氪金养宠千亿红利：宠物食品市场集中度仅24%、消费两极分化

Core Insights - The pet consumption market in China is experiencing rapid growth, with a projected market size of 1,668 billion yuan in 2024, reflecting a year-on-year increase of 7.54% and expected to exceed 1,755 billion yuan by 2025 [1][2] - The pet industry is characterized by a shift towards high-end and differentiated products, with a significant portion of young consumers actively participating in pet ownership [1][3] - The market remains fragmented, with the top 10 companies holding only 24% market share, indicating a lack of brand consolidation compared to markets in the US and Japan [4][5] Industry Trends - The demand for pet food is evolving from basic sustenance to high-quality nutrition, with a focus on specialized diets for different health needs [2][3] - E-commerce platforms are seeing a surge in high-value pet product sales, with Tmall's pet segment achieving over 50 billion yuan in annual transaction volume and maintaining double-digit growth [2][3] - The number of new businesses in the pet sector has increased significantly, from 25,000 in 2014 to 1.895 million in 2023, reflecting a compound annual growth rate of 54.9% [4] Competitive Landscape - The industry is described as a "wild west," with a low concentration of market share and challenges such as counterfeit products and unclear quality standards [5][6] - Companies are focusing on innovation and brand differentiation to establish competitive advantages, with significant investments in research and development [5][6] - The trend of premiumization is evident, with brands targeting high-net-worth consumers and developing specialized products to meet diverse consumer needs [5][6]