瑞银：中国宠物食品_ 2025 年 5 月_ 618 大促增长强劲；抖音领先，乖宝和 CPF市场份额持续提升

ab 13 June 2025 Global Research First Read China Pet Food May 2025: robust growth in 618 campaign; Douyin Leads, Gambol and CPF continue gaining market share Sustained Strong Growth; Douyin Leads the Pack According to Meritco, online GMV for pet food across Tmall, Douyin, and JD rose by 18% YoY in May 2025, primarily driven by a 22% increase in volume. This was partially offset by a 4.3% decline in average selling price (ASP), attributed to the 618 campaign. Cumulative sales from January to May also grew by ...