American pet food giant Mars plans to accelerate its investment in China, forecasting that the country’s pet market will eclipse 500 billion yuan ($71 billion) in the next five years, Sixth Tone’s sister publication The Paper reported Monday.

Mars is one of hundreds of companies from across the world showcasing their products and services at the China International Import Expo (CIIE), which kicked off Tuesday in Shanghai. The company reportedly invested $100 million this year in a new pet food factory in the northern port city of Tianjin, expected to become one of the company’s largest and most advanced pet food-producing facilities.

China’s pet industry is likely to top 200 billion yuan by the end of 2019, up from just over 100 billion yuan in 2016, with pet food consumption accounting for the largest spending category. (Image: VCG)