The market size of China pet healthcare products is gradually increasing, from about RMB 2.552 billion in 2013 to RMB 10 billion in 2019. In the future, China's pet healthcare industry will continue to grow, and the market size is expected to exceed RMB 20 billion in 2023.
The scale of China's pet market has been increasing year by year, and the demand for pet healthcare products has continued to rise. Up-and-coming local pet healthcare brands have emerged on the market. Relying on the big data of the network, based on brand evaluation and sales, the top ten most popular brands of pet healthcare products in 2020 in China are IN-PLUS, WIITSCAN, NOURSE, MAG, NAVARCH, Singen, Chongerxiang, Ramical, AUSPICE, BOTH.
Three driving factors of pet healthcare industry
Potential pet owners are growing rapidly. Pets can play a companion role and become the emotional sustenance of pet owners. As China's aging degree further deepens, the elderly regains the feeling of being needed and valued in pets, thus the number of elderly pet owners will continue to grow. On the other hand, the growth in the number of singleton in China has further driven people to keep pets. The growing pet population reacts on the development of pet healthcare industry.
The spending power and awareness of healthcare products has increased
As additional nutritional supplements for pets, pet healthcare products have relatively high prices. The increase in pet owners’ income is conducive to raising pet owners’ willingness to consume pet healthcare products. The higher awareness of healthcare from Chinese pet owners has also promoted demand for pet healthcare products.
Changes in sales channel
The development of E-commerce has profoundly changed the sales and marketing methods of China's pet healthcare industry. In terms of sales channels, e-commerce platforms have now become the most important sales channels for pet healthcare products in China, accounting for nearly 70%. In terms of marketing, social media provides a platform for pet owners to display their pets, interact and socialize. Nowadays, major social platforms have become important platforms for brands to promote and provide services.
Trends in China pet healthcare industry
China's pet healthcare industry had weak supervision and low entry barriers, resulted in many market participants were mostly small enterprises. Experts with more than ten years of experience in the field of pet healthcare pointed out that in the future, the number of small companies in the industry will decrease with the entrance of large companies. Weak competitiveness and small-scale enterprises will be gradually eliminated, and the gradual increase of large enterprises has become an industry trend.
Pet healthcare products are developing towards diversification and specialization.
The increasing demand for products, such as weight loss and vision improvement, has prompted companies to develop more functional products. Such demand is conducive to improve the competitiveness of pet healthcare brands by enriching product categories and enhancing product expertise. The level of globalization has become an inevitable choice for local brands to establish differentiated advantages and maintain competitiveness.
Future of pet healthcare products in China
Since pet food and pet snacks cannot provide comprehensive nutritional supplement for pets, pet healthcare products are becoming an important guarantee for pets. In the future, the share of pet healthcare products in the pet food market will continue to increase, further squeezing the market share of pet food.