大消费产业月报：“它经济”产业链生态图鉴-20250909

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The pet economy in China is experiencing a high-quality transformation driven by emotional consumption and the integration of emotional value with tangible industries [8][10] - The market for pet dogs and cats in urban areas is projected to reach CNY 300.2 billion in 2024, with a compound annual growth rate (CAGR) of approximately 13.3% from 2015 to 2024 [10][12] - The global pet economy is highly concentrated, with significant markets in the US, Europe, and Asia, and is expected to grow from USD 207 billion in 2024 to USD 270.8 billion by 2029, with a CAGR of 5.5% [9][11] Summary by Sections Introduction - The report outlines the growth of the pet economy driven by changing lifestyles and emotional consumption needs, highlighting the integration of emotional and tangible aspects in the industry [8] Global Pet Market Overview - The global pet industry is expected to grow from USD 207 billion in 2024 to USD 270.8 billion by 2029, with a CAGR of 5.5% [9] China Pet Dog and Cat Market Overview - The urban pet consumption market in China is projected to reach CNY 300.2 billion in 2024, with a 7.5% year-on-year growth [10] - The average annual consumption per pet dog is CNY 2,961, while for cats it is CNY 2,020, reflecting a steady increase in spending [10] Pet Economy Industry Chain Definition and Layout - The pet economy industry chain includes breeding and trading, food and supplies, and medical and service sectors, reflecting the transformation of emotional value into commercial value [23] Pet Economy Industry Chain Analysis - The overall consumption structure is stabilizing, with pet food leading the market, accounting for 52.8% of the total pet consumption market in 2024 [25] - The upstream sector is transitioning from a rough model to a more standardized approach, with new regulations being introduced [29] - The midstream sector is seeing the rise of domestic brands and the integration of smart products into pet care [31] - The downstream sector is characterized by professional development and the construction of a diversified ecosystem, with a focus on medical services and pet care [47] Policy Support for Industry Development - Local governments are increasingly supporting the pet economy through the establishment of industrial parks and public facilities, aiming for a market scale of over CNY 30 billion by 2027 [55][56] Industry Outlook - The pet industry in China is undergoing a structural transformation, shifting from extensive feeding to refined services, with a focus on quality improvement and standardization [57]