reply "Pet Economy" Explores Hundreds of Billions of Markets, Showing Great Potential for Develo

This year, the domestic newly registered 945,000 pet industry-related enterprises; 2023 China's urban pet consumption market size of 279.3 billion yuan, is expected to jump to 361.3 billion yuan in 2026 ...... More than a party recently released data show that, with the rapid development of related industries and the upgrading of consumer concepts, the "pet economy" shows great potential for development. The "pet economy" has shown great potential for development. From carefully selecting dog food brands, with exclusive snacks and toys, to regular visits to the store to give the pet a bath, and occasionally for its "beauty" and design exquisite "makeup and hair" - 22-year-old Xiaotang treated His Samoyed is treated like a child. "I spend about 1,200 yuan on him every month, mostly on dog food, snacks, nutrition and toys. At the same time, I have started to pay attention to the prevention of some of its long-term health problems, such as joint health and dental hygiene." Xiao Tang said. This is a true reflection of the current pet consumer behavior. As the development of the pet industry matures, the type of pet consumption is constantly subdivided and developing rapidly. To the platform data, for example, the fast e-commerce platform, the pet industry in the last six months, the total amount of goods traded year-on-year growth of more than 35%, dog food, cat food, pet snacks and other commodities are the most popular among consumers. Data from Taobao shows that during this year's "618" period, pet consumption of various categories ushered in comprehensive growth, of which "cat and dog baking food" turnover increased by more than 100% year-on-year, "cat and pet raincoats "year-on-year growth of 166%," "cat and dog hair accessories" year-on-year growth of 214%. In addition to the pet's daily "food, clothing and transportation", pet health care products, intelligent pet equipment and other products are increasingly welcomed by consumers. During this year's "618" period, Taobao pet fish oil turnover increased by 125% year-on-year, pet intelligent drying box turnover increased by 408% year-on-year, pet intelligent deodorizer turnover increased by 335% year-on-year. The 2023-2024 China Pet Industry White Paper (Consumer Report) shows that in 2023, China's urban pet consumption market had reached 279.3 billion yuan, and is expected to jump to 361.3 billion yuan by 2026. In the view of Fu Yifu, senior researcher of Xingtu Financial Research Institute, China's economic and social development, demographic changes, upgrading of consumption concepts, rapid growth of e-commerce and other factors have contributed to the warming of the "pet economy", and at the same time, people who have pets have gradually improved the emotional needs of pets, and the standard of pet ownership has also continued to improve, and the pursuit of food, clothing, and use of More scientific, fine. Pet owners are more willing to "fur child" out of pocket, "it economy" industry chain is also continuing to improve, many companies have entered, accelerate the layout. Mr. Yang, the person in charge of Mars Pet Supermarket, told reporters that since September 2022, in less than two years, Mars Pet Supermarket has opened five stores in Beijing. The stores are not only a collection of pet goods, providing retail, washing and care, training and other full chain services, but also provide space for "pet socialization". "The pet industry chain has expanded from food and supplies to medical care, grooming and insurance, with huge market potential. In addition, the social attributes of pets also further extend the industrial boundaries, or will become a breakthrough in the development of the pet industry." Mr. Yang said that the next step of the store will be to expand the market in Shenzhen, Shanghai and other cities, as well as to make more attempts on goods, services and co-branding marketing. Enterprise search data show that since 2014, China's pet economy-related business registration has increased year by year; as of early August, 945,000 new domestic registrations of pet industry-related enterprises this year. Meituan platform, from January to June this year, the platform newly included about 25,000 pet stores, orders increased by 77% year-on-year, "pet-friendly" services by pet lovers attention. In the face of the vast market space of the pet economy, many places have also increased support to cultivate regional industrial advantages. For example, Shenzhen Luohu District issued "Luohu District to support the development of pet economic agglomeration of a number of measures", from a variety of aspects to support the development of the pet economy, including pet food, pet supplies, pet medicine R & D, production, sales, as well as pet display, training, breeding, trading and so on. Hefei City, the pet industry as a new economic growth point of the emerging characteristics of the service industry, to accelerate the construction of 10 billion pet industrial park, to promote the pet economy upstream and downstream of the whole industry chain development.Fu Yifu believes that many parties are accelerating the layout of the pet industry track, to promote the "it economy" industry chain extension, with the deepening of technological innovation and the continuous upgrading of consumer demand, the pet economy development space will be further released. However, under the rapid development, the enterprise mixed, product and service quality of good and bad industry chaos also need to pay further attention to the future need to strengthen the pet industry regulatory capacity, to create a good environment for the healthy and sustainable development of the industry.