2. By the end of 2022, the scale of China's pet products market will increase from RMB 25.5 billion in 2018 to RMB 40.3 billion in 2022, with a compound annual growth rate of 12.1%. It is estimated that by 2027, the scale of China's pet products market will reach RMB 68.52 billion, with a compound annual growth rate of 11.1%.
Data source: [Sullivan] 2023-2024 China Pet Industry Green Book
Figure 21: China’s pet products market size
Data sources: Paidu Pet Big Data Platform, National Veterinary oman mobile database Drug Industry Technology Innovation Alliance, Xinruipeng Announcement, Toubao Research Institute
3. Compared with pet food and pet medical care, pet supplies have lower brand concentration.
There are many pet product categories, including many SKUs with a long tail. Most products are relatively easy to produce, resulting in a large number of companies participating in the pet product industry, and most Chinese pet product manufacturers are small and medium-sized enterprises. The market is relatively fragmented, and the market and brand concentration is low. Both the channel structure and the brand structure have not yet taken shape.