The pet economy is booming, and the total pet market in the United States exceeds 100 billion US dollars. According to data from the American Pet Products Association (APPA), global pet market sales reached US$307.21 billion in 2021, of which the US market accounted for 40.2% of the world, reaching US$123.6 billion, ranking first in the world, far surpassing the second-ranked Brazilian market ( 5.2%). The U.S. market has grown steadily in the ten years from 2012 to 2021, with a CAGR of 9.79%, of which the growth rate in 2021 will reach 19.31%.

Although the 11.11 carnival has cooled down, it has not affected the pet economy from becoming a hot track. Judging from the activity data of various e-commerce companies during this year’s Double Eleven, pet consumption is experiencing an all-round explosive growth.

In recent years, the pet consumer market has shown great vitality, the scale of the industry has continued to expand, and various industrial chains covering the entire life cycle of pets have been formed. The pet economy has become a popular track. In the past, Yuanfei Biotech, the "first dog rope stock", was successfully listed, and later, Tianyuan Pet, the "first cat climbing frame stock", passed the review of the Shenzhen Stock Exchange Listing Committee.

In China, more and more families are keeping pets. The "White Paper on China's Pet Industry Trend Insights in 2022" released by JD.com shows that the number of pet-raising households in China will reach 91.47 million in 2021, and it is expected that the number of pet-raising households will exceed 100 million in 2022.

Recently, Boqi Pet, "China's No. 1 pet e-commerce company", released its performance report for the first half of fiscal year 2023 as of September 30, 2022. The financial report showed that revenue dropped to 589.6 million yuan, compared with 6.04 in the same period last year. 100 million yuan decreased by 2.38% year-on-year; the loss continued, at 29.5 million yuan, a 64.0% decrease from the net loss of 81.9 million yuan in the same period of fiscal year 2022. After the financial report was released, Boqi Pet’s share price fell 10% on the New York Stock Exchange.