How to see the scale of domestic pet economy has exceeded 200 billion yuan?

The scale of China's pet economy industry is growing rapidly, reaching 295.3 billion yuan in 2020, a year-on-year growth of 33.5%, with a CAGR of 20.2% from 2015 to 2020, according to Ai Media Consulting. The market size is expected to reach 394.2 billion yuan in 2021. In addition, Jingdong released the Pet Consumption Trend Report 2022, which shows that pet food is still the largest category, with total retail sales growing at nearly 13% in 2022 and an expected growth rate of 10% in 2023, making it the fastest-growing track, of which canine food accounts for nearly 60%, but with the number of cats outnumbering the number of dogs, the growth rate of cat food has far exceeded that of canine food in the past three years.

The following are some views on the scale of the domestic pet economy:

1. The market scale is expanding: with the improvement of people's living standards and the increase in the care of pets, the domestic pet economy market scale is expanding year by year. According to statistics, it has exceeded 200 billion yuan, and there is still much room for growth in the future.

2. Consumption upgrading drives market development: With the continuous upgrading of consumer demand for pet products and services, the pet industry is also constantly innovating and developing. From the pet food, medical, beauty, boarding and many other segments, the market potential is huge.

3. Fierce competition in the industry: With the expansion of the market scale, the competition in the pet industry has become increasingly fierce. Various types of enterprises have rushed into the market, but the overall industry standards and norms are not yet perfect, resulting in the existence of some unregulated business behavior in the market.

4. Increased policy support: In order to promote the development of the pet economy, government departments are also increasing policy support for the pet industry. For example, the introduction of relevant tax incentives, encourage the construction of pet industry parks.

5. Pet services need to be improved: Despite the growing size of the pet economy market, the quality and level of some pet services still need to be improved. Consumer satisfaction with pet medical services, boarding services and other aspects is relatively low, which also brings certain challenges to the development of the pet industry.

In short, the size of the domestic pet economy market has exceeded 200 billion yuan, showing great potential for development. However, the fierce competition in the industry and the uneven service level and other problems should not be ignored. In the future, the pet industry needs to make efforts in policy support, industry self-regulation, service quality improvement and other aspects to achieve sustainable development.