Analysis of the Current Development in the Pet Products Industry

In recent years, the pet products market has experienced explosive growth, reaching a scale of hundreds of billions due to rising living standards and increasing awareness of pet ownership. With the aging population, more only children, and changes in family structures in our country, the demand for pets as companions is growing significantly. It is expected that the pet economy in China will enter a high-growth phase with an annual increase of 15-20% in the coming years, highlighting the increasing importance of pet products.
Overview of the Global Pet and Pet Products Industry According to the "Pet Products and Services Industry Market Research and Investment Forecast Report" by Qianzhan Industry Research Institute, the global pet market was approximately $105 billion in 2015. Over the past five years, the global pet market has maintained a year-on-year growth rate of around 5%. The United States, being the largest and most mature pet consumer market, saw a total expenditure of $60.28 billion in the pet industry. Other regions like Europe and Japan have also achieved significant market sizes in the pet industry. Global Pet Industry Market Size Exceeds $100 Billion Currently, North America is the largest market for pet products, accounting for 37% of the global pet economy's total value. With the economic development in Asian countries, an increase in pet numbers, and rapid growth in the pet economy, the pet economy value in Asia is now roughly equivalent to that of Europe, each around 23% of the global total. It is expected that the pet economy in Asia will surpass Europe in the coming years, becoming the second-largest pet economy market worldwide. Regional Distribution of Global Pet Products in 2016 Overview of the Domestic Pet and Pet Products Industry In China, pet consumption is mainly concentrated in economically developed cities like Beijing, Shanghai, and Guangzhou, where people have advanced consumption concepts and a fast-paced lifestyle. However, in these cities, the increasing work pressure means that one-third of white-collar workers work more than 5 hours of overtime weekly, making it challenging to have enough time and energy to raise children. Consequently, owning pets has become an alternative choice, with these individuals more likely to form emotional bonds with their pets and spend more on pet-related products.
The number of pet-owning households in China has reached a considerable scale, with dogs and cats being the primary pets. According to Qianzhan Industry Research Institute, by 2015, China had 27.4 million pet dogs, ranking third globally after the United States with 55.3 million and Brazil with 35.7 million. The number of pet cats in China was 58.1 million, second only to the United States with 80.6 million. China is also a major exporter of pet products, mainly exporting to the United States and Nordic countries. The key products include collars, leashes, clothing, toys for dogs and cats, leather chew items for dogs, and special woods or roots for turtle or small animal cages. Currently, foreign brands hold about 80% of the market share in China's pet products industry, while domestic brands account for only 20%. With the rise of domestic brands and the localization of the pet products industry, there is significant market space and potential for domestic companies. As pets are considered companions and even emotional support, product quality is of utmost importance in development.

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