21对话｜硕腾首席商务官：中国宠物经济展现持续增长潜力

Core Insights - The pet economy in China is experiencing significant growth, driven by the changing attitudes of younger consumers who now view pets as family members rather than mere animals [3][5] - The Chinese pet market is projected to exceed 300 billion yuan in 2024, with a year-on-year growth of 7.5%, and is expected to reach 330 billion yuan by 2025 [3] - The animal health market in China ranks second globally and presents substantial growth opportunities, as many needs remain unmet [3][4] Company Insights - Merck, a Fortune 500 company, reported a revenue of $9.3 billion in 2024, providing vaccines, pharmaceuticals, diagnostic products, and professional services for pets and livestock [2] - As of July 16, Merck's market capitalization was approximately $70 billion [2] - Merck has established a research and production base in Suzhou, China, to better meet local demands and strengthen its supply chain [4] Challenges and Opportunities - The global trade environment poses challenges, particularly regarding tariffs, which can increase costs for pet owners and affect the animal health market [4] - Merck is focusing on local production and supply chain strategies to mitigate tariff impacts and has implemented short-term measures like increasing inventory [4][5] - Despite economic uncertainties, pet owners are willing to invest in their pets' health, indicating a resilient market with rising demand for veterinary services and new treatment options [5]