China Agriculture and Dairy Sector_2025 outlook_ Resilient growth from pet food companies; more balanced raw milk prices
China Securities·2025-01-10 10:26
In 2024, the pet food market grew 8.5% YoY in terms of retail sales, according to the Pet Industry White Paper, showing its strong resilience amid the sluggish economy. Domestic brands have outgrown foreign brands on sales growth with local brand obtaining increasing recognition. Looking ahead, we expect the demographic changes (ageing population and declining new birth rate) to boost the penetration of pet ownership and local brands to outperform imported brands due to consumers' rising confidence in local ...