On November 23, 2022, the pet economy sector fell by 2%. According to China's pet industry white paper, the number of pets in China reached 70.43 million in 2022, up 2.91% year-on-year. Behind the huge number of pets, the pet economy is rapidly rising with the pet's whole life cycle needs as the core; mainly containing pet food, pet supplies, pet medical care and pet services. Huafu Securities analyzed that, from the point of view of average pet consumption, the Z generation, the high knowledge of the pet population increased, the average consumption of pets has a greater room for improvement. Therefore, from the perspective of volume and price increase, the pet industry market size is expected to continue to rise.
However, in 2022, the urban pet (dogs and cats) consumption market size of 270.6 billion yuan, an increase of 8.7% from 2021, an increase of 21.2% from 2021, a significant decline. Among them, the size of the dog consumption market has slowed down from 2021 growth, an increase of 3.1%, and the cat market size continues to grow steadily, an increase of 16.1% from 2021.