What is the future direction of the pet economy?

According to Beijing Research Jingbi Zhi data in 2021 China's urban pet (dogs and cats) consumption market size of 249 billion yuan, an increase of 20.6% year-on-year. From the point of view of the proportion of pet consumer spending, pet food 51.5%, pet medical 20.2%, pet supplies 12.8%, pet beauty 4.4%, pet training 0.8%, pet boarding 0.6%, pet insurance 0.6%.

In the next few years, the scale of China's pet economy industry will reach 493.6 billion yuan, a year-on-year growth of 25.2%. The pet food industry is expected to reach 267 billion yuan in 2022, and China's pet supplies market will reach 36.9 billion yuan in 2022.

Consumers will also pay more attention to pet medical products in the future, and consumer demand for pet medical products will increase, and higher requirements will be placed on medical services. At the same time, China already has about 300 million pet users and with the pet population growth continues to increase, China is expected to maintain a compound growth rate of about 6% in the next few years (2023-2025).