Core Insights - The pet economy in China is experiencing significant growth, with the market size expected to exceed 300 billion yuan in 2024, driven by emotional consumption and the increasing demand for high-end products and services [1][2][3] Market Growth - The overall pet market in China is projected to grow at a compound annual growth rate (CAGR) of 13.3% from 2015 to 2024, reaching 3002 billion yuan in 2024, with the dog market growing by 4.6% and the cat market by 10.7% [2] - By 2027, the pet market is expected to surpass 4000 billion yuan, with a CAGR of 12.6% from 2015 to 2027 [2] Consumer Demographics - The primary consumers of the pet economy are the post-90s and post-00s generations, accounting for 41.2% and 25.6% of pet owners respectively, alongside the "silver economy" demographic, which is increasingly willing to spend on pets [8][9] Market Segmentation - The pet food and pet medical sectors are the two main pillars of the pet economy, with pet food expected to reach 1585.1 billion yuan and pet medical services 840.6 billion yuan in 2024 [4] - The pet food market is dominated by foreign brands, but domestic brands are gaining traction, particularly in the mid-to-high-end segments [4][5] Export and Internationalization - In 2024, China's pet food export value is projected to reach 10.529 billion yuan, showing a year-on-year growth of 22.07%, indicating a strong international demand for Chinese pet products [5] Consumer Trends - There is a noticeable shift towards premium and personalized pet products, with younger consumers increasingly seeking customized food options and health management solutions for their pets [9][10] - The pet economy is evolving from basic care to a focus on quality and emotional well-being, with consumers prioritizing nutrition and mental health for their pets [10][11] Financial Performance - The pet industry has shown strong financial performance, with many listed companies reporting significant profit growth in early 2025, including major players like Guobao Pet and Zhongchong Co., which achieved record net profits [12] - The pet economy index has risen over 20% since the beginning of 2025, outperforming major stock indices, reflecting investor confidence in the sector [12] Future Outlook - The pet economy is expected to continue evolving, driven by emotional needs, consumption upgrades, and the expansion of service scenarios, presenting structural opportunities for growth in food and medical sectors [13]
萌宠托起三千亿大市场 “它经济”激活新消费赛道
Zheng Quan Shi Bao·2025-05-13 18:04