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Competitive landscape
The rapid rise of domestic brands under the background of foreign brands
Foreign-funded brands dominate the pet food industry with their strong brand influence, and outstanding domestic brands are the first to break through from e-commerce channels. According to data from the China Pet White Paper, the market size of China's pet industry reached 134 billion yuan in 2017, and the average annual compound growth rate from 2008 to 2017 was around 40%.
The prevalence of the 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 6.3 billion yuan. about.
From the perspective of the competition pattern, the competition pattern of China's pet staple food market is still dominated by brand competition, and foreign brands represented by Royal Group still dominate. Many domestic brands gradually seek to break through from e-commerce channels and continue to improve staple food products. Quality to shape its own brand influence; China's pet snack market is in a period of rapid introduction, and the overall competitive landscape is relatively scattered. Excellent domestic brands have gradually stood out with innovative business concepts and good product cost performance.
development trend
Under the background of consumption upgrade, the industry will maintain rapid development
The consumption upgrade represents the long-term development trend of the pet food industry, and the core reason for the upgrade of pet food consumption is the pursuit of health.
First of all, from the perspective of the consumption upgrade path of “ordinary staple foods—medium high-end staple foods—customized staple foods”, pet staple food products are also 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 pet staple food in China is around 20%, while the penetration rate of pet staple food in developed countries such as Europe and the United States exceeds 95%. We believe that the vigorous development of e-commerce channels and the sinking of terminal demand channels will promote the pet staple food market. High-speed growth.
At the same time, the rise of the cat economy has also become a new engine of the pet industry's increment. Cat owners' consumption is more focused on health, product quality and 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 pets to live a better quality, thereby further increasing the emotional exchange 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 size In line with the upgrade path of pet food consumption, with the improvement of consumption ability of pet-raising families and changes in consumption habits, the penetration rate of pet snacks will further increase, and the overall market development prospects are broad.
