Boehringer Ingelheim invests in China's pet care market
China's pet market is one of the fastest-growing markets in the world.
Boehringer Ingelheim has announced that it has acquired an equity stake in the New Ruipeng Group (NRP Group), a fast-growing business that offers digital and clinical pet services across China.
In a press release, Boehringer said the partnership with NRP Group will 'offer better solutions, quality advice and professional care to the growing number of pets and pet owners across China.'
Jean Scheftsik de Szolnok, a member of the board of managing directors with responsibility for Animal Health, said: “Improving the health of animals and humans is what drives us in Boehringer Ingelheim. Strong collaborations and partnerships have always been key to achieving this goal.
“Together with NRP Group and other partners we are looking forward to serving pet owners in China and contributing with our knowledge in areas such as disease understanding or training and education.”
China’s pet market is one of the fastest-growing markets in the world. According to data compiled by Euromonitor International, the Country now has the world’s largest dog and cat population of 188 million.
Rising incomes and urbanisation are thought to be the main reasons why pet ownership in China has become so popular. In turn, this has given rise to a new “pet economy” in which pet owners are said to be continually seeking integrated online and offline products, services and information about their animals.
Boehringer said the move marks 'an important milestone' for the firm's business development in China, adding that it will continue to invest in China and 'make its contributions to people’s aspirations for integrated and innovative solutions for their pets'.
It continued: 'Boehringer Ingelheim remains fully committed to its current and future business partners, such as other clinics, veterinarians, distributors and animal health companies, and to expanding business opportunities with them. Both companies will continue to work independently according to their respective business models.'
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