Development prospect of pet industry

From 20 10 to 2020, the market size of China pet industry will increase from134.4 billion yuan to 72.73 billion yuan, with a compound annual growth rate of nearly 20%, which is higher than that of the whole world. In 2020, the US pet consumption market will account for 4 1. 1% of the world, ranking first, and China will account for 8. 1%. China's pet raising rate and annual consumption of a single pet are far below the level of developed countries, and there is a lot of room for growth in the future. From the perspective of the proportion of pet expenditure in household consumption, the difference between China and the United States is 3. 1 times in 20 14 years, and it is 20 19 years, and the difference is reduced to 1.8 times.

The average annual compound growth rate of the pet industry is nearly 20%, accounting for less than 10% of the global market.

With the development and prosperity of China society, the role of pets is gradually changing-cats and dogs are increasingly regarded as indispensable members of the family, rather than simple companion pets. Social media has also promoted pets to become an important part of young people's lives, and the trend of "raising cats in the cloud" has made owning pets even more desirable. Therefore, the pet market has grown rapidly in the past 10 years. In 2020, the pet consumption market in China was 72.73 billion yuan, up by 2 1. 1% year-on-year, and the CAGR was 18.4% in 2000.

With the development of economy, the consumption of pets is also increasing. Families in most developed countries regard pets as family members and spend more and more on pets. According to Euromonitor data, in 2020, the global pet market will be about US$ 65.438+0382 billion, up 4.4% year-on-year, and the CAGR will be 3.6% of that in 654.38+00. Among them, China, Japan and the United States account for 8. 1%, 4.2% and 4 1. 1% respectively.

There is a big gap between the pet raising rate and the consumption amount of a single pet and developed countries, and there is huge room for improvement.

In recent ten years, the changes of population and social structure, as well as the increase of income and adoption rate, have become the main factors to promote the growth of pet keeping rate in China. Compared with other parts of the world, the domestic pet raising rate in China in 20 19 was only about 17%, far lower than that in the United States, Australia and Britain. The pet keeping rate in China is much lower than that in developed countries, and there may be room for improvement several times in the future.

Since 20 16, the growth rate of single pet consumption in China has increased year by year, which is mainly driven by the increase of per capita disposable income and the enhancement of pet kinship. In 2020, the annual consumption of a single pet in China will be $59. Compared with other countries, the consumption of a single pet in Japan and the United States will be 365,438+07 dollars and 343 dollars respectively in 2020, and the consumption of a single pet in China is still lower than that in developed countries.

The proportion of pet expenditure in household consumption has increased, and the gap with the United States has narrowed.

From 20 14 to 20 19, the proportion of pet expenditure in household consumption in China increased from 0. 16% to 0.29%, and that in the United States was 0.52%. In 20 14 years, the difference of pet expenditure between China and the United States was 3. 1 times, and in 20 19 years, the difference was reduced to 1.8 times.

It can be seen that there is an obvious consumption upgrading trend in China's pet market, which has accelerated the expansion of the pet market. With the stronger willingness of China consumers to invest in pets in the future, the pet industry has great development potential.

-For more data, please refer to Foresight Industry Research Institute's Market Prospect Forecast and Investment Strategic Planning Analysis Report of China Pet Industry.