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.

The Spring Festival is approaching, and many "poop shovelers" are preparing to go home to celebrate the New Year, but they are faced with a problem: who will feed their pets if they are gone? On the WeChat mini program, bookings for door-to-door feeding services during the Spring Festival are very popular. As pets penetrate into people's lives, the public is paying more and more attention to the emotional appeal of pets. Many brand merchants use pets as a gimmick to attract consumers.

As the Chinese New Year approaches, the market growth rate of pet rabbits and related products is also increasing. According to public data, the prices of living pet rabbits in multiple regions have gradually increased since New Year's Day. Currently, the prices of different breeds and colors of pet rabbits have increased by an average of 50%, while the prices of imported varieties have doubled. At the same time, the market for pet rabbit related products such as rabbit food and rabbit pens has also experienced a peak sales period.

Industry insiders point out that in the coming years, the number of pets in China is expected to resume growth, while offline stores and pet hospitals will also experience rapid development. According to data, the growth rate of China's pet healthcare industry decreased from 17.8% in 2019 to 5.7% in 2020, but there was a strong rebound in 2021, with a growth rate of 27.6%.

In China, food consumption is mainly divided into four categories: rations, feed, industry, and seeds. Among them, feed, as an important breeding material for producing meat, eggs, and milk, will consume approximately 380 million tons of feed in China in 2022, accounting for approximately 48% of the total grain consumption, and will reach more than half in the future. Feed safety has become an important issue facing current food security.