(Yicai Global) Oct. 18 -- China's animation industry is growing rapidly, and the number of core customers is set to top 80 million this year as the sector's annual output value reaches USD22.68 billion (CNY150 billion), the Ministry of Industry and Information Technology said in a white paper on the pan-entertainment.

Those born after 1990 are growing up and are more willing and able to buy cartoon products than the previous generation, the white paper said. Some 5.68 million consumers will buy cartoon-related products in China, spending an average of more than CNY1,700 per capita annually, Yangtse Evening Post reported today.

Jiangsu's animation industry is developing. Groups have set up cartoon bases in Nanjing, Wuxi, Suzhou and Changzhou, and 72 universities and colleges in the province offer animation as a major.

Cartoon movies may not make big money, but they can gain profit through brand licensing, product development and by entering the game industry, said a professor from Nanjing University of the Arts. Disneyland demonstrates the potential profitability of product development.

A few listed companies in China focus on cartoon business, but the industry is still in its nascent phase due to the limited spending power of young people and demand will rise, analysts said.