Market Growth Drivers - The pet deworming market in China is driven by the continuous increase in the number of pet dogs and cats, projected to reach 52.58 million dogs and 71.53 million cats by 2024, totaling 124 million pets [3] - The average deworming cost is 62.51 CNY per dog and 90.02 CNY per cat, with an average of 3.47 and 3.45 deworming sessions per year respectively, leading to a total market size of 33.609 billion CNY for pet deworming drugs in 2024 [3] Market Share and Position - Pet deworming has become the largest core category in the domestic pet health care market, accounting for 20.7% of the market share in 2024, indicating significant importance and future growth potential [5] Product and Competitive Advantages - The pet deworming drugs are categorized into internal and external dewormers, targeting various parasites [6] - International companies dominate the market with a comprehensive product matrix and global presence, allowing them to meet diverse market needs effectively [6] - Leading international brands include Boehringer Ingelheim's NexGard with sales of 1.46 billion USD and Merck's Bravecto with 1.25 billion USD, showcasing their strong R&D capabilities and market strategies [6] Competitive Landscape - Chinese companies initially relied on low-cost generic drugs but are now accelerating innovation due to supportive policies, exemplified by Haizheng Animal Health's breakthrough for young and pregnant dogs [7] - In 2024, the usage rate of domestic brands in dog deworming is 50% for Fipronil and 48% for Bravecto, indicating a narrowing gap with international brands [7] Future Industry Outlook - The pet deworming drug industry in China is expected to continue growing due to expanding pet markets and increasing consumer health awareness [8] - Challenges include competition from established international brands and potential product homogenization, necessitating innovation from domestic companies [8]