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 ...

Core Insights - The pet industry is evolving towards a more intelligent, anthropomorphic, and segmented consumption model, with pets increasingly viewed as family members and emotional companions [1][2][5] Group 1: Human-Pet Relationship Evolution - Nearly 60% of pet owners incorporate pets into long-term life plans, with 58.5% creating dedicated spaces for them [7] - 66% of pet owners consider pets as close family members, and 65.5% create dietary plans for them [2][11] - Emotional resonance is significant, with 80% of users actively responding to their pets' emotions, and 61.5% willing to pay for their pets' emotional health [5][4] Group 2: Pet Food Trends - There is a noticeable trend towards specialized pet food, with senior dog food searches increasing by 62% and sales up by 87% [13] - Wet food sales for both cats and dogs have surged, with sales growth exceeding 260% year-on-year [11] - Over 80% of pet owners have adopted a mixed feeding approach of dry and wet food, with 41% making it a daily habit [11] Group 3: Smart and Personalized Pet Products - The demand for smart pet products is rising, with searches for pet air purifiers increasing by 202% [15] - Users express a desire for better integration and functionality in smart pet products, with 40% hesitant to try due to lack of understanding [15] - Anthropomorphic products are gaining popularity, with sales of pet strollers increasing tenfold and pet clothing sales up by 58% [17] Group 4: Expansion of Exotic Pets - The market for exotic pets is expanding, particularly among younger generations, with 00s showing a preference for unique pets as a form of self-expression [19][21] - 73.9% of users choose multi-pet households to experience diverse interactions and enhance social media content [10] Group 5: Overall Market Trends - The pet industry is shifting from basic care to a more nuanced, emotional, and personalized approach, reflecting a broader change in consumer mindset [23] - The integration of pets into daily life decisions is becoming more pronounced, influencing everything from living arrangements to travel plans [7]