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Core Insights - The pet market in China is entering a high growth phase, with the domestic pet industry expected to reach 811.4 billion yuan by 2025, marking a significant step towards a trillion-yuan market [5][14] - The Guangdong-Hong Kong-Macao Greater Bay Area is positioned as a key driver of the pet economy, benefiting from a strong consumer base, manufacturing capabilities, and regional advantages [26][27] - The global pet economy is also on a growth trajectory, with the retail market projected to reach 207 billion USD in 2024 and 270.8 billion USD by 2029, indicating a robust long-term outlook [12][11] Market Growth - The domestic pet industry is projected to grow at annual rates of 20.1% and 18.3% in 2023 and 2024, respectively, with a forecasted growth of 15.7% in 2025 [13][14] - The market structure is evolving, with pet food remaining a primary category, while segments like pet medical care and smart products are expanding rapidly due to differentiated consumer demands [15][17] Regional Advantages - The Greater Bay Area has a high consumption population of 80 million and a pet ownership rate of 23.5%, making it a central hub for the pet economy [25][26] - Shenzhen is emerging as a new growth center, with the pet industry expected to exceed 10 billion yuan by 2025, supported by a strong electronic information industry [30][31] Industry Dynamics - There are over 5.39 million pet-related enterprises in China, with an expected addition of 1.51 million new registrations by 2025, indicating a vibrant entrepreneurial environment [18][19] - The pet economy sector has seen significant stock performance, with pet economy concept stocks rising by 6.89% year-to-date, outperforming the Shanghai and Shenzhen 300 Index [20][21] Innovation and Quality - Guangdong's pet products are characterized by high quality and innovation, with companies like Runhe Pet Supply Chain Group leading in pet food and Ubiquity showcasing advancements in smart pet products [52][56] - The integration of "Guangdong manufacturing" with the pet industry is expected to enhance product quality and emotional engagement, reflecting a shift towards high-quality and emotional consumption [65][73] Future Outlook - The upcoming "Media + Guanghuo Goes Global" event in Guangzhou will serve as a platform for showcasing industry brands and technologies, marking a new starting point for the pet economy in the Greater Bay Area [69][71] - The continued fusion of "Guangdong manufacturing" with the pet industry is anticipated to drive global market expansion and enhance international competitiveness [73][74]