2021 Trends of Pet-related Consumption in ChinaSource:iresearch
June 16,202111:14 AMOverview
Market Scale of the Pet Industry
The market scale was nearly 300 billion yuan in 2020 and will maintain steady growth in the next three years.
With the increase of income and pet owners, the products and services related to pet consumption are increasingly diversified. The scale of China’s pet industry is growing rapidly, reaching nearly 300 billion yuan in 2020. The CAGR from 2015 to 2020 was as high as 32.8%. As the industry is maturing, iResearch predicts that its compound growth rate in the next three years will be 14.2% and its scale will hit 445.6 billion yuan in 2023.
An Increasing Proportion of Pet-related Consumption Happens Online Because of the Pandemic
People spend more time with their pets during the outbreak of Covid-19, driving the rising pet-related consumption and growing attention paid to pets’ health.
The pandemic contributes to the expansion of Internet users who watch pets online, leading to many potential consumers. Also, influenced by the pandemic, an increasing proportion of consumers choose to buy pet-related products online instead of offline. The sales of e-commerce platforms are increasing quickly.
Pet Types Are Diversified but Cats and Dogs Are the Mainstream
70% of pet owners have dogs and over half of pet owners keep cats. There is trend of diversified pet types.
16% of pet owners have aquatic pets, which is the most popular type other than cats and dogs. Pet owners who have birds, reptiles and rabbits all account for 9%. Rodents and amphibians account for 6% and 4%, respectively.
Industry scale and growth：Industry scale and growth: The scale of China’s pet industry in 2020 was around 300 billion yuan. Due to policy, economy, society, and technology factors, and potential pet owners caused by the pandemic, the industry will grow steadily in the next three years, with a compound growth rate of 14.2%. Its scale is expected to reach 445.6 billion yuan in 2023.
Characteristics of the Pets : The pets are mainly dogs and cats. An increasing number of residents in first-tier cities and post-90s choose fish or exotic pets. There is a growing trend of diversified pet types.
Profile of pet owners：Nowadays, married couples are the mainstream of pet owners. They are very fond of their pets and want to keep pets in a healthy and happy way. There is also a trend of intelligent pet keeping. During the pandemic, many young people became cat owners and they have a more mature concept of refined pet keeping.
Hotspots in pet-related consumption：With the trend of refined pet-keeping, consumption categories related to pets are becoming increasingly rich. Natural and organic pet food is popular and pet snacks provide pet owners with more choices. Pet owners attach more importance to the safety and convenience of pet supplies. Nice-looking smart products are increasingly popular.
Industry trends: Cat economy rises. Consumption of cat owners is growing quickly. With the improving quality of domestic products and more and more rational pet owners, Chinese domestic brands will become increasingly popular. Pet owners in lower-tier cities bring growth opportunities for the industry. Online pet medical care will become an important supplement to offline medical care. Demands for pet services are becoming diversified. The omnichannel operation model will be an important method for the development and expansion of merchants.
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