2024年中国宠物用品行业：宠物精养开辟新赛道，品牌密集涌现（摘要版）

Investment Rating - The report does not explicitly state an investment rating for the pet products industry Core Insights - The pet products industry in China is experiencing rapid growth driven by increasing consumer demand for quality and specialized products, with the market expected to reach 51.56 billion yuan by 2028 [3] - The trend towards fine pet care is opening new market opportunities, leading to the emergence of numerous competitive domestic brands [3] - Technological advancements in IoT, AI, and big data are significantly enhancing the development of smart pet products, improving user experience and functionality [4][19] - Demographic changes, such as an aging population and smaller family sizes, are increasing the penetration of pet ownership, with more individuals seeking companionship from pets [5] - The industry faces challenges including insufficient market regulation, high dependency on foreign markets by leading companies, a shortage of professional talent, and inadequate R&D investment [6] Industry Overview - Pet products are essential for meeting the daily needs, health maintenance, and entertainment of pets, leading to a segmented market as pet owners demand higher quality [3] - The number of pet owners in China is steadily increasing, with the pet economy driving market growth [21] - The pet ownership demographic is shifting towards younger generations, with 46.6% of pet owners being born in the 1990s [25][37] - The market is characterized by low concentration, with many small and medium enterprises, and is expected to see increased concentration as leading brands gain market share [39][42] Market Trends - The penetration rate of smart pet products is on the rise, with significant growth in categories such as smart feeders and cameras, reflecting pet owners' willingness to invest in their pets' health and safety [19][24] - The average spending per pet is increasing, with dog owners spending an average of 2,875 yuan and cat owners spending 1,870 yuan in 2023, up from previous years [25] - The competition in the pet products market is intensifying, with a notable decline in profit margins due to increased market participants [30]