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People are replacing children with pets. Why are pets so popular

People are replacing children with pets. Why are pets so popular

ComparedwithEuropeandtheUS,theChinesemarketisstillfarfrommature.AccordingtoGuoshengSecuritiesresearchreport,in2021,theUSpetmarketreached123.6billionUSdollars,rankingfirstintheworldwitha40.2%share,andfaraheadofothercountries.AlthoughthegrowthrateoftheChinesemarketismuchhigherthanthatofmaturemarketsrepresentedbytheUnitedStatesfromthecompoundgrowthrate,theabsolutesizeofthepetmarketisstillfarlowerthanthatoftheUnitedStates.Inthefieldofpetfood,whichhasthehighestmarketsegment,underthenewmarketingmodelsuchase-commercepromotionandnetworkredbeltgoods,youngpeoplenolongeronlyunderstandinternationalbrands,andsomesmalldomesticbrandsalsohaveopportunities.LinDeguisaidthatatpresent,therearemanybrandsofvariouspetfood,butafterastageofnoise,howfarcangodependsonthecorecompetitivenessofpetnutritionresearchanddevelopmentandqualityofproducts.Inthefieldofpeteconomy,thephenomenonofOEMiswidespread.Asthe"processingworkshop"ofinternationalbrands,OEMenterprisesdonotmasterproductresearchanddevelopmentdesignandsaleschannels,andtheirprofitmarginsarelow.Forexample,therecentlylistedcatclimbingrack,petlittermatmanufacturerTianyuanPets,itsmainrevenuefromoverseascustomersOEMproduction,customersintheAmericas,Europe,AustraliaandJapanandothercountrieslargechain.ThemainpetleashYuanfeipetwaslistedonAugust18thisyear,anditsoverseassalesrevenueaccountedformorethan95%.ChinaPet,oneoftheleadingdomesticpetsnacksenterprises,accountedfor75.88%oftheexportrevenueinthefirsthalfof2022,withsalesmainlycomingfrombrandedproductsandsmallersalesofindependentbrands.GuoshengSecuritiespointedoutinanindustryreportreleasedonNovember9thisyearthatthepenetrationrateofpetraisingfamiliesinChinaiscurrentlyexpectedtobenomorethan20%,andthereisstillbroadroomforimprovementcomparedwithmaturemarkets.Ontheotherhand,thecompetitivepatternofChina'spetindustryisrelativelydispersed,overseasgiantshavethefirst-moveradvantage,domesticbrandshavedevelopedrapidlyinrecentyears,andimportantmarketsegmentssuchasfoodandanimalprotectionhaverisen,andthefuturedomesticalternativespaceisbroad.