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1688sourcing Hot Product Recommendation-PET Products

According to Euromonitor statistics, the global pet food and supplies market reached 142.932 billion US dollars in 2020, with a year-on-year increase of 8.7%. It is expected to reach 153.6 billion US dollars in 2021. From 2010 to 2020, the CAGR was 5.16%, and the market entered a steady growth period.

Due to the impact of covid-19 last year, the number of global families buying and adopting pets was not affected. Anyway, it ushered in significant growth. With the development of the global pet industry, the pet products market has also ushered in stable growth. The global pet products market will grow by about 10%. By 2023, the global pet products market is expected to reach $297.9 billion.

Geographically, the global pet market consumption is mainly concentrated in North America and Europe. In 2020, The pet consumption in North America and Europe accounted for 43.9% and 27.9% respectively. As an emerging market for pet consumption, Asia has developed rapidly, and its consumption proportion has rapidly increased from 11.8% in 2015 to 16.2% in 2020.

The United States is currently the world’s largest pet economy. According to the report released by the American Pet Products Association last year, the number of families with pets in the United States reached 84.6 million, the penetration rate of family pets rose to 68%, and that in the UK was about 45%. As the largest pet raising and consuming country in Asia, Japan’s pet market reached  $15 billion in 2018, with a household pet raising proportion of 28%. Among them, Japanese middle-aged and elderly people over 55 spend about $10 billion on pets every year.

From the perspective of the pet consumption market segment, pet food is the largest pet raising expenditure. According to Euromonitor’s statistics in 2018, in the global pet industry segment, pet food consumption accounts for about 50%, pet hospital business (including pet diagnosis and treatment and pet medicine) accounts for 28%, pet supplies consumption accounts for 19%, and others account for about 3%.

From the age of pet consumption, people over 45 account for nearly 50% of the pet raising population. Population aging is one of the main factors to promote the prosperity of the pet market. With the development of global e-commerce, the dividends of offline pet stores have gradually decreased, and online pet products e-commerce has become the mainstream of the new era. Young people prefer to stay at home, which also deepens their dependence on pets, thus promoting the development of pet e-commerce platforms.

“It economy” continues to ferment, and the pet market shows a humanized trend

At present, the global pet industry chain is divided into three parts: upstream, middle and downstream. In addition to the adoption and trading of pets in the upstream, the midstream includes pet food and supplies, and the downstream includes pet beauty, foster care, medical treatment, insurance and other services. In the increasingly perfect pet industry chain, many people live frugally and spend a lot of money on pets, and the “other economy” brought by PET consumption continues to ferment.

Ⅰ.Pet foods ( 50% of pet industry chain)

Pet food is in extreme demand and is the most active part of the pet economy. The competition among enterprises is the most intense. It is subdivided into gastrointestinal health, brightening hair, strengthening bones and reducing weight and fat.

Personalized customized fresh food is a new growth point in the pet food market. Some pet fresh food companies calculate the most suitable calories after entering the data of pet’s age, variety and eating habits, so that pets can say goodbye to expanded dry food and eat fresh customized food every day like people. According to the report of packaged facts, a market research company, 61% of American pet owners are willing to pay higher prices for customized pet fresh food.

Ⅱ. Pet medical treatment ( 28% of pet industry chain)

Pet medical treatment is the second largest core industry other than pet food. The medical treatment for pet health is becoming more and more detailed. Some pet hospitals at home and abroad even have high-end departments and medical equipment such as oncology department, CT and even MRI, which can only be seen in class III hospitals.

American pet doctor: a very young Boston Terrier came to the clinic before. He had some vomiting symptoms. Fortunately, his owner insured him a week ago. The final treatment cost was $10000, and the insurance company paid 90%, that is, $9000.

In the United States, a cat with bladder stones costs $1500 for treatment, a dog with intestinal foreign body obstruction costs $3000, and PET cancer costs more than $10000. According to statistics, the per capita income of the United States in 2019 is about $3500 per month. In order to treat some seriously ill pets, some pet owners may spend half a year’s salary.

The high cost of pet medical treatment also gave birth to pet insurance. From medical insurance to liability insurance, the pet insurance industry is gradually rising. Sweden has the highest coverage rate of pet insurance, with an insurance rate of nearly 40%, and the insurance rate of dogs is as high as 90%. The insurance premium varies according to the breed, age and body shape of pets. The insurance premium of American Pet companies is equivalent to that of Sweden.

Ⅲ. Pet Products ( 19% of pet industry chain)

Pet services are constantly developing towards high-end and refinement. In the pet salon, perm and hair dyeing, nail repair, essential oil massage spa have gradually become the exclusive services of cute pets. In terms of foster care, there is also a “pet hotel”. In a high-end pet hotel in New York City, people can choose different room types for pets, with accommodation costs ranging from $100 to $200 per night. Pet residents can enjoy separate pet rooms, film screenings and physical training, go out for a walk every morning and evening, and get free fur maintenance every 7 days.

Different from other consumption, pet consumption is an emotional consumption, so it has anti-aging ability and stability in the global market. With the deepening of the relationship between people and pets, the number of pets will continue to increase in the future, and the “money” brought by people’s pets will also achieve more entrepreneurs and investors in the future.

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