GONGJU, South Korea/KUALA LUMPUR — Over the first half of this century, the number of people living in Asia will see a nearly 1.5-fold increase. But the region hosts another community that is multiplying fast — household pets.
That means a multibillion-dollar business opportunity is knocking for providers of all kinds of pet products and services, from food and health care to tech and tourism, as people across a region — which the United Nations estimates will be home to 5 billion by 2050 — become more affluent and splurge on pets as a source of companionship, spurred in part by the COVID-19 pandemic.
