宠物食品行业系列深度之五：以乖宝为鉴，看中国宠物食品高端化之路

Investment Rating - The report maintains a positive outlook on the pet food industry, recommending companies such as Guobao Pet and Zhongchong Co., while also suggesting to pay attention to Petty Co. [4] Core Insights - The Chinese pet food industry is transitioning from a high-growth phase to a steady growth phase, with an expected market size of 533 billion yuan at the factory level in 2024, reflecting a year-on-year growth of 4.5% [3][11] - The retail market is projected to reach 1585 billion yuan in 2024, with a year-on-year increase of 8.5% [11] - The report highlights the significant growth in cat ownership and spending, with a compound annual growth rate (CAGR) of 4.6% for cat numbers and 5.7% for per capita spending from 2022 to 2024 [3][11] - The report draws parallels with the Japanese market, indicating that despite a declining birth rate, pet ownership and spending have shown resilience [20] Summary by Sections Industry Overview - The pet food market in China is expected to reach 1500 billion yuan, with a steady growth trajectory [7] - The number of urban pets is projected to grow, with cats outpacing dogs in both quantity and spending [11][19] Trends - The report identifies a clear trend towards consumption upgrades in the pet food sector, with a notable increase in the mid-to-high-end price segments [46] - The growth in the mid-range price segment (60-100 yuan/kg) is significantly outpacing the overall market growth, indicating a shift in consumer preferences [46] Leading Companies - Guobao Pet is highlighted as a leading company in the industry, successfully implementing product upgrades and expanding its price range [61] - The report also discusses the rapid growth of the brand Freigat, which has seen its online GMV increase from 0.1 billion yuan to 5.6 billion yuan from 2021 to 2024 [4] - The profitability of domestic pet food companies is expected to improve, with current margins still below those of mature markets like the US and Japan [34][38]