Q&A 大消费 宠业论道，聚力前行——宠物经济 20251114 摘要 猫砂市场竞争激烈，利润空间受限，整体净利润率约 5%。原料成本占 比最高（40%-50%），其次是物流和营销费用（各占 20%以上）。 木薯猫砂因徐翠花品牌率先推广而快速崛起，但技术壁垒不高，易被模 仿。选址建厂需考虑运输成本，华东地区更具优势。 猫砂属于高复购品类，品牌粘性取决于性价比和品质。行业技术变革可 能影响消费者选择，捆绑销售是增加客户粘性的策略之一。 猫砂市场集中度低，未来发展趋势包括提升除臭、降尘、结团、抗菌性 能及环保性，加强品牌建设以规范市场。 电商平台费用稳定，但营销投入增加导致流量成本上升，需更注重精准 投放和优化营销预算。新征税政策利好头部品牌，促进行业规范化。 宠物智能用品毛利率较高（约 45%），但推广费用和售后服务成本较高， 净利润约 15%。B 端代工业务毛利率高于 C 端销售。 国内宠物用品市场仍处于初级阶段，渗透率较低（约 10%），但增速较 快。智能用品因迎合年轻消费群体而销量较高。 请介绍一下猫砂行业的整体情况，包括原材料的品类、竞争格局和主要玩家。 猫砂行业近年来竞争激烈，内卷程度甚至超过食品行业 ...

Group 1 - The core viewpoint of the articles highlights the transformation of pets from functional companions to family members in China, driving the growth of the pet economy as a representative of emotional consumption [1][2] - During the "Double 11" shopping festival, Petty Co. reported a GMV growth of over 30% year-on-year, with its brand "Jueyan" leading in the dog snack category and showing significant growth in staple food sales [2] - The overall trend in the pet industry is shifting towards brand concentration, with online sales requiring increased marketing efforts, and the conversion rates for flagship stores have doubled to 1.5 times year-on-year [2] Group 2 - The Engel coefficient for pet consumption on Tmall has decreased by 2.93% over the past three years, indicating a qualitative change in consumer spending towards higher quality, healthier, and more emotionally valuable products and services [2] - Smart pet products and cat litter cleaning supplies have become top priorities for pet owners, with leading brands identified in recent sales reports from platforms like JD.com [3] - Domestic brands are growing in the pet market, while foreign brands are also looking to capitalize on the booming pet economy in China, as evidenced by a 60% year-on-year increase in online sales for a company importing pet care brands [3]

Core Insights - The pet industry in the Greater Bay Area is poised for significant growth, driven by innovative business models and a strong emotional bond between pets and their owners [2][12][13]. Group 1: Industry Growth and Trends - The pet population in China is expected to reach 430 million by 2024, with the market size surpassing 300 billion yuan and projected to exceed 811.4 billion yuan by 2025 [11][12]. - The consumer attitude towards pets is shifting from traditional ownership to a more intimate and equal emotional connection, leading to increased spending on pet care [14][15]. - The Greater Bay Area is experiencing rapid development in the pet industry, with a strong demand for pet food, products, and services, as well as a growing number of innovative companies entering the market [18][19]. Group 2: Market Opportunities - The smart pet products market is projected to exceed 10.2 billion yuan in 2024, accounting for 20% of the pet products market, indicating a shift towards intelligent, healthy, and personalized pet care solutions [26][27]. - The pet insurance market in China is still in its early stages, with a penetration rate of less than 1%, suggesting significant growth potential as pet owners adopt more refined care practices [30][31]. Group 3: Strategic Initiatives - The first Greater Bay Area Pet Industry Annual Convention aims to create a comprehensive industry ecosystem through collaboration among government, research, enterprises, and associations [33]. - The convention will showcase technological advancements, sign innovative projects, and gather leading companies to enhance the global market presence of the pet industry [54][55]. - Emphasis on innovation and transformation is crucial for the future of the pet industry in the Greater Bay Area, focusing on R&D investment, industry collaboration, and policy advantages to drive technological upgrades [49][50].

Core Insights - The global "pet economy" is rapidly growing, with China's pet market transitioning from basic care to quality maintenance, driven by pet tech products that are becoming increasingly "smart, healthy, and personalized" [1][5][60] - By 2024, China's pet market is expected to reach 345.3 billion yuan, with the smart pet products market surpassing 10.2 billion yuan, accounting for 20% of the pet products market [1][13] - The demand for pet technology is characterized by a younger, more affluent, and emotionally-driven pet owner demographic, with an average annual spending of 4,440 yuan on pets, of which 50.8% is allocated to smart products [1][17] Market Dynamics - The competitive landscape is diverse, with a mix of established brands and new entrants, indicating room for increased concentration among leading players [2][11] - The trend of "AI + all scenarios" is emerging, with devices evolving from single-function to multi-modal interactions, such as smart trackers and AI health analysis feeders [2][60] - The market is expected to see significant growth in smart feeding, health monitoring, and interactive entertainment products, particularly in first-tier cities where penetration rates exceed 35% [11][13] Consumer Behavior - Pet owners are increasingly seeking products that enhance their pets' quality of life and interaction, with a strong preference for practical and professional information sources [22][39] - The average pet owner spends 4,440 yuan annually, with a significant portion directed towards smart pet products [17][34] - The primary motivations for pet ownership include companionship and social interaction, with pets being viewed as family members [28] Pain Points and Expectations - Common pain points for pet owners include issues related to pet hair and odor, as well as concerns about pet care when owners are unavailable [31][48] - There is a strong expectation for smart pet products to provide features such as multi-pet identification, device interconnectivity, and AI emotional companionship [53][55] - Consumers are particularly interested in the adaptability of devices, understanding pet behavior, and seamless integration of multiple devices [55][60] Future Trends - The future of pet tech is expected to focus on smart, health-oriented, and personalized solutions, enhancing the overall experience for both pets and owners [60] - AI companionship robots are anticipated to become a key segment by 2025, leveraging advanced technologies for emotional interaction [62] - The market for pet-friendly home appliances, such as vacuum cleaners and air purifiers, is also expected to grow, reflecting the needs of pet owners for clean and comfortable living environments [58][78]

Core Insights - Zhejiang Province has introduced measures to promote the pet economy, indicating a growing recognition of the "human-pet travel" demand as a legitimate need [3][4] - The pet ownership landscape is evolving, with an increase in the number of pet-friendly accommodations and services, reflecting a shift towards more accommodating environments for pet owners [4] Group 1: Policy and Economic Development - The policy outlines key tasks such as developing a pet industry cluster, which includes pet food, medical services, smart products, e-commerce, breeding, textiles, and toys [3] - The goal is to achieve a pet economy market size exceeding 30 billion yuan by 2027 and 50 billion yuan by 2030 [4] Group 2: Market Trends and Consumer Behavior - By 2024, the number of dogs and cats in Zhejiang is projected to reach 7.8 million, indicating a growing pet ownership demographic [4] - There is a noticeable change in attitudes towards pet ownership, with more hotels and transportation services becoming pet-friendly, enhancing the travel experience for pet owners [4] Group 3: Challenges and Opportunities - Despite the growing demand for pet-friendly services, legal restrictions in some areas still pose challenges, such as regulations preventing pets in public spaces [4] - The initiative to pilot pet-friendly tourism is seen as a bold and practical approach to foster the pet economy [4]

Investment Rating - The industry investment rating is "Outperform the Market" [1][89]. Core Insights - The global pet industry is projected to reach approximately $207 billion in 2024, with a compound annual growth rate (CAGR) of 5.5% from 2024 to 2029 [3][12]. - The Chinese pet industry, although starting later, is rapidly expanding, with a market size expected to reach 300.2 billion yuan in 2024, reflecting a year-on-year growth of 7.5% [3][26]. - The demand for pets is shifting from functional care to emotional companionship, driven by demographic changes such as an increase in single-person households and elderly individuals [3][40]. Summary by Sections Industry Overview - The pet industry in Europe and the US dominates the global market, with the US accounting for 47% of the pet food and snacks market and 50% of the pet services market by 2025 [3][12]. - The Chinese pet market is characterized by a growing number of pets, with a total of 124 million pets expected in 2024, marking a 2.1% increase year-on-year [3][33]. Upstream - The number of pets in China is steadily increasing, with a shift in consumer demand towards emotional companionship rather than just functional care [3][31]. - The CAGR for pet cats and dogs from 2017 to 2024 is projected at 5.1%, with cats growing at a faster rate than dogs [3][33]. Midstream - The pet supplies market is diversifying, with significant growth in pet food, particularly domestically produced brands, which are increasingly replacing imported ones [3][46]. - The market for pet food is expected to reach 107.17 billion yuan in 2024, with a CAGR of 8.2% from 2018 to 2024 [3][50]. Downstream - The pet medical care market is projected to reach approximately 84 billion yuan in 2024, making it the second-largest consumer market after pet food [3][71]. - The pet grooming industry is also experiencing rapid growth, with a market size of 42 billion yuan in 2023 and a CAGR of 22.3% from 2019 to 2023 [3][76]. - The pet insurance market in China is still in its early stages, with a penetration rate of less than 1%, indicating significant growth potential [3][84]. Investment Recommendations - The pet market is characterized by sustained growth and resilience, with structural opportunities across the industry chain, particularly in domestic substitution and innovation in niche categories [3][87]. - Recommended companies include leading pet food enterprises such as Guobao Pet and attention to Zhongchong Co., Ltd. and Yuanfei Co., Ltd. [3][87].

Core Insights - The report "2025 Tmall Pet Economy Cross-Industry Observation" highlights the strong appeal of the pet economy across various sectors, with 72 cross-industry brands identified in 11 categories including apparel, home appliances, and daily chemicals [1][2]. Industry Overview - Nearly 40% of cross-industry brands focus on essential pet cleaning and other supplies, while over 30% target personalized pet apparel [1]. - Chinese brands dominate the pet market, accounting for 48% of the cross-industry brands, with Guangdong, Zhejiang, and Shanghai being the top three provinces for brand concentration [2]. Brand Performance - The median establishment year for domestic brands is 2003, while international brands date back to 1949. However, both groups entered the pet market around 2022, with younger domestic brands outperforming older international ones in sales [3]. - 22% of cross-industry brands have established independent pet sub-brands or opened dedicated Tmall stores, leading to significant commercial returns. Brands that deeply invest in the pet sector see monthly sales amounts 738% higher than those with a "testing the waters" approach [5]. Market Dynamics - The top 20 cross-industry pet brands on Tmall saw a 90% turnover rate from the first half of 2024 to the first half of 2025, indicating a dynamic market with new entrants like "Golden Dad" from Three Squirrels making rapid gains [8]. - 77.8% of cross-industry brands have chosen pet segments closely related to their main business, which correlates with better performance. Brands leveraging existing strengths in related fields have seen success, exemplified by Dettol's entry into the pet cleaning market [12]. Future Opportunities - The pet market remains open for potential entrants, with significant opportunities in pet smart products and cleaning supplies, which are experiencing growth and lack dominant brands, providing a competitive edge for companies with relevant technology and R&D capabilities [12].

Core Insights - The report "2025 Tmall Pet Economy Cross-Border Observation" highlights the strong appeal of the pet economy across various industries, with 72 cross-border brands identified on Tmall, spanning 11 sectors including apparel, home appliances, and daily chemicals [1][2] Group 1: Market Trends - Nearly 40% of cross-border brands focus on essential pet cleaning and other supplies, while over 30% target personalized pet apparel [1] - Domestic brands dominate the pet cross-border market, accounting for 48% of the total, with Guangdong, Zhejiang, and Shanghai being the most concentrated provinces [1] Group 2: Brand Performance - The median establishment year for domestic brands is 2003, compared to 1949 for international brands, yet both entered the pet market around 2022. Domestic brands have shown significantly better performance in 2025 compared to their international counterparts [2] - 22% of cross-border brands have established independent pet sub-brands or opened dedicated Tmall stores, indicating a strong commitment to the pet sector [2] Group 3: Sales Dynamics - In the top 10 cross-border pet brands on Tmall for the first half of 2025, 60% adopted a deep investment model, with brands that established pet sub-brands or dedicated stores achieving 738% higher average monthly sales compared to those with a "testing the waters" approach [2] - Miniso, a private label retailer, launched its pet product flagship store on Tmall in March 2024, achieving daily sales exceeding 100,000 yuan within five months, showcasing the effectiveness of independent operations in the pet market [3] Group 4: Market Opportunities - The opportunity window in the pet market remains open, with a 90% turnover rate in the top 20 cross-border pet brands from the first half of 2024 to 2025, indicating a dynamic market landscape [4] - 77.8% of cross-border brands chose pet sectors closely related to their main business, leading to better performance, as nearly 60% of top-performing brands adhered to this principle [4] - Pet smart products and pet cleaning supplies are identified as having significant blue ocean potential, with growing demand and no dominant brands, providing space for differentiated competition for brands with relevant technology and R&D advantages [4]

Industry Overview - The "pet economy" in China has entered a rapid growth phase, with various policies and activities being launched to support this sector, leading to a surge in related stocks. The Wind Pet Economy Index has increased by over 37% year-to-date as of September 24 [1] - The pet market size in China has grown from 97.8 billion yuan in 2015 to 592.8 billion yuan in 2023, with a compound annual growth rate (CAGR) of 25.4%. It is expected to reach 811.4 billion yuan by 2025, and potentially 1.15 trillion yuan by 2028 [2][3] Market Demand and Growth Potential - The current pet penetration rate in Chinese households is still lower compared to developed markets, indicating strong future growth potential for the pet economy. Key segments such as pet food, medical care, and cleaning products are currently the largest and fastest-growing areas [3] - There is significant room for growth in the pet industry, with reports suggesting that the market size could double in the coming years [2] Policy Support and Local Government Initiatives - Local governments are increasingly providing policy support for the pet economy. For instance, Wuxi, Jiangsu, aims to exceed 3 billion yuan in pet-related industry scale by 2027, while Suzhou, Anhui, is focusing on technological innovation and e-commerce development in the pet sector [3] - Zhejiang province has proposed to develop smart pet products and encourage the use of advanced technologies in product innovation [3] Corporate Activities and Investments - Several listed companies are actively investing in the pet economy. For example, Huangshanghuang announced a 494.7 million yuan acquisition of a 51% stake in a freeze-dried food manufacturer, which will supply products for pet food brands [4] - Three squirrels have established two wholly-owned subsidiaries focused on pet food, with a registered capital of 5 million yuan for one of them [4] - Jinhai Biological has launched a pet care app utilizing a self-developed emotional multimodal model, indicating a trend towards technology integration in pet care [4] - Delisi has signed a strategic cooperation agreement with food companies to collaborate on product supply, market expansion, and freeze-dried pet food development [5]

Core Viewpoint - Zhejiang Province is soliciting public opinions on the draft "Opinions on Promoting the Development of the Pet Economy," aiming to foster the integration of the pet economy with various emerging industries [1] Group 1: Industry Integration - The initiative emphasizes the cross-industry integration of the pet economy with sectors such as the silver economy, cultural tourism, self-care economy, and exhibition economy to cultivate new consumption hotspots [1] - The plan includes the development of pet-friendly tourism pilot projects to meet the reasonable demand for "human-pet travel" [1] Group 2: Cross-Industry Innovation - The proposal encourages the pet economy to connect with traditional manufacturing and service industries, guiding willing companies in logistics, fast-moving consumer goods, home appliances, and textiles to engage in cross-industry innovation [1] - New fields are identified for expansion, including pet transportation, fashionable pet clothing, pet health food, and smart pet products [1]