Investment Rating - The industry investment rating is "Positive" [5] Core Insights - Fresh pet food represents a new direction in the upgrade and anthropomorphism of pet food consumption, emphasizing fresh, human-grade ingredients with high moisture content and minimal processing [1][2] - FreshPet, a leading company in the fresh pet food market, achieved a revenue of $975 million in FY24, marking a 27.2% increase year-on-year, with a CAGR of 32.5% from 2019 to 2024 [3][4] - The domestic market is beginning to follow the overseas trend, with companies like Pet&Fresh adapting the fresh food model to local preferences [7][8] Product Overview - Fresh pet food is primarily made from fresh meat and vegetables, with a high protein content exceeding 70%, and is available in both freshly made and refrigerated forms [1][2] - FreshPet's product range includes various high-end offerings, such as Vital and Nature's Fresh, catering to different consumer needs [4] Market Dynamics - FreshPet has established a strong market presence with a 3.4% share in the dog food market and a 96% share in the fresh food category in the U.S. [3] - The company has a robust supply chain with multiple production facilities and plans for expansion to meet growing demand [6] Competitive Landscape - The fresh pet food market is characterized by high transportation and storage costs due to the need for cold chain logistics, which presents both challenges and opportunities for pricing strategies [2][10] - Pet&Fresh is innovating in the domestic market by leveraging online channels and offering a diverse product range to attract consumers [8][9] Investment Recommendations - The report recommends investing in leading companies with strong supply chains and innovative research capabilities, such as Guibao Pet, Zhongchong Co., and Petty Co. [10]
宠物食品行业点评报告：宠物食品系列（3）：宠物鲜粮兴起，龙头竞相布局
浙商证券·2025-03-02 08:23