Global Sources' Report covers export products including chews, toys, collars & leashes, kennels & carriers, and beds & mats
HONG KONG, Sept. 22 /Xinhua-PRNewswire-FirstCall/ -- China pet product suppliers remain optimistic about growth this year with 83 percent expecting sales increases of 10 percent or greater, according to Global Sources' (Nasdaq: GSOL) China Sourcing Report: Pet Products ( http://www.ChinaSourcingReports.com/petproduct08 ). In the previous Report published in January 2007, only 36 percent of suppliers surveyed expected sales growth of more than 10 percent.
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"Thanks to a global boom in the pet products industry, more than twice as many manufacturers foresee significant sales growth this year," said Report Publisher, Spenser Au.
"However, despite the positive sales outlook, suppliers are faced with a range of challenges, including higher raw material costs and the Yuan appreciation.
"Wood, in particular, is projected to rise by 10 to 20 percent in 2008, following a 17 percent increase in 2007. The Yuan is expected to appreciate another 8.5 percent to 10 percent in 2008, compared with 6.9 percent in 2007 and only 3.4 percent in 2006."
Among primary challenges pet supplies manufacturers said they face over the coming months:
-- 42 percent pointed to higher raw material costs;
-- 29 percent said the Yuan-USD exchange rate;
-- 13 percent cited design copying / piracy;
-- 11 percent said higher labor costs; and
-- 5 percent cited price competition.
Au said: "Due to low barriers to entry, new suppliers continue to enter the market, most of which are companies belonging to related, struggling or seasonal industries.
"While a majority -- 65 percent -- of suppliers said they plan to increase prices, most of these suppliers are limiting increases to less than 10 percent amidst growing competition."
Among pet product suppliers planning to increase prices:
-- 44 percent expect increases of up to 5 percent;
-- 31 percent project increases of between 5 and 10 percent;
-- 17 percent say they plan to increase quotes by 11 to 15 percent; and
-- 8 percent expect increases greater than 15 percent.
Supplier profiles, price forecasts and new pet product export models
The 123-page China Sourcing Report: Pet Products provides detailed profiles of 55 suppliers with verified manufacturing and export credentials. It includes a Product Gallery featuring 166 of the most popular export models, with key specifications and full-color pictures.
The Report's surveys, price trends and supply forecasts aim to help buyers make better-informed purchasing decisions.
Specialized Global Sources websites, trade shows, magazines and research reports
China Sourcing Reports are part of Global Sources' sourcing and product information services. These include Global Sources Online ( http://www.globalsources.com ), China Sourcing Fairs ( http://www.chinasourcingfair.com ), Global Sources trade magazines and Global Sources Direct ( http://www.GlobalSourcesDirect.com ). For more information, visit http://www.corporate.globalsources.com .
The China Sourcing Report: Pet Products is available for purchase at http://www.ChinaSourcingReports.com/petproduct08 .
Free information about Greater China pet product suppliers and products can be found at http://www.chinasuppliers.globalsources.com/china- suppliers/Pet-Products.htm . ( Note: If the URL above wraps to a second line, paste both lines into the browser. )
About Global Sources
Global Sources is a leading business-to-business media company and a primary facilitator of trade with Greater China. The core business is facilitating trade from Greater China to the world, using a wide range of English-language media. The other business segments facilitate trade from the world to Greater China, and trade within China, using Chinese-language media.
The company provides sourcing information to volume buyers and integrated marketing services to suppliers. It helps a community of over 725,000 active buyers source more profitably from complex overseas supply markets. With the goal of providing the most effective ways possible to advertise, market and sell, Global Sources enables suppliers to sell to hard-to-reach buyers in over 230 countries.
The company offers the most extensive range of media and export marketing services in the industries it serves. It delivers information on 4.3 million products and more than 196,000 suppliers annually through 14 online marketplaces, 13 monthly magazines, over 100 sourcing research reports and 9 specialized trade shows which run 27 times a year across eight cities.
Suppliers receive more than 36 million sales leads annually from buyers through Global Sources Online ( http://www.globalsources.com ) alone.
Global Sources has been facilitating global trade for 37 years. Global Sources' network covers more than 69 cities worldwide. In mainland China, Global Sources has over 2,800 team members in more than 44 locations, and a community of over 1 million registered online users and magazine readers for Chinese-language media.
Global Sources Press Contact in Asia:
Camellia So
Tel: +852-2555-5021
Email: cso@globalsources.com
Global Sources Press Contact in U.S.:
James W.W. Strachan
Tel: +1-480-664-8309
Email: strachan@globalsources.com
Global Sources Investor Contact in Asia:
Investor Relations Department
Tel: +852-2555-4777
Email: investor@globalsources.com
Global Sources Investor Contact in U.S.:
Kirsten Chapman
Lippert/Heilshorn & Associates, Inc.
Tel: +1-415-433-3777
Email: investor@globalsources.com
SOURCE Global Sources
International News / Press Release source: PR Newswire
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