宠物｜宠物食品：竞争拐点已至，迎接品牌时代

Industry Overview - The pet food industry is expected to maintain a growth rate of 10%-15% in the coming years, driven by the increasing number of pets and the trend of pet humanization, which promotes consumption upgrades [1][2] - The potential market size for pet food in China could reach over 250 billion yuan, which is 4-5 times the current market size, assuming a household pet penetration rate of 25% and an average annual consumption of 2000 yuan per pet [2] Competitive Landscape - The domestic pet food market is divided into four types of players: international giants, imported brands, local emerging brands, and traditional local brands [3] - International giants face challenges in adapting to the rapid market changes in China due to their globalized layout and inherent product concepts [4] - Imported brands are limited by high prices, long supply chains, and distance from consumers, which restricts their market share [4] - Local emerging brands are numerous but face difficulties in transitioning from being "internet-famous" to long-term success [4] - Traditional local brands need to shift from a production-oriented mindset to a brand-oriented one to succeed [4] Market Trends and Opportunities - Local brands are gaining market share due to their proximity to the market, product innovation, and cost-effectiveness, which allows them to surpass international brands in certain areas [5] - The market is expected to see increased concentration, with leading companies pulling ahead due to strong product capabilities, stable supply chains, comprehensive channel layouts, and efficient marketing investments [6] - The head effect is becoming more pronounced, and brand power is increasingly important, leading to a continuous rise in market concentration [6] Investment Strategy - The pet food industry's growth momentum is expected to continue, with local brands likely to grow faster due to the trend of domestic substitution [8] - Companies with strong brand development and stable growth in OEM business are expected to see continued increases in market share, making them attractive for sector allocation [8]