华安证券：宠物经济崛起 消费升级驱动增长

Market Overview - The pet economy in China reached a market size of 5928 billion yuan in 2023, with a year-on-year growth of 20.1% [1] - The market is expected to grow to 11500 billion yuan by 2028 [1] - The pet industry is experiencing rapid expansion in various sectors including food, supplies, medical care, and entertainment [1] Growth Drivers - Pets are increasingly seen as family members, leading to a surge in related consumption [1] - Policy relaxation and standardization have provided a foundation for industry growth [1] - Rising economic levels have enhanced residents' consumption capacity, promoting diversified and personalized pet consumption [1] - Social structural changes, such as the rise of the single economy and the silver economy, have created new opportunities for the industry [1] Industry Structure - The pet industry has established a complete industrial chain from upstream to downstream [3] - Upstream includes pet breeding and trading, midstream covers the R&D and production of food, supplies, and services, and downstream targets the end-consumer market with services like medical care, grooming, training, and boarding [3] - The pet supplies market, a significant component of the pet economy, reached 407 billion yuan in 2023, with a year-on-year growth of 10.3%, and is expected to grow to 484 billion yuan by 2025 [3] Future Prospects - The Chinese pet industry is moving towards specialization and diversification, with a vast market potential and continuous improvement in the industrial chain [3]