TIANJIN -- Mars Incorporated, a US global manufacturer of confectionery, pet food and other food products, has recently signed an agreement to set up a pet food plant in North China's Tianjin, local authorities said Tuesday.

Mars Inc. and the management committee of Tianjin Economic-Technological Development Area signed an investment cooperation agreement on a pet food plant project last Friday.

The investment of the project is over $100 million, with registered capital of $40 million, according to the management committee.

The new plant aims to become one of the most advanced pet food plants of Mars Inc. across the world, producing high-end and diverse pet food for Chinese customers and also research and develop more high-end products.

Covering around 110,000 square meters, the project is expected to produce more than 250,000 tonnes of products every year.

Mars Inc. is a family-owned business that has been making diverse products and offering services for people and pets for over a century. The company owns many world-renowned brands such as Snickers, Dove and Royal Canin.

"The Chinese pet market is expected to boom in the coming 10 years, with an annual increase of 30 percent," said Zhu Danpeng, a food industry analyst, adding that Mars Inc. is one of the earliest international giants to enter China's pet food industry and establishing a plant in Tianjin can lay the foundation for its future development.

China's pet market reached nearly 60 billion yuan last year, and the figure is estimated to increase to 100 billion yuan by 2022, according to a research report.