渠道革命：宠物食品千亿赛道的流量争夺战

Industry Rating - The industry rating is maintained at "Outperform" [2] Core Insights - The pet industry is experiencing significant growth, with the urban dog and cat consumption market reaching 300.2 billion RMB in 2024, a year-on-year increase of 7.5%. The dog consumption market is valued at 155.7 billion RMB, growing by 4.6%, while the cat consumption market is at 144.5 billion RMB, increasing by 10.7% [4][14] - The demographic shift towards younger pet owners, particularly those born in the 1990s and 2000s, is driving consumption upgrades and creating a robust demand for pet products and services [5][18] - The online sales channel for pet food has become dominant, with over 80% of pet owners purchasing staple food through traditional online channels, and the Taobao platform holding over 50% market share [6][46] - The offline retail market is recovering, with a significant portion of spending still occurring in physical stores, particularly for services like grooming and veterinary care [7][66] Summary by Sections Pet Industry Scale - The pet market is expanding, with the urban dog and cat consumption market surpassing 300 billion RMB, driven by a growing number of young pet owners [4][14] - The number of pet owners aged 00s has increased significantly, indicating a shift in consumer demographics [5][18] - The pet food market remains the largest segment, accounting for 52.8% of total consumption, followed by the medical market at 28.0% [24][84] Online Channel Transformation - The online channel is the primary sales avenue for pet food, with 80% of purchases made through traditional online platforms [6][43] - Taobao and Douyin are leading platforms, with Douyin's pet category experiencing a 65% year-on-year growth in 2024 [52][46] - The growth of live streaming and content-driven sales is enhancing consumer engagement and driving sales [43][52] Offline Channel Upgrade - Offline channels account for 44% of total pet spending, with a notable increase in service-oriented spending [66][71] - The number of pet stores has surpassed 90,000, indicating a robust growth in physical retail presence [75][76] - The medical market is a significant segment, with nearly 30% market share and a rapid increase in the number of veterinary clinics [80][84] Investment Recommendations - The report suggests focusing on domestic brands that are rapidly emerging in the pet food sector, recommending companies such as "Guibao Pet," "Petty Co.," "Zhongchong Co.," and "Lusi Co." as potential investment targets [8]