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The pet industry has great resilience, and Chinese enterprises are worth looking forward to
According to the American Pet Products Association (APPA), the total sales of the US pet market industry in 2022 exceeded $136.8 billion, a year-on-year increase of 10.8%. Among them, pet food and snack sales: the category with the highest expenditure in 2022, with a total amount of 58.1 billion US dollars, accounting for 42.5% of the industry's total sales, a year-on-year increase of 16.2%. Showing strong consumption capacity and development resilience. Looking back at the past decade, the size of the US pet industry has increased from $53.33 billion in 2012 to $123.6 billion in 2021, with a GAGR of 8.8%. Even during the 2008 financial crisis, the size increased by 4.9% year-on-year, showing a clear anti cyclical characteristic.
Industry News
How can domestic enterprises expand globally and build their own brands as the Chinese pet food market skyrockets?
Pet food is a rigid demand for pet ownership, which runs through the life cycle of pets. It has the characteristics of high repurchase, low price sensitivity, and strong stickiness, and is also the largest expenditure category for pet consumption in China. According to data from Debang Securities Research Report and the "2021 China Pet Industry White Paper", in recent years, with the upgrading of consumption, the food market share of pet consumption has decreased, but it still accounted for over 51% in 2021. From the perspective of consumption amount, the size of China's urban pet (dog and cat) food market has expanded from 15.7 billion yuan in 2012 to 128.2 billion yuan in 2021, with a compound growth rate of 26%.
Industry News
Pet race track investment and financing are hot, how to "shovel" a future?
The pet economy has risen by over 8% since the beginning of the year. As an important branch of the big consumer market, the market performance of the pet related industry is closely related to the rebound in consumption.
