Investment Rating - The report maintains a "Positive" investment rating for the pet food industry [3] Core Viewpoints - The pet food industry is characterized as a trillion-yuan growth sector with strong emotional consumption attributes, driven by the increasing acceptance of pets as family members in smaller households [9][12] - The market is witnessing a shift towards premium products, with a significant growth in high-end cat food, which is expected to account for 34% of the market by 2024 [37][41] - The industry is experiencing a concentration trend, with domestic brands gaining market share through e-commerce channels, leading to a projected CR10 of 32% by 2024 [49][54] Summary by Sections Section 1: Pet Food as a Growth Sector - The pet food market is projected to reach approximately 53.3 billion yuan in 2024, with a compound annual growth rate (CAGR) of 12.1% from 2018 to 2024 [22] - Cat food is expected to dominate the market, accounting for 59% of the total pet food industry, with a growth rate of 8% [26] Section 2: Industry Landscape - The industry is fragmented, with domestic brands increasing their market share significantly through e-commerce, which has grown from 6.3% in 2012 to 68% in 2023 [49][50] - The top domestic pet food companies are gradually increasing their market share, with the top three domestic brands' market share rising from 8.5% in 2019 to 11.2% in 2024 [54] Section 3: Current Perspective on the Pet Food Sector - The report highlights the importance of product innovation and brand development, with a focus on high-end and functional pet food products [66][73] - The growth of the pet food sector is supported by an increasing number of college graduates and multi-pet households, with 39% of pet owners having two or more pets [33][34]
宠物食品行业研究框架：聚焦自有品牌成长性，头部份额提升进行时
Changjiang Securities·2025-07-01 03:48