1.2亿只猫狗，养得出多家上市公司，却养不出一家国民品牌

Core Insights - The Chinese pet market is large but fragmented, lacking a dominant national brand despite the presence of leading companies [1][16] - The emotional connection between people and pets is driving the rapid growth of the pet economy, leading to the emergence of various pet-related products and companies [2][3] Market Overview - The pet economy in China is supported by policy changes, rising incomes, and shifting perceptions about pets, evolving from a focus on basic care to a more nuanced understanding of pets as family members [3][7] - The number of pets in urban areas is projected to exceed 120 million by the end of 2024, with a market size of 300.2 billion yuan, reflecting a year-on-year growth of 7.5% [7][8] Company Developments - Wuhu Youpai Technology Co., Ltd. has transitioned from an OEM for pet pads to developing its own brands, with pet care products accounting for nearly 74% of its revenue by August 2024 [2][5] - The company has seen significant growth in overseas markets, with international sales accounting for over 62% of its revenue [8][15] Competitive Landscape - The pet food market is dominated by foreign brands like Mars and Nestlé, but domestic brands are gaining market share, with local companies increasing their presence from 3.5% to 9% in market share from 2015 to 2024 [16][17] - Domestic companies like Guobao Pet and Yiyi Co. are experiencing rapid growth, with Guobao Pet reporting a 21.2% increase in revenue in 2024 [10][11] Consumer Trends - The pet food segment remains the largest market, accounting for 52.8% of total pet spending, with a projected market size of 158.5 billion yuan in 2024 [10][12] - The rise of e-commerce has significantly boosted sales for domestic brands, with Guobao Pet's online sales growing over 50% on major platforms [13] Innovations and Future Outlook - The pet medical sector is emerging as a lucrative area, with companies like Pulaike focusing on veterinary pharmaceuticals and vaccines, which have high profit margins [14] - The market is witnessing an influx of cross-industry players, including tech and real estate companies, diversifying into pet-related products and services [18][19]