国盛证券（002670）发布研报称，2025年宠物行业市场规模增长4.1%，食品市场仍是主要消费市场， 养宠年轻化或成为行业进入高质发展的驱动因素。国产品牌在不断夯实基础体系化研发，打造差异化产 品，提升产品竞争力，重视品牌长期建设。头部国产品牌在产品力升级及品牌表达等持续提升，看好中 长期品牌成长空间。 国盛证券主要观点如下： 行业仍然呈现持续增长态势，2025年宠物行业市场规模增长4.1% 犬猫数量及单只消费持续增长，犬猫数量同比增长1.8%，单只犬年均消费同比增长1.5%，单只猫年均 消费同比增长3.2%，同时2025年食品市场仍是主要消费市场，养宠年轻化或成为行业进入高质发展的 驱动因素。 强者恒强，持续加码新渠道 从格局看，国产持续，强者恒强，从京东宠物、淘天宠物看，宠食头部品牌集中度提升;淘天数据， 2025年双十一国货品牌份额70%+，2025年618天猫宠物食品CR10达44%(2024年618为37%)。从渠道 看，持续加码新渠道，重视线下基本盘，根据宠业家数据，线上淘天仍是第一大市场，占比达29%，抖 音渠道是确定性的增长阵地，同时需加码小红书、O2O等新渠道，线下渠道宠物店、宠物医院合计 ...

Investment Rating - The report maintains an "Accumulate" rating for the pet industry [4] Core Insights - The pet industry is expected to grow at a rate of 4.1% in 2025, marking a transition to high-quality growth, with the market size reaching 312.6 billion yuan [9][10] - The number of pet dogs and cats is increasing, with a year-on-year growth of 1.8%, and the average annual spending per dog and cat is also rising [10][14] - The trend of younger pet owners is driving the industry towards high-quality development, with 90s and 00s generations becoming the main consumer groups [14] Summary by Sections 1. Industry Scale - The pet industry market size is projected to reach 312.6 billion yuan in 2025, growing by 4.1% compared to 2024 [9] - The dog market is expected to reach 160.6 billion yuan, while the cat market is projected to reach 152.0 billion yuan, with respective growth rates of 3.2% and 5.2% [9] - By 2028, the market size is anticipated to reach 405.0 billion yuan [9] 2. Market Dynamics - The market is characterized by a "stronger getting stronger" trend, with domestic brands gaining market share [20] - In the 2025 Double Eleven shopping festival, domestic brands accounted for over 70% of the market share, and the top 10 brands on Tmall reached a concentration ratio of 44% [20] - Online channels, particularly Tmall, remain the largest market, accounting for 29% of the total market share, while offline channels like pet stores and hospitals account for 33% [22] 3. Trends - There is a significant shift towards scientific feeding practices, with 55.3% of pet owners willing to learn about scientific feeding methods [40] - The trend of wet food consumption is accelerating, with notable growth in various categories such as cat freeze-dried food and dog baked food [40] - The demand for specialized pet food for different life stages and sizes is increasing, particularly for senior dogs, which saw a sales increase of 67% in 2024 [45]