In recent years, the popularity of pet raising has been increasing, the number of pet cats and pet dogs in China has been in a strong uptrend. More and more pet owners have the opinion that fine raising is important for pets, which will create more demands for pets health care products.
1. Drivers of China pets health care products industrial
In the social context of aging population, delayed marriage age and increasing proportion of those people live alone are resulting in the increasing need for pets companionship. Therefore, the total number of pets increased from 130 million in 2016 to 200 million in 2021, which would lay a solid foundation for the development of the pet health products industry.
According to the “Research and Investment Prospect Forecast Report on the Development Status of China’s Pet Health Care Product Industry (2022-2029)” released by Guanyan Report, the continuous improvement of residents’ income and the increasing proportion of high-income pet owners, contribute to the growth of the annual pet food expenditure in China. According to the data, the proportion of pet owners with the monthly income more than 10,000¥，has rose from 24.2% in 2019 to 34.9% in 2021.
Increasing willing for Chinese pets owners to take care of pets health
In terms of consumption intention, more than 90% of pet owners regard their pets as family members or friends. In addition, with the popularity of the concept of scientific pet raising, the purchase intention of pet owners for pet health care products has also increased. At present, more than 60% of pet owners will add health care products when feeding main food.
At the same time, the vigorous development of social media platforms and live e-commerce platforms make consumers have more consumption impulse.
2. Current Situation of China Pets Health Care Industrial
Data show that the market size of China’s pet health care products industry increased from 2.8 billion yuan to 14.78 billion yuan from 2014 to 2021.
However, the consumption of pet health care products just accounts for a low proportion, less than 2% of the total pet food expenditure. The consumption potential of pet health care products remains to be explored.
3. Development Direction of China Pets Health Care Industrial
When purchasing pets health care products, pet owners are more inclined to the those big brands with good reputation,such as Red dog,IN-PLUS, Viscom, Virbac and other foreign brands. Domestic pet health care products are mainly small brands with uneven product quality and lack of consumer trust, which leads to the dominance of foreign brands in the market. However, in recent years, domestic brands have gained a certain market position by improving product production technology, optimizing sales channel construction and brand promotion.
At present, foreign brands have accumulated a certain consumer base in China’s pet health care products market. Although there are some differences in product layout and other aspects, the four enterprises all adopt “online＋offline” sales mode to cater to consumers’ considerations of consumption experience and convenience, which is one of development directions worthy studying and use for reference.
original source: https://www.victorypharmgroup.com/news/analysis-on-drivers-current-situation-and-development-direction-of-china-pets-health-care-industrial/
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