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Pet food revenue is expected to achieve a compound annual growth rate of 19% in 10 years


Driven by a compound annual growth rate of 21% and 17% for cat and dog food, pet food revenue will still maintain a 10-year compound annual growth rate of 19% in 2020-30. Multiple statistical data show that China is still in the early stage of pet adoption and penetration: 1) The penetration rate of pet families is 16%, compared to 25-40% in the United States and the European Union; 2) The average annual consumption expenditure of Chinese pet owners for a single pet is 160 US dollars, compared to 600/300 US dollars in the United States and the European Union; 3) Even based on China's current income level, the overall per capita pet food expenditure is less than 0.1% of personal consumption expenditure, compared to 0.15-0.24% in the United States and Japan.


As more and more Chinese consumers view cats and dogs as companion animals or family members, and their feeding habits shift from leftovers to pet food, Goldman Sachs believes that this category contains broad growth space in the next 5-10 years. Even if the 10 year average compound growth rate of 19% is included, and the market will grow six times compared to 2020 by 2030, and reach the expectation of about 50% of global single pet consumption expenditure, China still has a long way to catch up and surpass, which means that the potential market size contains huge growth space.

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