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With the improvement of national income levels, consumption continues to upgrade, while demographic structures change, the pet-owning population continues to grow, and the roles of pets and pet-keeping concepts are transforming, with pet owners' consumption concepts upgrading toward quality. Demand for pet-related products and services is becoming increasingly diverse, and the domestic pet consumption market size is growing rapidly, reaching approximately 311.7 billion yuan in 2022. As pet household penetration rates and industry maturity continue to improve, the pet consumption market will maintain a growth trend in the future, with an estimated market size of approximately 392.4 billion yuan in 2023, and a compound annual growth rate of 33% from 2019 to 2023.
Accompanied by the rise of "cute pet economy" on the demand side, external policy support, capital favor, and changes in business models and service models of the pet industry through mobile internet technology, after 30 years of development, product and service capabilities on the supply side will continue to improve, and the pet health industry is developing toward online-offline integration.
The young group aged 21-30 in second-tier and above cities are the main force in pet health consumption. For most pet owners, pets are more like family members who can accompany them and add interest to life. As pet owners form healthy scientific pet-keeping concepts, they not only pursue better material lives for pets but also pay more attention to pets' spiritual lives and mental health.
Comprehensive nutritional products (such as pet milk powder, nutritional paste, vitamins, etc.) are currently the main products in the细分 consumption category, with quarterly purchase frequency of 2-3 times; nutritional content and health safety when consumed are the main consideration factors for product purchases. Professional pet nutrition and health brands can better attract pet owners to purchase. Online channels offer more choices on e-commerce platforms, while offline channels, pet hospitals are more popular. Complex formulas, excessive additives, and difficulty in storage after opening are the main product pain points. Products with zero artificial appetite stimulant addition, increased trace elements, and enhanced efficacy are more anticipated.
As pet owners' attention to pet health increases, 86.5% of pet owners regularly take their pets for check-ups. Besides offline pet hospitals, there are also multiple online channel options. Additionally, due to the time-saving, effort-saving, cost-saving nature of online consultations and professional service, nearly 60% of pet owners choose online consultations. In the future, accelerating online-offline interconnection and providing online pet insurance payment services will promote further development of online pet medical services.
Pet deworming and vaccination are essential steps in pet ownership, so pet owners will often purchase some medicines and medical devices for emergencies. In choosing medicines and devices, quality, safety, convenience, and effectiveness experience are important consideration factors. E-commerce channels are convenient and fast, with multiple options and diverse promotional activities, making them a common channel for many pet owners.
Pet owners are increasingly aware of pet health, driving increased demand for pet healthcare, promoting diversified consumption in the pet economy; pet nutrition and health products will be further segmented, medical device brands will advance toward specialization, and online medical services will become an important complement to offline pet health medical services, helping pets grow up healthy.
Content source: iResearch Consulting
