Significant Growth in Demand and Continuously Expanding Scale - Pet Consumption Market Survey
2024-03-19
With the continuous heating up of the pet economy, the scale of China's pet consumption market continues to expand, and related industries have also ushered in a period of development opportunities. Refined pet health management has become a new trend in pet consumption, driving industries such as pet food and pet products to upgrade towards intelligence, specialization, and diversification. At the same time, the emotional needs of pet owners are increasingly valued, and a batch of personalized and customized pet services have emerged, adding more vitality to the pet consumption market. In recent years, the pet consumption market has been very hot. On the one hand, pets have freed themselves from the role of caretakers and gradually shifted towards the role of family members. On the other hand, the trend of pursuing emotional value in consumption, especially with the increasing number of young pet owners, has brought about new consumer demands. The upgrade from leftover food to fresh meat and staple food, and the emphasis on emotional communication for pet health and care services... Now, the pet food, supplies, and healthcare markets are entering a rapid development stage, and the market related to human pet emotional interaction is also beginning to sprout. What is the current situation of the pet consumption market, and what are the new trends and trends? Recently, reporters visited multiple pet consumption related markets. Fine feeding promotes diversified markets. Pet food is made for pets and can be roughly divided into three categories: staple food, snacks, and nutritional supplements. As a pet essential product, pet food occupies half of the pet consumption market share, and its characteristics and trends are also regarded as the "wind vane" of the entire pet industry development. The reporter learned that expenses related to "eating" account for the main pet expenses of young "fecal diggers". Guo Jinyun, born in the 1990s and a Shanghai drifter, has been living in a family with pets since childhood. After living alone, she has had her own pet. "The frequently purchased dog food is currently on sale, and I bought 60 pounds at once." Guo Jinyun told reporters that her annual expenses for raising dogs exceed 20000 yuan, with the main expenses being purchasing dog food, various snacks, and taking pets for medical treatment. Wang Lanjun, a company employee living in Beijing, owns three orange cats and spends an average of around 500 yuan per month on cat care. The daily expenses related to pet food account for the majority of pet care expenses, with nearly 400 yuan spent on cat food, canned food, and other items every month. The White Paper on China's Pet Food Industry released by Deloitte China shows that it is expected that by 2026, the size of China's pet food market will reach 114 billion yuan, with compound annual growth rates of 17%, 15%, and 25% for pet staple food, pet nutrition products, and pet snacks, respectively. The demand for pet food consumption has grown significantly, and the scale of consumption is constantly expanding, which not only brings about an increase in product sales, but also drives the development of related enterprises and the entire industry. According to the performance forecast released by Zhongchong Group, the expected net profit for 2023 is approximately 225 million to 255 million yuan, a year-on-year increase of 112% to 141%. In terms of revenue composition, taking its 2023 semi annual report as an example, pet food and supplies accounted for 96.37%. Among them, pet snacks, canned pet food, and pet staple food accounted for 63.57%, 18.10%, and 13.37%, respectively. According to data released by Lusi Group, the company is expected to achieve a revenue of 696 million yuan in 2023, a year-on-year increase of 26.80%. From the product perspective,
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