Chan Ye Xin Xi Wang·2025-07-01 00:57Industry Overview - The pet supplies industry focuses on products designed for pets, covering various needs such as clothing, housing, transportation, and play [1] - The market for pet supplies in China is projected to grow from 28 billion yuan in 2020 to 51.3 billion yuan in 2024 [8][6] - The industry includes categories like travel supplies, grooming products, toilet supplies, pet clothing, toys, bedding, and feeding supplies [2] Market Environment - The number of urban pet dogs and cats in China increased from 91.49 million in 2018 to 124.11 million in 2024, with a year-on-year growth of 2.1% [4] - The urban pet economy is expected to reach 300.2 billion yuan in 2024, indicating significant growth potential compared to Western markets [6] - The penetration rate of pet ownership in China is over 20%, but still lower than Europe and the U.S., suggesting room for growth [6] Current Industry Status - The demand for pet supplies is rising due to changing consumer habits towards "scientific" and "refined" pet care, with smart devices and customized products gaining popularity [8] - The market for pet supplies is expected to continue growing, with projections of reaching over 55 billion yuan by 2025 [8] - The penetration of smart pet products has increased from 43.1% in 2020 to 61.2% in 2024, becoming a key growth driver [10] Competitive Landscape - The global pet supplies market is relatively fragmented, with a CR10 of only 22.2%, indicating low market concentration [13] - In China, the pet supplies market is also fragmented, with a CR10 of 11.4%, suggesting significant opportunities for market consolidation [13] - Major listed companies in the industry include Yiyi Co., Yuanfei Pet, Tianyuan Pet, and Chaoyun Group, among others [1][13] Development Trends - The market is witnessing a shift towards smart and high-end products, with smart feeding devices and premium pet foods gaining traction [19] - Emotional and social aspects of pet ownership are driving demand for more personalized and stylish pet products [20] - The "pet+" model is emerging, integrating services like pet healthcare and grooming with product offerings, creating a comprehensive ecosystem [21]