Current situation of the pet industry

The current situation of the pet industry can be analyzed in detail from multiple aspects such as market size, consumption pattern, product variety, service content and market structure. ‌

Market size

In 2024, the market size of China's pet industry is expected to exceed 300 billion yuan. Although the growth rate has slowed down to 5.5%, it still maintains a steady expansion trend. This growth is mainly due to the increase in residents' income and consumption levels. Although the economic growth rate has slowed down, the pet industry has still gained a stable market foundation.

Consumption pattern

Against the background of slowing economic growth, some pet owners have begun to turn to "economical" consumption and seek pet products with higher cost performance. However, this does not mean that the pursuit of quality has decreased. On the contrary, pet owners are paying more and more attention to the physical and mental health of their pets, and the demand for functional foods and high-quality products continues to grow. The growth rate of nutritional products even exceeds that of staple food and snacks, showing that pet owners are willing to provide pets with a better quality of life within a reasonable price range.

Product variety

The variety of pet products is constantly enriched, and intelligent, multifunctional, and novel products are emerging in an endless stream. For example, the transaction volume of smart fish tanks and smart pet products increased significantly during the Double 11 period in 2024. In addition, pet-friendly travel has become popular, and 80% of pet owners will specifically search for pet-friendly hotels and homestays when traveling.

Service Content

Pet service content is also expanding, including pet insurance, pet care services, behavioral training and funeral services. These services not only meet the diverse needs of pet owners, but also promote the construction of a pet-friendly society. Pet insurance, as an effective means to reduce medical costs, is still the most popular derivative service. The rise of pet care services solves the problem that pet owners cannot take care of their pets in their busy lives.

Market Structure

Pet owners are gradually sinking from first-tier and new first-tier cities to second-tier and lower cities, and young groups are still the mainstream consumer group in the pet market. Young pet owners aged 18-30 account for more than 60%, and they pay more attention to the quality of life and psychological needs of pets. In addition, women are still the main body of the market, but the proportion of male pet owners is also gradually increasing, especially in third-tier and lower cities.

Future Trends

In the future, the pet industry will continue to maintain steady growth, but the growth rate will slow down further. Companies need to continuously innovate products and service models to meet the needs of pet owners. At the same time, the government and all sectors of society should strengthen cooperation to jointly promote the construction of a pet-friendly society. The online and offline integrated development model will become a new trend, and the offline real economy will gradually pick up.