Core Insights - The domestic pet economy has seen significant growth, with 4.474 million related enterprises existing as of April this year, a threefold increase from 2021, and over 77% of these companies established within the last three years [1] - The overseas market is becoming increasingly competitive, particularly in high-value markets like Europe and the US, leading to a downward trend in product prices [1] - Companies are focusing on building brand awareness and user reputation as a long-term strategy to remain competitive in the market [1] Industry Trends - The pet products sector includes various categories such as leashes, cleaning supplies, bedding, feeding utensils, clothing, and toys [2] - Companies are categorized into two main types for overseas expansion: supply chain enterprises that manufacture products for major retailers and new consumer brands that focus on brand building [2][3] - Supply chain companies like Tianyuan Pet have adopted a strategy of participating in international exhibitions and acquiring foreign brands to enhance their market presence [2] Market Dynamics - New consumer brands are targeting Southeast Asia for initial expansion due to its rapid growth and lack of dominant players, allowing them to gain a first-mover advantage [3] - Intense competition has led to price compression in the pet products market, prompting companies to innovate with "AI+" smart pet products to differentiate themselves [3][4] - The global smart pet products market reached $4.2 billion in sales by 2023, with significant price competition emerging as many similar products enter the market [4] Consumer Behavior - The acceptance of smart pet products in overseas markets is currently limited due to product maturity, necessitating ongoing investment and product iteration [5] - Establishing brand awareness in the pet products sector is challenging, as consumer purchasing decisions are often influenced by product effectiveness and perceived value [6] - Companies are encouraged to create standout products to build a positive reputation and gradually establish brand identity, similar to strategies used in the baby products sector [7]
宠物企业加速出海 品牌价值成制胜关键