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competitive landscape

The rapid rise of domestic brands under the background of foreign brands

Foreign brands dominate the pet food industry with their strong brand influence, while excellent domestic brands take the lead in breaking through the e-commerce channel. According to the data of China's pet white paper, the market size of China's pet industry reached 134 billion billion yuan in 2017, and the average annual compound growth rate from 2008 to 2017 was about 40%.

The prevalence of pet economy has also promoted the development of China's pet food industry. From 2010 to 2015, the market size of China's pet food industry increased from 9 billion yuan to about 35 billion yuan, and the market size of pet snacks increased from 1.4 billion yuan to about 6.3 billion yuan.

From the perspective of competition pattern, the competition pattern of China's pet staple food market is still dominated by brand competition, and foreign brands represented by royal family still occupy a dominant position. Many domestic brands gradually seek to break through from e-commerce channels and shape their brand influence by continuously improving the product quality of staple food. China's pet snack market is in a period of rapid introduction, and the overall competition pattern is relatively scattered, excellent domestic brands have gradually come to the fore with innovative business philosophy and good product cost performance.

development trend

Under the background of consumption upgrading, the industry will maintain rapid development

Consumption upgrading represents the long-term development trend of the pet food industry, and the core reason for the upgrading of pet food consumption is the pursuit of health.

First of all, from the perspective of the consumption upgrade path of "ordinary staple food-mid-to-high-end staple food-customized staple food", pet staple food products are increasingly diversified and personalized, and the pursuit of health is a key factor in the upgrade of staple food consumption.

At present, the market penetration rate of China's pet staple food is about 20%, while the penetration rate of pet staple food in developed countries such as Europe and the United States is more than 95%. We believe that the vigorous development of e-commerce channels and the sinking of terminal demand channels will promote the rapid growth of the pet staple food market.

At the same time, the rise of the cat economy has also become a new engine for the growth of the pet industry. The consumption of cat owners pays more attention to health, considers product quality and pursues personalization, which is also expected to promote the rapid development of the pet food industry.

Secondly, the core reason for the rapid growth of the pet snack market is that pet owners want their pets to live a better life, thus further increasing the emotional communication with pets. At present, China's pet snack market is in a period of rapid introduction, and the rapid growth of the pet snack market is in line with the consumption upgrade path of pet food. With the improvement of the consumption ability of pet-raising families and the change of consumption habits, the popularity of pet snacks will further increase, the overall market development prospects are broad.

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