宠物食品行业研究框架专题报告：宠物食品国产升级、出口持续增长齐发力

Investment Rating - The report suggests a positive investment outlook for the pet food industry, highlighting opportunities for domestic brands to grow and capture market share as they replace foreign brands [2][22]. Core Insights - The pet food market in China is experiencing significant growth, with the market size reaching 279.3 billion yuan in 2023, a year-on-year increase of 3.22% [2][15]. - The competitive landscape is fragmented, with domestic companies increasing their market share from 61.4% in 2014 to 68.7% in 2023, while foreign brands like Mars and Nestlé have seen their shares decline [2][22]. - The number of pets in China continues to rise, with a total of 122 million dogs and cats as of 2023, reflecting a year-on-year growth of 4.29% [2][27]. - The average annual spending per pet is on the rise, with dog owners spending an average of 2,875 yuan and cat owners 1,870 yuan in 2023 [2][30]. - The export of pet food is also growing, with a 5.47% increase in volume and an 11.04% increase in value year-on-year as of September 2024 [2][36]. Industry Overview - The pet food industry in China is characterized by a diverse competitive landscape, with a concentration ratio (CR10) of only 31.3% in 2023, compared to 76.1% in the US and 85.3% in Japan [2][17]. - The market is expected to continue its upward trajectory, driven by increasing pet ownership and higher disposable incomes among consumers [2][31]. - The trend towards premiumization in pet food products is evident, with domestic brands launching high-end product lines to meet consumer demand [2][22]. Market Dynamics - The report indicates that the pet food market is benefiting from a shift towards domestic brands, with companies like Guobao Pet and Zhongchong showing significant growth in revenue and market presence [2][41][48]. - The overall pet food market is projected to maintain robust growth, supported by rising consumer spending and a growing awareness of pet nutrition [2][31]. - The emotional companionship demand is increasing, particularly among the elderly and younger generations, further driving the pet ownership trend [2][34]. Investment Recommendations - The report recommends focusing on companies that have established a strong product matrix and marketing capabilities, such as Guobao Pet, Zhongchong, and Petty [2][41][48]. - The ongoing trend of domestic brands capturing market share from established foreign brands presents a favorable investment opportunity in the pet food sector [2][22].