山西证券：宠物食品行业发展前景广阔 品牌升级转型谋突围

Core Insights - The pet food industry in China is expected to continue growing due to increasing pet ownership and consumer spending on pet products, with a notable shift from OEM to brand-oriented models [1][9] Group 1: Market Growth and Trends - The number of pets in urban China is projected to reach 126 million by 2025, with a year-on-year growth of 1.8%, and a CAGR of 4.6% from 2020 to 2025 [2] - The urban pet consumption market is expected to exceed 312.6 billion yuan by 2025, with a CAGR of 8.6% from 2020 to 2025, and the cat consumption market growing at a CAGR of 11.4% [2] - The pet ownership penetration rate in urban China is around 21% in 2024, indicating significant room for growth compared to Japan and South Korea [4] Group 2: Competitive Landscape - The global pet food market is growing at a steady rate of around 5%, with North America holding the largest share at 42.5%, and major players like Mars and Nestlé controlling over 40% of the market [3] - Domestic companies are gradually increasing their market share, with three out of the top five companies being local brands by 2024, including Guobao and Zhongchong [3] - The competitive landscape is characterized by a shift towards brand concentration, with larger companies leveraging brand matrices to enhance market presence [7] Group 3: Consumer Behavior and Preferences - The pet owner demographic is becoming younger, with 69% of pet owners being born in the 1990s and 2000s by 2025, leading to a trend of personalized and premium pet food choices [5] - There is a growing preference for high-end pet food products, with increased consumption of wet food, baked food, and freeze-dried food on platforms like Tmall [5] Group 4: Business Models and Strategies - The shift from OEM to brand-oriented models is evident, with domestic brands enjoying a premium of nearly 15% over OEM products [6] - Companies are increasingly focusing on R&D and supply chain management rather than traditional marketing strategies to build sustainable competitive advantages [8] - The competition is expected to intensify as new entrants emerge and marketing costs rise, necessitating a focus on product quality and brand reputation [9]