宠物板块首次覆盖报告：宠物经济蓬勃，国产宠物品牌弯道超车

Industry Overview - The pet economy is booming, with domestic pet brands catching up to foreign brands by addressing pet owners' nutritional concerns [1][2] - The pet industry is in a rapid development stage, driven by the increasing number of young pet owners and rising per-pet spending [4] - The pet industry is expected to grow 4 times in the next 10 years, with pet food accounting for 40%-50% of the market [8] - The global pet market reached $136 billion in 2022 and is expected to reach $225 billion by 2027 [15] Domestic Pet Brands - Domestic pet brands are rising by innovating in product ingredients and processes to address pet owners' nutritional anxiety [4][33] - Key domestic brands include Guaibao Pet, Zhongchong, Petty, and Ruipu Biology, all rated as "Overweight" [3][4] - Domestic brands are gaining market share by focusing on online channels and catering to young pet owners' preferences [43][44] - Guaibao Pet's domestic revenue grew from 540 million yuan in 2018 to 2.863 billion yuan in 2023, with a CAGR of 28.8% [64] Market Trends - Young people are the main pet-owning group, with 90s and 80s generations accounting for a large proportion [19] - The number of pets in China is expected to continue growing, with pet ownership penetration still low compared to mature markets like the US (70%) [20] - Pet consumption is becoming more "humanized," with pet food, supplies, medical care, and grooming services all growing [22] - The average annual spending per pet in China is lower than in Japan and the US, indicating significant growth potential [26] Product Innovation - Domestic brands are innovating in product processes (freeze-dried, baked, air-dried) and ingredients (duck, pigeon, shrimp) to meet pet owners' demands [33][36] - High-protein pet food is gaining popularity, with brands like Guaibao Pet and Blue Buffalo emphasizing fresh meat and natural ingredients [37] - Domestic brands are outperforming foreign brands in online sales, with 7 out of the top 10 brands in the 2024 Double 11 shopping festival being domestic [38] Future Outlook - The future of domestic pet brands lies in addressing pets' health needs, such as aging and specific health conditions [4][47] - Overseas brands like Royal Canin and Nestlé Purina focus on pet health through prescription diets and high R&D investment [48][51] - Domestic companies are increasing R&D investment, with Guaibao Pet spending over 73 million yuan on R&D in 2023 [52] - Guaibao Pet's high-end brand Fregate is innovating with fresh meat processing technology, achieving up to 80% fresh meat content in pet food [54]