國泰君安:寵物經濟蓬勃 國產寵物品牌彎道超車
國泰君安研報指出,我國寵物產業發展相對歐美等國較晚,當前正處於快速發展階段。1)寵物行業蓬勃發展,年輕寵物主是推動羣體。情感需求驅動,年輕人養寵比例提升,往後看寵物數量有持續增長空間。寵物業態從最早的寵物食品開始,逐步豐富,開始呈現“擬人化”的趨勢,推動單隻寵物消費增長。寵物數量增長和單隻消費增長共同推動寵物行業保持較快發展。2)國產品牌崛起:迴應“寵物主”的營養焦慮。早期我國寵物食品市場由外資品牌引領,在線下渠道佔據優勢。因寵物食品存在購買者和使用者分離的特點,年輕寵物主普遍存在“營養焦慮”。國產品牌推動產品工藝原料創新,積極迴應寵物主需求,在收入體量排名方面獲得躍升。3)國產品牌未來:聚焦“寵物”本身的健康需求。寵物主科學養育認知進一步加深,寵物也面臨老齡化等問題,解決“寵物”的健康問題是未來產品創新方向。參考國外長盛不衰的寵物食品頭部公司,其競爭力核心在於圍繞寵物健康的產品創新。國內頭部公司注重研發,產品突破值得關注。
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