毕马威林启华：中国宠物市场现巨大增长潜力

Core Insights - The pet industry in China is experiencing rapid growth, with the number of pets expected to reach 430 million by 2024, driven by urbanization, smaller family structures, and changing social dynamics [1][2] - The report highlights a significant shift in consumer demographics, with over 60% of pet owners being from the "90s" and "00s" generations, who are increasingly willing to invest in their pets' health and well-being [1][2] - The market for pet-related businesses has grown at a compound annual growth rate (CAGR) of 25.4%, increasing from 97.8 billion RMB in 2015 to 592.8 billion RMB in 2023, and is projected to reach 811.4 billion RMB by 2025 [1][2] Market Drivers - The rapid increase in pet numbers is a fundamental driver of market expansion, leading to growth in pet food, supplies, and medical services [2] - Changing consumer attitudes towards pet ownership are shifting the market from a focus on basic needs to a more emotional and lifestyle-oriented approach [2] - Social media plays a crucial role in influencing purchasing behaviors, with online channels becoming the primary sales avenue for pet food [2] Challenges - The pet industry faces challenges such as food safety concerns, which have led to a trust crisis among consumers regarding pet food quality [3] - Increased competition from a growing number of brands poses a challenge for companies in the market [3] - The regulatory framework for the pet economy is still developing, necessitating improvements to ensure consumer protection and industry standards [3]