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Those things in the Internet, the author 丨 何 鑫, editor 丨 Yang Wu
“For love is gold” has extends to the pet industry.
According to the data of the Fang Zheng Securities Research, the pet owners accounting in 2020, accounting for 29%, accounting for 37% of the annual consumption of 4,800-7200 yuan.
At the same time, during the 2020 Tmall International New Year Festival, imported pet consumption increased by over 400% year-on-year.
People have something to have.
Cats and Chinese clothes, lamb velvet vests with retro green scarves, New Year’s Eve, Smart toilets, Shampoo Bath, Pet Theme Restaurant, also include a series of services such as burial, photo, training, beauty.
The capital is keen to smell the wind direction, betting pet consumption new track.
According to data, 2020, Xiao Pei pet, cat, cat dog technology, etc. have got a total of 271 million yuan, and the domestic pet industry financing is 22 in the first half of this year. .
However, compared with developed countries, my country’s pet penetration rate is still low.
Japan’s pet penetration rate is 38% in 2019, 45% from the UK, 62% of Australia, the United States reached 68%, and my country’s pet penetration rate is only 17%.
On the one hand, this means that my country’s pet market is still in the early development stage. On the other hand, this also implies that the Chinese pet industry has huge imagination.
What is the pet consumption? Is it possible to stop? What is the business logic behind pet consumption? The pet consumption has been developed for decades, why is the capital that are neither?
And see this paper decomposition.
01, hot: Capital pouring new track
Click on the public comment, Beijing popular pet store offers a service of beauty, foster, photography, etc. The highest price is 528 yuan.
Pet insurance is also a new wind.
Dog People’s “2019 China Pet Industry White Paper” shows that 43% of the pet owners said that there is a problem of “expensive and expensive”, and the existence of basic demand gives the development of the pet insurance industry.
According to the media consultation data, 44.4% of the pet owners will purchase accident insurance for pets.
Pets have been recognized by the capital market.
In 2018, the “Pet City” started from the pet medical insurance, two financing, April 2019, the pet health management platform “Tips Tips” get millions of dollars angel round financing, May, Hong Kong Pet Insurance Company ONE Degree gets $ 30 million a + round financing.
In addition, pet funeral is called “most profitable” service.
It is understood that the current pet funeral services are divided into multiple types of ordinary burial, burial, production specimens, and cremation. According to data, from January to November 2020, more than 1200 pet funeral companies in China increased by 447% year-on-year.
Not only is the pet’s food, food and clothing, bringing a small market opportunity, and the pet market is radiated into major fields with huge imagination, and many industries have dotted with their pets.
In addition to professional petists, more and more people have harvested the joy of the cat in the dog through “cloud sucking”.
According to the report of Clare, January to October 2020, on the short video platform, the average fans of the head germination Kol is higher than the head Kol, and the data shows that in February 2020 Taobao Pet live broadcasts increased by 375% year-on-year.
In recent years, the variety of pet themes has emerged, of which “Pet Hospital” broadcast in the B station in 2019 is the first pet medical observation real show, known as the pet version “human world”, gains a good comment, The third quarter of the three-quarter-duo score in 2021 was as high as 8.8 points.
Google, Microsoft, Baidu and other technology companies also specialize in black brakes for pets, using Ai vision technology to identify pet varieties, retrieve lost pets; Starbucks, United Lili, etc. Food giants create exclusive desserts for dogs; Huaxi Biology, Daily and other brands have cultivated pet nursing industries, launching a series of pet care products such as pet miles, oral spray; US group, hungry, special to launch pet supplies takeaway services ……
It can be said that when the pet economy is rapidly growing, in the longitudinal, the economic activity of the pet’s food and shelter is constantly iterated, the industrial chain extension; the horizontal, the pet economy is exceeding the secondary wall, and strives to break the outline, The battle of increment is still continuing.
From the perspective of the consumption structure of the pet market, the 2019 pet consumption market is a pet food, pet medical care and pet supplies, accounting for 34%, 23% and 16%, respectively.
02, acceleration: young people drive track upgrade
In fact, pet consumption has been born in China for many years, and has already been happened to be full of domestic street alleys, so why starting rapid growth in the last few years, continuous upgrading?
First look at a group of data, according to the public information: China’s single adult population has exceeded 200 million in 2018, of which more than 77 million people lived in an adult, and it is expected that in 2021, the adult population will exceed 92 million.
The results of the latest demographic foundation in 2021 showed that the country’s total population was 141.178 million.
That is, there is a single person in the average of 16 people. Every 7 people have a single person, there is no doubt that the single group is expanding rapidly, and has become an important wind direction of China’s consumption trend, giving birth to new economic activities – – Single economy.
Shared life, smart home, game accompanying, alcoholic food … The new consumption is constantly emerging, and it has also promoted the reshuffle of major industries, and the economic blessing period around “living alone” has come.
While lonely economic development, personal consumption, cute culture, color value, net red economy is also growing, and the pet economy is also quietly updated under various factors.
On the one hand, the pet market gradually ushered in the outbreak period. According to the Media Consultation Data, the number of dog cats in the country in 2020 exceeded 10 billion mark in 2020, which has increased by 1.7% year-on-year, and the pet market has exceeded 240 billion yuan.
On the other hand, according to the “2019 China Pet Industry White Paper”, the 2019 raised pets in the Pony in 2019 reached 35.6%, and 90 increased by 2.2% from 2018.
It is worth mentioning that compared with 2018, the native of undergraduate and master’s degree in 2011 increased by 2.5% and 2.0% respectively, and the university undergraduate degree is the main crowd of pet. And, the pet owner of the pet owed more than 4,000 yuan in 2019, with a population of more than 10,000 monthly income reached 20%.
These data means that the pet crowd is developing a young, high-education, high income trend, compared with the past “dog owners”, they pursue personality, creative, quality, and have stronger consumption.
Changes in the pet crowd also promoted pet consumption towards refinement and specialization.
In the past, pet food, toys, medical care is the main consumption direction of the pet crowd, and now it has been extended to the emerging field of “never smelling” in the beauty, photo, and funeral.
In addition, the linkage of online sales channels has also produced a series of different gameplay.
Previously pet physical stores are the main sales channels, today’s WeChat applet, public account, App etc.
“Skating cat” “” has become a charm of young people, cats and dogs turn over the “master”, and pets are no longer watching the “tool” of home hospital, but a family member. Dog people network data shows that 59.1% of the pet owners treat pets as their children, and 27.8% of the pets will be regarded as relatives.
The change of pet characters or exactly reflects, and the emotional value is an important force to drive the development of pet economic development.
03, Hidden: Innovative bottleneck and profitability
The pet market cake is large, but there are too many sparers, and the distribution of zero, there is no unicorn level, and the major charters of the pet economy are all over hot.
Two heavy weights of pet consumption for pet food and pet medical.
According to the “2020 Pet Consumption Report”, the pet dogs and cats, high-end food consumption increased by 100.69% and 136.54%, respectively, which is 2 times the increase in low-end food growth.
This means that high quality, high-priced food is being favored by more love pets, but at the same time, my country’s pet companies hit medium and low-end markets, the high-end market is almost occupied by foreign brands.
In fact, domestic pet companies need to be strengthened, and only two pet listed companies on the A share are Peti Shares and Mid-Pets, which accounts for 70 companies that account for the company’s total revenue. %above.
In other words, lack of self-owned brands and independent research and development capabilities are still in the development bottleneck of local pet companies.
In 2019, the high-income of the bureau pet medical care, investment Xin Ruipeng Group, the latter became the largest and large capital power of China, and the first echelon of the Rui Pets co-residential industry, the two market share reached 10%, The industry pattern of pet medical track has been based on this.
But in fact, although the capital-borne pet medical market is in normalization, high speed, centralized development, but it is not optimistic.
According to the report of Ying Ming.com, July 2019, more than half of the domestic pet hospitals were in the loss of loss or have fallen in a loss.
Pet hospital losses and high rental costs, human costs, and equipment costs do not turn off. According to the data, nearly 80% of the pet hospital concentrated in a second-line city, the development level of the first and second-tier cities, the passenger quantity, but it also means a lot of rent.
In addition, the number of pet hospitals has increased, but the veterinarian supplies have not followed, leading to further improvement of human cost, and fierce competition will also cause various hospitals to fall into price warfare, further compress the profit space,
In addition, the survival situation of pets app is also worrying.
The data shows that the current Pochi pet download is first, more than 40 million, is twice the second puppy at home.
It is worth noting that the present invention shows that the net income of the product sales in the Baiqi Mall accounts for 28.6%, 31.3% respectively, which is mainly from Taobao, Jingdong, etc. Platform, not a self-service platform.
The pet industry has lacks a brand, and then involves the sales logic of the third party platform. Baiqi naturally caught the vicious circle of “price-to-cost”, and the result of the price war is shrinking, and it may even affect innovation power, the future Can I have a truly welcome, and the APP that meets the needs of love pets needs to continue to explore.
And we return to pet consumption itself, the hot reflection of capital also promotes the trend of “pet”, opens small red books, Douban and other social networking sites, you can see many transaction pets, pet supplies, pet food posts, in raising When the pet’s trend is coming, the pet living is sold, the pet blind box and other malformed state are also breeding.
Many pet owners “keep up with the trend” to choose adoption, wait until the enthusiasm, the pet is abandoned, the news of killing is everywhere, the birth of the pet safety problem, pet human ethical issues, also gradually be concerned.
All capital is not only focused on consumption, and it is more macroous to stand on the market, and cultivate the mind of the pet owner and make long-term consumption.
Capital may be more concerned about the market, but as a person, it may pay more attention to the pet’s love.
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