“Chinese Pet Healthcare Industry Overview 2019” is released to introduce some of the current developments and trends in Chinese pet health products market. The market size of Chinese pet healthcare products industry grew from RMB 2.80 billion yuan (USD $400 million) in 2014 to RMB 8.51 billion yuan (USD $1.26 million) in 2018, at a CAGR of 32.0%. In the future, with the growth in the number of pet owners and the rising spending power of the population, Chinese pet healthcare products industry will continue to grow, and the market size is expected to surpass RMB 20 billion yuan (USD $2.95) in 2023. Among all sales of pet healthcare products, online channel sales accounts for nearly 70%.
The Overview also points out that not a single national leading enterprise has raised in Chinese pet health products industry, and therefore the industry concentration is relatively low, with a CR10 of less than 30%. The low entry barriers for pet health products have led to a large number of small and medium-sized brands in the industry and a low competitiveness for most enterprises. (Source: Tencent)