中国五大蓬勃发展的消费经济体

ASPETSARENOLONGERSIMPLYREGARDEDASTOOLSFORGUARDINGHOMESBUTHAVEBECOMEINDISPENSABLEEMOTIONALCOMPANIONSANDLIFEPARTNERSWITHINFAMILIES,CONSUMERS'CAREFORANDINVESTMENTINTHEIRPETSCONTINUESTOGROW. THEPETECONOMY CHINA’S PET ECONOMYThe size of China's pet market is expected to reach345.3billionRMB(about 47.4 billion USD) in 2024, representing a5.8% increase compared to 2023. The compound annual growth rate (CAGR) from 2019 to 2024 is approximately7.8%.Source:CBNData0%5.5%11%16.5%22%2019202031.030.13.1%17.8%3.1%17.8%CHINA’SPETMARKETSCALEANDGROWTHRATE 2021202220232024E47.444.842.137.55.8%6.3%12.3%20.9%5.8%6.3%12.3%20.9%(UNIT:BILLIONUSD) CHINA’S PET POPULATIONSource:iResearchThe number of pet cats has exceeded thenumber of pet dogs forthreeconsecutiveyearsfor the followingreasons:•Strong independence of pet cats•Smaller food portions for pet cats•Smaller size of pet cats017.53552.570201944.1255.03 CHINA’S PET OWNER POPULATIONThe proportion of pet owners in tier-1 citieshas shown a slight decline in recent years.In contrast, the proportion in tier-3 andlower-tier cities increased. Possible reasonsinclude:•Tier-1 city governments have implementedstricterpoliciesto strengthen urban petregulations.•Therisingconsumptioncapacityofresidents in tier-3 and lower-tier cities hasdriven the growth of pet ownership inthese regions.Source:iResearch03060901202020202120.4%43.9%41.8%33.5%37.8%Tier-1 citiesPETOWNERSCITYDISTRIBUTION PET-RELATED CONSUMPTION166.8BILLIONRMB(ABOUT22.89BILLIONUSD)ESTIMATEDSIZEOFCHINA'SPETFOODMARKET48%Source:iResearch27%94BILLIONRMB(ABOUT12.90BILLIONUSD)ESTIMATEDSIZEOFCHINA'SPETMEDICALMARKET51.3BILLIONRMBESTIMATEDSIZEOFCHINA'S (ABOUT7.04BILLIONUSD)PETSUPPLIESMARKET 33.2BILLIONRMB(ABOUT4.56BILLIONUSD)ESTIMATEDSIZEOFCHINA'SPETSERVICESMARKET FORWARD LOOKINGPET FOOD CONSUMPTIONSource:iiMedia42.6%51.5%5.9%Over 5 times3-4 times1-2 timesMONTHLYCONSUMPTIONFREQUENCYOFPETFOODWith the improvement of living standards and the increasing importance of pets in families, pet owners are more willing to invest intheir pets'healthandqualityoflife. In the future, pet food consumption is expected to maintain steady growth, and the pet foodmarket is likely to experience broader development opportunities. 68 USD and below69-136 USD137-205 USD206-273 USD274 USD and above8.6%10.91%25.45%15.04%ANNUALCONSUMPTIONAMOUNTOFPETFOOD PET MEDICAL CONSUMPTIONPET OWNERS SPEND ON PET HEALTH SERVICES, DRIVING GROWTH IN TREATMENTSSource:iResearchPet owners primarily spend onvaccinations(76%),diseasetreatment(64%), andhealthcheck-ups(57%)at pet hospitals. The top expenses include diagnosis,medication, and health supplements, marking those areasof growth in the future.TOP1DIAGNOSISTOP2MEDICATIONTOP3HEALTHSUPPLEMENTTOP3SPENDINGCATEGORIESINPETHOSPITALS ANNUALPETHOSPITALVISITFREQUENCY10.0%5.0%15.0%31.0%30.0%9.0%1 time2 times3 times4 times5 times6 times and more FORWARD LOOKINGPET SUPPLIES CONSUMPTIONSource:iiMediaSALES OF SMART PETDEODORIZER INCREASED BY330%SALES OF SMART PETFEEDER INCREASED BY230%SMARTPETPRODUCTSCONSUMPTIONDURINGTMALL618IN2024 SALES OF SMART CATLITTER BOX INCREASED BY140% FORWARD LOOKINGPER SERVICES CONSUMPTION69% of consumers have used grooming and cleaning services fortheir pets, indicating that pet owners increasingly prioritize theappearance and health condition of their pets. Regarding thefrequency of service consumption, three times a year accountsfor the largest proportion, which may be related to the life cycle ofpet fur growth.Grooming & cleaningPet insurancePet travelTraing & behavior managementFuneral & cremationOthers1%19%39%MAINPETSERVICEEXPENSEDISTRIBUTIONSource:iResearch 44%45% Source:iResearch21.71%28.44%49.85%Toys for dogsToys for catsOthersPROPORTIONOFPOSTSCONTAINED'PETTOYS'ONREDNOTEINSEPTEMBER2024PET'SHIERARCHYOFNEEDSAs pet owners increasingly recognize that their pets require emotional care beyondbasic material needs, they show a strong preference for products that cater to pets'emotional fulfillment.In September 2024, the keyword "pet toys" on RedNote showed that dog toysaccounted for nearly 50% of mentions. However, with the rising number of pet cats,cat-related toys are expected to gain more attention in the future.NEW PET-RELATED CONSUMPTION CATEGORY Q:WHATARETHETOPFIVEPRODUCTCATEGORIESEXPECTEDTOEXPERIENCESIGNIFICANTGROWTHIN2025INCHINA?Despite slow economy, in 2025, China’s market still hosts some exiting opportunities, driven by shiftingconsumer preferences, technological advancements, and sustainability imperatives. Here are a few.Thepeteconomyis booming, evolving far beyond basic food and toys. Wearables like GPS trackers and health-monitoring collars, along with AI-powered pet care apps, are enabling owners to provide personalized care.Premium pet services, including pet hotels and wellness spas, are also gaining traction as pets become integralmembers of Chinese families.Functionalfoodsinfused with adaptogens, nootropics, and probiotics aresurging in popularity as consumers prioritize holistic