国盛证券：2025年宠物行业规模增长4.1% 看好头部国产品牌中长期品牌成长空间

Group 1 - The pet industry is expected to grow at a rate of 4.1% by 2025, with the food market remaining the primary consumption sector. The trend of younger pet ownership may drive the industry towards high-quality development [1][2] - The number of dogs and cats, as well as per capita spending, continues to rise, with dog and cat populations increasing by 1.8% year-on-year. Average annual spending per dog has risen by 1.5%, while for cats it has increased by 3.2% [2] - Domestic brands are strengthening their foundational research and development, creating differentiated products, and focusing on long-term brand building. Leading domestic brands are enhancing product quality and brand expression, indicating a positive long-term growth outlook [1][2] Group 2 - The market concentration of leading pet food brands is increasing, with domestic brands capturing over 70% of the market share during the 2025 Double Eleven shopping festival. The top 10 brands on Tmall during the 2025 618 shopping festival have a concentration ratio of 44%, up from 37% in 2024 [3] - Online sales remain dominant, with platforms like Tmall accounting for 29% of the market. Emerging channels such as Douyin and Xiaohongshu are expected to see significant growth, while offline channels like pet stores and veterinary clinics account for 33% of the market [3] Group 3 - There is a growing consensus on scientific feeding practices, with 55.3% of pet owners willing to learn about them. Over 40% of pet owners have adopted a combination of staple and wet food. Significant growth has been observed in fresh and wet food products, with cat wet food sales increasing by 80% [4] - The trend towards specialized pet food is gaining traction, with increased demand for age-appropriate and breed-specific products. The aging dog population is driving demand for high-end staple foods and health-related products, with sales of senior dog food increasing by 67% year-on-year [5]