农林牧渔2024年宠物食品线上数据点评：国产崛起，消费升级

Investment Rating - The report maintains a positive outlook on the pet food industry, indicating a "Buy" recommendation for leading companies in the sector [2]. Core Insights - The pet food industry is projected to grow rapidly, with a total sales volume of 27.74 billion yuan in 2024, reflecting a year-on-year increase of 13% [2][6]. - The concentration of the industry is increasing, with the CR25 rising from 51.4% in 2023 to 53.2% in 2024, indicating a trend towards stronger brand dominance [6][10]. - Domestic brands are gaining market share, with their proportion increasing from 34.2% in 2023 to 36.5% in 2024, while foreign brands have seen a decline from 17.2% to 16.7% [11][22]. Summary by Sections 1. Industry Concentration and Leading Brands - The pet food industry is experiencing a significant concentration trend, with the top brands solidifying their positions. The top three brands, including 麦富迪 and 皇家, have all surpassed 1 billion yuan in online GMV for 2024, with 麦富迪 and 皇家 growing at rates of 14.4% and 21.3% respectively [6][9]. 2. Rise of Domestic Brands and Struggles of Foreign Brands - Domestic brands are rapidly emerging, with notable growth in online GMV for brands like 乖宝宠物, 中宠股份, and 佩蒂股份, which saw increases of 29%, 26%, and 24% respectively [14][20]. - Foreign brands are struggling, with only a few, such as 皇家 and 冠能, showing growth in market share. The majority of foreign brands are facing declines in their market presence [22][24]. 3. Consumption Upgrade and Market Trends - The trend of consumption upgrading continues, particularly in the mid-to-high-end price segment (60-100 yuan/kg), which is growing at a rate of 36% in 2024, significantly outpacing the overall industry growth of 13% [26][27]. - The ultra-high-end segment (>100 yuan/kg) is experiencing a decline, with both cat and dog food categories showing negative growth in 2024 [26][28].