Core Insights - The "pet economy" has emerged as a significant consumer sector in China, driven by changing family structures and consumption concepts, with a market size projected to reach 300.2 billion yuan in 2024, reflecting a 7.5% year-on-year growth [1][2] - The emotional bond between pets and owners is a key driver of this economic growth, as pets are increasingly viewed as family members and emotional companions [1][4] Group 1: Market Growth and Trends - The number of urban pets (dogs and cats) in China is expected to exceed 120 million by 2024, with a year-on-year increase of 2.1% [1] - The "pet economy" encompasses a full industry chain, including food, medical care, and equipment, reflecting a shift towards "humanization" of pets, where spending on pets parallels that of children [2] - The industry has attracted significant investment, leading to a more complete and specialized supply chain, from food development to medical and funeral services [2] Group 2: Emotional and Social Factors - The rise of single-person households and empty-nesters has created a demand for emotional companionship, with pets fulfilling this role [1][2] - The "pet economy" is characterized by strong anti-cyclical properties, as consumers are less likely to reduce spending on pets during economic downturns due to the emotional bonds formed [2] Group 3: Challenges and Concerns - The rapid growth of the "pet economy" has led to potential issues, including the creation of consumer bubbles driven by marketing tactics that prioritize profit over genuine pet needs [3] - Conflicts in public spaces due to pet ownership, such as issues related to leash laws and cleanliness, have become more common [3] - The lack of standardized regulations in the pet care industry, particularly in medical and grooming services, raises concerns about service quality and safety [3] Group 4: Future Directions - The "pet economy" represents a new form of emotional consumption, reflecting modern lifestyles and the need for responsible pet ownership [4] - There is a call for improved legislation and industry regulation, as well as public education on responsible pet care, to ensure the sustainable growth of the "pet economy" [4]

Core Insights - The "pet economy" has emerged as a significant consumer sector in China, projected to reach a market size of 300.2 billion yuan in 2024, with a year-on-year growth of 7.5% [1][2] - The emotional connection between pets and their owners drives diverse consumer demands, as pets are increasingly viewed as family members and emotional companions [1][4] Group 1: Market Growth and Trends - The number of urban pets (dogs and cats) in China is expected to exceed 120 million by 2024, reflecting a growth rate of 2.1% [1] - The "pet economy" encompasses a full industry chain, including food, medical care, and equipment, driven by the emotional value pets provide [1][2] - The trend of "humanization" of pets is evident, with many young couples shifting their parenting investments from children to pets, leading to a rise in premium pet products and services [2] Group 2: Industry Dynamics - The growth of the pet population has led to a complete industry chain, attracting significant investment and resulting in a more specialized and professional market [2] - The pet economy is considered to be resilient and anti-cyclical, as consumers are unlikely to reduce spending on pets even during economic downturns [2] Group 3: Challenges and Concerns - The rapid growth of the pet economy has led to potential issues, including the creation of consumer bubbles driven by marketing tactics that promote unnecessary products [3] - Conflicts in public spaces due to pet ownership, such as issues related to leash laws and cleanliness, have become more common [3] - The lack of standardized regulations in the pet industry, particularly in medical and grooming services, raises concerns about service quality and safety [3] Group 4: Future Outlook - The pet economy represents a new form of emotional consumption, reflecting modern lifestyles and the need for emotional connections [4] - There is a call for improved legislation and industry regulation, as well as promoting responsible pet ownership to ensure a sustainable future for the pet economy [4]

Core Insights - The pet economy in China is becoming a representative field of "emotional consumption" due to changes in family structure and consumption concepts [1] - The pet market is expected to exceed 300 billion yuan in 2024 and 400 billion yuan by 2027, driven by the transformation of pets from "functional companions" to "family members" [1][2] - The pet market is projected to surpass 811.4 billion yuan by 2025, with pet food being the largest segment and a core driver of the industry [2] Market Trends - The pet economy is experiencing robust growth, with a significant increase in the number of new registered enterprises and local pet food companies enhancing R&D to develop competitive brands [2] - Consumers, particularly those born in the 80s and 90s, prefer online channels for purchasing pet products, with a notable rise in live e-commerce [2] - The report identifies eight core trends driving the industry, including supply chain restructuring, consumption upgrades, and the integration of the "silver economy" with the pet economy [2]

Core Insights - The Chinese pet market is expected to show strong growth, with a projected market size exceeding 811.4 billion RMB by 2025, driven by changing family structures and consumer attitudes towards pets [1][2] - The pet economy is becoming a significant growth area in consumer spending, with a focus on pet food, eco-friendly cat litter, health care, and shared products for pets and owners [1] - The market for urban pet dogs and cats has already surpassed 300 billion RMB in 2024, with expectations to exceed 400 billion RMB by 2027 [1] Industry Trends - The role of pets is shifting from "functional companions" to "family members," leading to growth in pet food, medical services, and technology sectors [1] - The primary pet owners are increasingly younger and more educated, with over 60% being born in the 1990s and 2000s, seeking high cost-performance and functional products [1] - Government policies aimed at boosting consumption and industry regulations are providing strong support for the pet economy's growth [1] Market Dynamics - Pet food remains the largest market segment, serving as a core driver of the pet economy, while pet medical services, supplies, and other services are also experiencing rapid growth [2] - The market is characterized by intense competition, with a continuous rise in the number of newly registered enterprises, fostering the development of competitive domestic brands [2] - Eight key trends are identified, including accelerated supply chain restructuring and domestic substitution, with companies leveraging smart technology and precise marketing to gain recognition [2]

Core Insights - The Chinese pet market is expected to show strong growth, with a projected market size exceeding 811.4 billion RMB by 2025, driven by changing family structures and consumer attitudes towards pets [1][2] Market Overview - The urban pet market in China surpassed 300 billion RMB in 2024 and is expected to exceed 400 billion RMB by 2027, indicating a shift in the role of pets from "functional companions" to "family members" [1] - Pet food is identified as a core driver of the pet economy, holding the largest market share, while segments like pet medical care, supplies, and services are also experiencing rapid growth [2] Consumer Trends - The primary demographic of pet owners is becoming younger and more educated, with over 60% of pet owners being from the "90s" and "00s" generations, who prioritize cost-effectiveness and product functionality [1] - The market is transitioning from quantity expansion to quality upgrades, reflecting a shift in consumer preferences [1] Industry Dynamics - The report highlights eight key trends shaping the industry, including accelerated supply chain restructuring, the rise of domestic brands, and the dual empowerment of consumption upgrades and technological innovation [2] - The concept of "human-pet synergy" is driving the pet food market towards refinement and high-quality offerings [2]

Core Insights - The report by KPMG China highlights the rapid growth of the pet economy in China, driven by the rise of "self-economy" and "emotional consumption" [2] - By 2024, the number of pets in China is expected to reach 430 million, with urban dog and cat populations at 120 million [2] - The report anticipates that the pet population will grow to 570 million by 2029 [2] Group 1: Market Dynamics - The increase in late marriage, smaller families, and single-person households has made pets an important emotional connection [2] - The pet ownership demographic is increasingly dominated by younger generations, particularly those born in the 1990s and 2000s, who prioritize pet quality of life and personalized needs [3] - Social media has become a core influencer in consumer decision-making, with online channels now being the largest sales avenue for pet food [3] Group 2: Consumer Behavior - Pet owners are focusing more on brand image and values rather than just product specifications, with recommendations from friends, pet stores, and influencers playing a significant role in purchasing decisions [4] - The report identifies four key trends in the pet economy, including the restructuring of the supply chain and accelerated domestic substitution [4] - There is a growing demand for high-quality pet food, with trends towards premium categories like baked and fresh food [4] Group 3: Technological Integration - The integration of technology in pet health management is on the rise, with over 70% of pet hospitals in first-tier cities adopting AI diagnostic tools [4] - Cross-industry collaborations are expanding the pet economy's boundaries, with various sectors like hospitality and commercial real estate engaging in partnerships [4] Group 4: Market Expansion - The silver economy and lower-tier markets are emerging as new growth areas, with more elderly individuals viewing pets as family members, leading to diverse consumption needs [5] - Local governments are actively supporting the pet food industry, exploring new import models through cross-border e-commerce initiatives [5]

Core Insights - The pet industry in China is experiencing significant growth, with a market size projected to reach 811.4 billion yuan by 2025, up from 97.8 billion yuan in 2015, reflecting a compound annual growth rate (CAGR) of 25.4% [1] - The consumer demographic is increasingly younger and more educated, with over 60% of pet owners being born in the 1990s and 2000s, who prioritize quality and personalized pet care [3] - The shift in pet ownership perception is moving from functional companions to family members, driving emotional and quality-based spending in the pet sector [4] Market Dynamics - The pet food market is evolving towards high-quality and refined products, with trends such as "human-pet synergy" becoming prominent, leading to increased demand for premium offerings like baked and fresh pet food [4] - The integration of technology in pet care is notable, with over 70% of pet hospitals in first-tier cities adopting AI diagnostic tools, enhancing health management for pets [4] - The number of new businesses in the pet sector has surged from 25,000 in 2014 to 1.895 million in 2023, indicating a robust growth trajectory with a CAGR of 54.9% [4] Consumer Behavior - The rise of "self-consumption" and "emotional consumption" trends is influencing spending patterns, with consumers willing to invest more in pet-related services and products that enhance their pets' quality of life [4][5] - The diversification of pet consumption is leading to innovative applications across various industries, creating new revenue opportunities for brands and businesses [5]

Core Insights - The pet industry in China is experiencing significant growth, with the market size increasing from 97.8 billion yuan in 2015 to 592.8 billion yuan in 2023, and projected to reach 811.4 billion yuan by 2025, reflecting a compound annual growth rate of 25.4% [1] - The number of pets in China is expected to reach 430 million by 2024, with cat owners numbering 40.88 million, indicating an average of two cats per owner, and this figure is projected to grow to 570 million by 2029 [1] - The growth of the pet economy is driven by emotional factors, policy support, and technological innovation, which have encouraged companies to invest in research and development and improve product quality [1] Market Dynamics - The consumer base for pets is becoming younger and more educated, with over 60% of pet owners being born in the 1990s and 2000s, who prioritize the quality of life and personalized needs for their pets [2] - High-income, well-educated individuals tend to spend more on their pets, reflecting a trend of late marriage and childbearing, leading to increased emotional value and high-quality living for pets [2] - Online channels have become the primary sales avenue for pet food, although offline channels remain important for providing better shopping experiences and additional services [2] Product Trends - There is a shift towards high-quality and refined pet food, with trends such as "human-pet similarity" gaining traction, leading to increased demand for premium products like baked and fresh food [3] - The integration of technology in pet health management is on the rise, with over 70% of pet hospitals in first-tier cities adopting AI-assisted diagnostic tools [3] - The aging population and emerging markets are creating new growth opportunities, as more elderly individuals view pets as family members, leading to diverse consumption needs, particularly in food, health, and smart devices [3]