Thanks to the gradual improvement of China's pet laws and regulations, the improvement of China's economic level and national consumption capacity, changes in the demographic structure, and the advancement of new technologies, #China's pet industry has shown a trend of rapid growth year by year in the past five years.
As per reports, The market size of China's pet industry has grown from 91.43 billion yuan in 2015 to 210.37 billion yuan in 2019, with a compound annual growth rate of 23.0%. In the next five years, the scale of China's pet industry market will continue to grow, reaching 415.37 billion yuan in 2024, with a compound annual growth rate of 14.6%. From the perspective of pet segmentation, in 2019, pet food, pet medical treatment, pet supplies, and pet services accounted for 60%, 20%, 12%, and 8% of the entire pet market, respectively.
Dogs and cats are the main types of pets. More first-tier urban residents and post-90s raise aquariums or foreign pets because of their status and personality, and there is a #trend to raise pets in multiple categories. In the new era, married families are advanced to raise pets. They give their pets an emotional role, pursue health and happiness, and show a trend of intelligent pet raising. The epidemic has spawned more young advanced cat owners, and new cat owners have become more mature in their refined pet raising concepts.
With the deepening of the trend of refined pet raising, pet consumption categories are becoming more abundant. #Natural food and organic food are favored; pet snacks also provide pet owners with more choices; safety and convenience in the design of supplies are concerned, and intelligence and appearance are a trend. The cat economy is rising, and the consumption growth of cat owners is strong; the improvement of the quality of domestic products and the rationalization of pet raising will promote the spread of domestic products; the sinking of pet raising will become a new opportunity for the pet industry to increase; pet online medical mode It will become an important supplement to offline medical services; the demand for pet services is diversified; the omnichannel operation model will become a strategic channel for businesses to expand and develop in the future.
