, recently released its latest financial results for the first half of 2020: Total sales for the first six months of 2020 fell 9.5% to about RMB 300 billion yuan (USD $43.46 billion) since Nestlé is cutting off categories on the fringes of the business to focus more on its food, beverage and health products core businesses.
The financial results also show that the biggest contributor to this year’s business growth is the pet food brand Purina. With the number of “empty nesters” on the rise in recent years, pet ownership has become the most common way for people to relieve stress and console loneliness. As of 2019, the Chinese pet market alone has a consumption scale of nearly RMB 200 billion yuan (USD $28.9 billion), involving 70 million pet owners. The pet food category is expected to grow rapidly in 2020, with a total growth of 12.5% in the first half of the year.
This is good news for those companies manufacturing health products for pets.
(Source: HerbridgeMe)