Product Innovations Position Panasonic to Tap Asia’s Growing Love Affair with Household Pets

Pet ownership continues to grow worldwide. According to Bloomberg Intelligence, the pet industry is expected to reach nearly $500 billion by 2030, up from $320 billion in 2023, driven by an expanding pet population worldwide and growing emphasis on premium pet foods and services. Health for Animals, a global association of animal health providers, attributes the increase in pet ownership to demographic change, rising income levels in emerging economies, the coronavirus pandemic, and increased humanization of pets.