Why Is The Pet Economy So Hot?
In the "Double Eleven" where people are more cautious in consumption, the pet economy is a track with outstanding performance. On November 1st, magic mirror data made statistics on the pre-sales of Tmall`s [Double Eleven" and found that the pre-sales in most industries have declined to varying degrees, while the pet-related market has seen a strong growth, with a 44% increase in pre-sales.
According to a data report released by China Merchants Securities on November 15, during the "Double Eleven" period this year, the sales of Pet Mat staple food reached 1.909 billion yuan, a year-on-year increase of 38%; cat and dog Pet Snack also achieved rapid growth, cat snacks The sales amounted to 362 million yuan, a year-on-year increase of 32.73%, and the sales of dog snacks reached 121 million yuan, a year-on-year increase of 31.43%. The pet industry refers to all industrial chains around pets, involving pet breeding and trading, and goods and services around pet consumption, including Pet Food, Pet Housewares, pet medical care and pet services. From the perspective of subdivided industries, in 2021, among the 249 billion yuan market size of China's pet market, pet food, medical care, supplies and services accounted for 51.5%, 29.2%, 12.8% and 6.4% respectively. From 2019 to 2021, the number of pet food and supplies brands in China will surge by 34%. In terms of pet medical care, according to the "Pet Industry Series Research Report" released by Ping An Securities in September 2021, from 2017 to 2021, there will be nearly 900 pet hospitals registered in China every year. As pets become more and more companions and family members of human beings, the related industry chain is still developing, such as pet clothing, pet "behind affairs" services, etc. According to the data from Tianyancha, there are nearly 9,000 companies in China whose business scope covers pet funerals, pet funerals, and animal harmless treatment. Among them, the number of new companies will exceed 2,000 in 2021, with an annual registration growth rate of 101.43% . The competitive landscape of China's pet industry is relatively fragmented. Overseas giants have a first-mover advantage. Domestic brands have developed rapidly in recent years. Important market segments such as food and animal health have risen. There is a broad space for domestic substitution in the future.
