In the blue ocean of high-quality development with unlimited opportunities and continuous challenges, China's pet industry is fully anchoring the new channel of transformation and upgrading, sailing hard and breaking the waves.
Xinhua News Agency, China Economic Information Service and Ganzhou Health Pet Science Research Institute jointly released the "China Pet Industry Development Index Report (2023)" on the 12th, pointing out that the potential sub-index of China's pet industry will reach 143 in 202245 points, with an average annual compound growth rate of 75%, the industry has full development potential.
The overall trend chart of the industry potential sub-index of China's pet industry development index.
The transition from raising pets to loving pets has accelerated, and the growth rate of consumer demand potential in the industry has accelerated. The report shows that although the growth momentum of pet raising in China has declined, driven by factors such as economic development and the upgrading of pet concepts, the development momentum of China's pet market has gradually changed from the growth of breeding volume to consumption upgrading and value improvement. Pet consumption has become emotional consumption, compared with material consumption, with greater demand space and sustainability, the growth rate of consumer demand potential in the pet industry has accelerated, and the consumption expenditure of pet owners has also risen. In 2022, the average annual consumption of a single cat will reach 1,276 yuan, and the average annual consumption of a single dog will reach 1,589 yuan, and the average annual consumption of a single cat and dog will more than double that of 2017.
2017-2022 annual consumption amount of a single urban pet dog and cat in China (yuan).
The pet industry is booming, and the market space can be expanded. The index results show that the market vitality index of China's pet industry in 2022 is 13068 points, with an average annual compound growth rate of 55%。In particular, the market vitality index has been at a high level in the past two years, indicating that the pet market has great potential for development. In the face of the growing pet consumer market, the "IT economy" continues to be favored in the capital market. In 2022 alone, there were 57 financing events related to China's pet industry, with a financing amount of more than 36200 million yuan. The number of new players in the pet industry is also gradually increasing, and the vitality of market players is bursting out. The report pointed out that from 2013 to 2022, the number of pet-related enterprises established each year showed an exponential growth trend, with an average annual growth rate of 592%。
The attention is fluctuating, and the influence of the industry is increasing. The index results show that from 2017 to 2022, except for a slight decline in the year affected by the new crown epidemic, the attention of the pet industry in other years is at a high level. Especially in 2022, the attention heat index of China's pet industry will reach 16214 points, the highest in five years. Among them, pet food and supplies are the most popular.
Looking forward to the future, from the perspective of pet penetration rate and market size, China's pet market has a broad space for future development, with the gradual increase in the number of enterprises in the upstream, middle and downstream of the pet industry, the vitality of the pet consumer market continues to increase, and the trend of integration, refinement and enrichment of the pet industry chain will become more and more prominent, which will further promote the standardization, health, intelligence and high-quality development of China's pet industry.
It is understood that the China Pet Industry Development Index is currently the first authoritative development index of the domestic pet industry.
As a national team in the field of indexes, Xinhua Index has incubated a number of influential index products in the fields of capital market, real industry, urban development, brand building and other fields, providing analytical tools and market indicators for economic research and analysis, market discovery and investment decision-making reference.
With the strong support of the people of Ganzhou City, Ganzhou Great Health Pet Science Research Institute is a new high-end biomedical research and development institution in the pet industry jointly established by Gannan Institute of Innovation and Translational Medicine, Gannan Medical University, Huazhong Agricultural University Animal Hospital, China Association of Small and Medium-sized Enterprises and the National Agricultural Science and Technology Entrepreneurship and Innovation Alliance. The institute is committed to promoting the high-quality development of the global pet industry and meeting the major needs of pet health, carrying out innovative technology research to promote the rapid development of the pet industry and related industries, aiming to break the bottleneck that restricts the development of the global pet health field - scientific and technological innovation, create a well-known pet science and technology innovation benchmark at home and abroad, and activate the endogenous power of the development of China's pet industry.