国君2025春季策略|宠物:萌宠激增,国产崛起

Investment Rating - The report indicates a positive investment outlook for the pet industry, highlighting the growth potential driven by increasing pet ownership among young people [1]. Core Insights - The pet industry is experiencing rapid growth due to both an increase in the number of pets and a rise in per-pet spending, reflecting a trend towards "humanization" of pet care [1]. - Domestic brands are innovating in product formulation and materials, effectively responding to pet owners' needs and gaining market share against foreign brands in the pet food sector [1]. - There is a growing awareness among pet owners regarding scientific pet care, with a focus on addressing health issues as a core challenge for pet food products [1].