农林牧渔行业深度报告：宠物行业细分赛道解析

Investment Rating - The report maintains an "Outperform" rating for the pet industry, indicating a positive outlook compared to the broader market [3]. Core Insights - The pet industry is characterized by a diverse range of segments, with pet food and medical services accounting for the largest share of consumer spending. Pet food dominates the market, while pet medical services are experiencing steady growth [1][26]. - The pet food market in China has shown significant growth, with a compound annual growth rate (CAGR) of 22.39% from 2012 to 2023, reaching a market size of 50.98 billion yuan in 2023 [30][38]. - The report highlights the increasing preference for domestic brands in the pet food sector, with local companies gradually gaining market share against established foreign brands [2][39]. Summary by Sections 1. Pet Industry Value Chain - The pet industry encompasses various segments including pet breeding, trading, food, supplies, medical care, grooming, training, insurance, and burial services. The food and medical segments are the most significant, together accounting for approximately 80% of the market [1][26]. 2. Pet Food - Pet food is categorized into staple food, snacks, and health products, with staple food holding the largest market share. In 2022, the consumption structure for dog food was 68.9% staple food, 27.1% snacks, and 4.0% health products, while for cat food it was 70.3%, 25.4%, and 4.3% respectively [2][60]. - The domestic pet food market is still fragmented, with a low concentration of brands. The top five brands account for only 20% of the market share, indicating significant room for growth [39][40]. 3. Pet Supplies - The pet supplies market reached 40 billion yuan in 2023, with a CAGR of 13.6% over the past five years, significantly outpacing global growth rates. The trend towards smart products is expected to drive future growth [3][8]. 4. Pet Medical Services - The pet medical market is growing faster than the pet food sector, driven by increased health awareness among pet owners. The report notes that the chain rate of pet hospitals is expected to rise as the market matures [8][9]. 5. Investment Recommendations - The report suggests focusing on leading domestic brands that are excelling in building their own brands, as the trend of domestic brand emergence is expected to continue in the pet industry [9].