东北证券：宠物食品多品类百花齐放 功能化和精细化品类崛起

Core Insights - The pet food industry has become the most certain core track within the pet economy, showing significant changes in penetration and structure, transitioning to a new development stage characterized by steady growth and structural upgrades [1][2] Industry Overview - The Chinese pet food market has grown from 24 billion yuan in 2014 to 166.8 billion yuan in 2024, nearly a sixfold increase, with a compound annual growth rate (CAGR) of 21.4% [1] - Despite a temporary setback in 2020, the market quickly recovered, demonstrating strong demand resilience driven by an increasing number of urban pet owners and rising average annual spending per pet [1] Product Structure - The pet food category is characterized by a stable core of staple food, with the market for staple pet food expected to reach 107.2 billion yuan in 2024, growing by 8.72% year-on-year [2] - While traditional puffed food remains dominant, high-end segments like baked, air-dried, and freeze-dried foods are rapidly penetrating the market, with baked food growing from approximately 2 billion yuan in 2020 to over 8 billion yuan in 2023, a growth rate exceeding 55% [2] Innovations in Product Types - Emerging categories such as dual-protein food, prescription food, and fresh food are expanding the boundaries of staple food [2] - The dual-protein food market is projected to reach about 2 billion yuan in 2024, combining puffed staple food with freeze-dried or air-dried particles to enhance palatability and nutritional balance [2] - The prescription food market is expected to reach 5.8 billion yuan in 2024, growing by 19.2% year-on-year, driven by increased demand for chronic disease management and specialized feeding [2] Trends in Snacks and Nutritional Products - The industry is shifting from "optional consumption" to "functional and health-oriented" upgrades, with functional snacks gaining a larger share [3] - The pet nutritional products market is projected to grow from 2.03 billion yuan in 2020 to 10.807 billion yuan in 2024, with a CAGR of 51.9% [3] - The cat nutritional products segment is expected to reach 5.98 billion yuan in 2024, growing by 64.8%, significantly outpacing dog nutritional products [3]