SBI PO Prelims 17 Dec 2022 Shift 2 Paper

Question Numbers: 1-9
Directions: Read the following passage carefully and answer the questions that follow.
The China pet food market was valued at USD 1,225 million in 2021, and it is projected to grow at a CAGR of 4.0% during the forecast period (2022-2027).
The COVID-19 pandemic has had far-reaching implications within the pet food supply chain. However, the pet food industry suppliers increased their use of electronic communications technologies as the COVID-19 pandemic rapidly halted traditional forms of business.​ Although major international pet shows got cancelled early in 2020 due to the travel bans and social distancing as a result of the pandemic, the organizers of the China International Pet Show introduced an online trade show platform where buyers can search for pet products and communicate.
Over the long term, pet humanization, the increasing trend of e-commerce, and the rise in demand for natural pet food are some of the major factors driving the market for pet food in the country. The demographic changes have pushed Chinese pet owners to treat their pets as surrogate children.
Dogs have always been the prefer pets globally and account for a large chunk of the Chinese pet food revenue. China ranks third in terms of dog ownership, with more than 27 million dogs as pets in 2018. Cats and birds were the next category of pets, which accounted for significant revenue shares.
Among the product types, the wet pet food segment is estimated to witness the fastest growth during the forecast period. As dogs and cats are treated as family members, Chinese pet owners are increasingly willing to spend lavishly on them, thus, the demand for wet pet food is likely to witness sharp increase in China in the coming years.​ 
Furthermore, pet owners prefer online shopping due to the convenience it provides in their busy lifestyles. Increasing pet humanization and the rise in demand for natural pet food are some of the drivers boosting the sales of pet food in the country.