农林牧渔行业专题：宠物产品出口稳步向好，国产品牌替代持续推进

Investment Rating - Industry investment rating: Overweight [1] Core Viewpoints - Steady improvement in pet product exports, with ongoing domestic brand replacement [1] - Positive overseas export trends driven by customer inventory recovery and low base effects from the previous year [7] - Domestic pet market shows diverse growth, with a continuous shift towards domestic brands [23] Summary by Sections 1. Overseas Exports Continue to Improve - From January to August 2024, China's retail packaged pet food export volume reached 217,000 tons, a year-on-year increase of 28.8%, with an export value of $974 million, up 22.5% [7] - In August 2024, retail packaged pet food exports amounted to 28,500 tons, a year-on-year increase of 30.7% [7] - Pet supplies exports during the same period totaled 283,200 tons, a 22.1% increase year-on-year, with an export value of $1.181 billion, up 2.4% [7] - The recovery in overseas pet product exports is attributed to customer inventory needs and improved expectations for the RMB exchange rate [7][12] 2. Domestic Pet Market Flourishing with Brand Replacement - Total sales of pet products on major e-commerce platforms (Tmall, JD, Douyin) reached 31.79 billion yuan from January to August 2024, a year-on-year increase of 12.1% [23] - Sales of cat food and snacks saw significant growth, with cat food sales reaching 8.48 billion yuan, up 17.6% year-on-year [23] - Traditional e-commerce platforms remain the largest sales channels for pet food, while emerging live-streaming e-commerce channels are growing rapidly [31]