CHINA PET FOODS(SZ:002891) Chan Ye Xin Xi Wang·2025-12-29 01:20Core Insights - The pet flavoring agent market is experiencing rapid growth due to the increasing demand for palatable pet food products, with the market size expected to reach 1 billion yuan in 2024 and 1.05 billion yuan in 2025 [1][6][7] Industry Overview - Pet flavoring agents, also known as palatants or appetite enhancers, are designed to increase the interest of pets in food, primarily made from animal muscle tissue or organs [2][4] - The production process involves hydrolyzing proteins into smaller molecules and using specific enzymes, resulting in a product that enhances the palatability of pet food [2][3] Market Size and Growth - The pet flavoring agent market in China is projected to grow from 1 billion yuan in 2024 to 1.05 billion yuan in 2025, driven by advancements in technology and the development of diverse flavor products [1][7] - The overall pet economy market in China is expected to reach 362.6 billion yuan in 2024, with pet food accounting for 48% of this market [6][7] Competitive Landscape - The pet flavoring agent industry features numerous players, primarily small to medium-sized enterprises, including companies like Yantai Zhongchong Food Co., Ltd. and Tianjin Maihai Biotechnology Co., Ltd. [2][8] - The competition is intensifying as more companies enter the market, attracted by the promising growth prospects [7][8] Development Trends - The market for pet flavoring agents is expected to expand significantly due to increasing consumer spending on pets and a growing focus on the palatability of pet food [9] - Companies are also looking to expand their global presence, with firms like Jiangsu Yibang Biotechnology Co., Ltd. exploring international markets to mitigate risks associated with single market dependency [10] - Regulatory measures are anticipated to be introduced to standardize the use of flavoring agents, ensuring safe consumption for pets [11]