20230426_华创证券_宠物行业深度研究报告：当研究宠物食品时我们在研究什么_31页.pdf

2009 1210 2023 04 26 1 Euromonitor 5 CAGR 5.29%/5.51%/2.58%5%2 Q2 PMI 1 2 Q2 1 2022 2706 23.16%2020 2 2021 CR5 17.4%12.6%70.6%25.5%63.5%36.6%1 5 11 618 2021 4.8 pct 2 3 2022 21.8 12 12.62 5.85 4 2 17 2023 Q2 3-5 S0360522060001 S0360523020003 021-20572579 S0360521080002%()95 0.01()14,706.94 1.52()10,506.86 1.44%1M 6M 12M-2.0%-6.6%-7.7%-4.7%-13.1%-5.3%2 2023-03-25 2023-02-27 301335“”2023-02-21-7%3%12%22%22/04 22/07 22/09 22/11 23/02 23/042022-04-262023-04-25 300 2009 1210 PMI Q2 1-2 Q2 2023-2025 0YAZwPmRpMoPrPtQrMoRoP6MaOaQpNrRmOmPiNqQqMfQtRpQ7NmMuNvPoOtMvPnNxP 2009 1210 3.6.6.6.8.10.14.14 1.14 2“”.14.15 1.15 2.16.19.19.20.21.22.26.27.27 2009 1210 4 1.6 2.6 3.6 4 2022.7 5 2022.7 6 2022.7 7.7 8.8 9.8 10.8 11.8 12 OEM/ODM.9 13.10 14.10 15.10 16.10 17/.11 18/.11 19.11 20.11 21.12 22 2019-2022H1.12 23 2023.12 24 2023.13 25 PMI.13 26(BDI).13 27 10.14 28.15 29 2020.15 30/.15 31.16 32.16 33 2021.16 2009 1210 5 34.17 35 10.17 36.17 37 2021.17 38.18 39 2014 10%18 40 2020+.18 41.18 42 2020-2022 618 11.19 43 2021 TOP10.20 44 2021.20 45 23 3.20 46%.20 47.20 48.21 49.21 50.22 51 2012-2021.22 52 GB/T FEDIAF.23 53.23 54 16%.24 55 42.67%.24 56 36%.24 57 barf 40%.24 58.24 59.25 60.26 61.26 2009 1210 6 Euromonitor CAGR 5.69%/1.58%/2.44%Euromonitor 5 CAGR 5.29%/5.51%/2.58%1 Euromonitor 2 3 Euromonitor Euromonitor 2022 0%2%4%6%8%10%12%14%05,00010,00015,00020,00025,00030,00035,00040,00045,0002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021%-2%-1%0%1%2%3%4%5%6%01002003004005006002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021%-15%-10%-5%0%5%10%05,00010,00015,00020,00025,00030,00020112012201320142015201620172018201920202021%2009 1210 7 4 2022 5 2022 6 2022 7 Wind 1 2 2019-30%-20%-10%0%10%20%30%02004006008001,0001,2001,4002019 2020 2021 2022 2022 Q1%-80%-60%-40%-20%0%20%0501001502002503003502019 2020 2021 2022 2022 Q1%-20%-10%0%10%20%30%01002003004005006002019 2020 2021 2022 2023 Q1%-20246810120123456:HICP(CPI):HICP(CPI):2009 1210 8 8 9 Euromonitor 10 11 2018 ZEAL 2020 6 2 2021 PFNZ ZIWI 70%2020 4 2021 3 2021 W a g g in T ra in OEM/ODM OEM ODM ODM OEM/ODM 0%20%40%60%80%100%010203040502019 2020 2021 2022 2023 Q1%0%2%4%6%8%10%12%14%16%18%20%050,000100,000150,000200,000250,0002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021%0%1%2%3%4%5%6%2020 2021 2022 2023 Q1 2009 1210 9 12 OEM/ODM 8 CAGR 20.91%13.77%CAGR 21.82%2021 48.39%2021 2009 1210 10 13 14 15 16 2022 44.11%83.65%2021 73.42%2022 2022 21.90%2023 2023 4 14 6.05/ODM-10%-5%0%5%10%15%20%25%30%35%40%05101520252013 2014 2015 2016 2017 2018 2019 2020 2021 2022-10%-5%0%5%10%15%20%25%30%35%40%024681012-10%0%10%20%30%40%50%60%024681012142018 2019 2020 2021 2022 75%77%79%81%83%85%87%89%91%93%30%35%40%45%50%55%60%2018 2019 2020 2021 2022 2009 1210 11 17/18/19 20 2022 OEM/ODM 2 OEM/ODM 2022 69.07%39.44%2022 87.04%2022 1806.22 2501.66 1537.48 26.43%27.66%11.19%8.08.59.09.510.010.511.011.512.012.50123456763.00%56.39%50.41%44.11%69.80%71.06%73.42%80.48%81.81%83.84%83.65%40%45%50%55%60%65%70%75%80%85%90%2019 2020 2021 2022 15%17%19%21%23%25%27%29%2019 2020 2021 2022 2009 1210 12 21 22 2019-2022H1 Wind 3 GPE CIPS 3 Q2 23 2023 2023.3.23-2023.3.25 GPE 1237 71%30%2023.3.30-2023.4.2 2023.5.15-2023.5.17 60%27000 2023.8.16-2023.8.18 2+2023.8.16-2023.8.18 2023.9.1-2023.9.3 2023.9.20-2023.9.22 2023.10.13-2023.10.15 5.86.06.26.46.66.87.07.27.42018-012018-042018-072018-102019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-01 2009 1210 13 24 2023 2023.2.23-2023.2.26 1200+10000+2023.3.3-2023.3.5 2023.3.23-2023.3.26 6 700+7000+2023.4.14-2023.4.16 2023.5.5-2023.5.7 TOPS 800+4000+2023.5.26-2023.5.29 CIPS 1500+2023.5.25-2023.5.28 2023.8.16-2023.8.20 PMI 1 46.10 52.40 3 2-3 1 2 Q2 25 PMI 26(BDI)Wind Wind 253035404550552019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-010100020003000400050006000 2009 1210 14 1 2022 2022 2706 23.16%5119 6536 27 10 2 2020 2022 2019-2022 5503 5119 2021 2022 2018-2022 2077 2881 CAGR 8.52%0200040006000800010000120001400005001,0001,5002,0002,5003,0002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2009 1210 15 28 2020/2021/2022 10.20%19.42%12.57%AFCO 29 2020 30/Euromonitor 1 Euromonitor 2021 CR5 17.4%12.6%70.6%25.5%63.5%36.6%2021 5 8.3%5 10.3%499050855503522254295119375640644412486258066536010002000300040005000600070002017 2018 2019 2020 2021 2022 01,0002,0003,0004,0005,000 20772261 226226342881173617681818 18261883160018002000220024002600280030002018 2019 2020 2021 2022 2009 1210 16 Euromonitor 2021 60.9%4.7%31 32 Euromonitor Euromonitor 33 2021 Euromonitor 2 2020 50%0%5%10%15%20%25%30%2017 2018 2019 2020 2021CR3 CR5 CR100%5%10%15%20%25%2017 2018 2019 2020 2021CR3 CR5 CR100%10%20%30%40%50%60%70%2009 1210 17 34 35 10 Euromonitor Euromonitor 36 37 2021%Blue Buffalo(General Mills Inc)7.5 Pedigree(Mars Inc)5.1 Fancy Feast/Gourmet(Nestl SA)5 ONE(Nestl SA)4 Hills Science Diet(Colgate-Palmolive Co)3.9 Friskies(Nestl SA)3.5 Hills Prescription Diet(Colgate-Palmolive Co)3.4 Royal Canin(Mars Inc)3 Pro Plan(Nestl SA)2.6 Iams(Mars Inc)2.5 Euromonitor 0%10%20%30%40%50%60%70%80%90%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021CR3 CR5 CR100%5%10%15%20%25%30%35%40%45%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021CR3 CR5 CR10 2009 1210 18 Euromonitor 2021 CR3/CR5/CR10 46.3%/63.5%/84.4%1971 INABA Light Tuna 2020 1986 Petio 38 39 2014 10%Euromonitor Euromonitor 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021CR3%CR5%CR10%0%2%4%6%8%10%12%14%16%0%10%20%30%40%50%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020本土企业市占率（%，左轴）海外企业市占率（%，左轴）市占率差（%，右轴）40 2020+41 Euromonitor Euromonitor,20.5%,12.5%,11.1%,10.2%,45.7%8.0%8.5%9.0%9.5%10.0%10.5%11.0%11.5%12.0%12.5%13.0%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020尤妮佳宠物食品市占率 2009 1210 19 11 618 2020 2022 2022 11 21.61%2021 9 2022 4 2023 3 3634.20 68.86%2023 3 3059.23 1850.84 42 2020-2022 618 11 11 618 TOP10 Top3 6 24.10%11.60%2021 2021 4.8 pct 3 14.41%14.12%2009 1210 20 43 2021 TOP10 44 2021 45 23 3 46%47 1.34 166 15 1.78%162 16 2.00%86 10 0%5%10%15%20%25%30%ZIWI Now Fresh 24.10%11.60%49.10%15.20%0%1%2%3%4%5%6%7%27.222.4051015202530352020 2021 2009 1210 21 EAS 2022 2021 Wenger 2005 Wenger 48 Wenger 80%Wenger 70%Waters/ROMER/ICP-MS ODM/OEM 12 9.8 6 2022 2023 9 3 4 12.62 5.85 49/6 1 30000 2022 4 6 2 30000 2023 6 60000 24 PFNZ 8000 100%2009 1210 22 3 30000 2021 3 2 20000 2023 4 40000 24 4 40000 5 50000 2021 30 3 30000 2021 24 58500 18 2009 19 2012-2021 CR10 2012 64.6%2021 84.4%17.5pct 50 51 2012-2021 JPF A Euromonitor GB/T 8 AAFCO 46 FEDIAF 45 AAFCO FEDIAF GB/T A D K GB/T 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021CR10 2009 1210 23 52 GB/T FEDIAF GB/T FEDIAF 18 5 FEDIAF GB/T31216-2014 GB/T3217-2014 AAFCO FEDLAF 30%42.67%36%34%AAFCO FEDIAF GB/T 9%16%11%barf 16%barf 0.2%53 AAFCO 30%28%FEDIAF 30%25%GB/T 28%25%34%25%AAFCO 9%9%FEDIAF 9%9%GB/T 9%9%16%11%AAFCO 0.1%0.1%FEDIAF 0.1%0.1%GB/T 0.1%0.1%0.12%AAFCO 1%0.6%FEDIAF 1%0.6%GB/T 1%0.6%1%0.78%AAFCO FEDIAF 2009 1210 24 54 16%55 42.67%56 36%57 barf 40%21 AAFCO 58 999/2001 2001 2002/32 2002 1831/2003 2003 1069/2009 42/2011 2009 2011 769/2009 2009 FEDIAF 2021 0%5%10%15%20%25%30%35%40%45%AAFCO0%5%10%15%20%25%30%35%40%45%AAFCO00.050.10.150.20.250.30.350.4 AAFCO0%5%10%15%20%25%30%35%40%45%barf AAFCO 2009 1210 25 2002 2011 AAFCO 2014 GAPF A AAFCO FEDIAF 2 17 59 90%99%1 3 7%5%80 120 40%2min6min 0.3Mpa0.8Mpa 120 140 3%9%2%0%35%0%15%0%6%90%200mbar600mbar 5 2009 1210 26 2019 Q2 2023-2025 60 Wind 2023 4 21 61 Wind 2023 4 21 2009 1210 27 Q2 3-5 2009 1210 28 2022 2019 2020 2019 2022 2019 2022 2022 2009 1210 29 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-63214682 010-66500808 010-66500821 010-63214682 0755-82828570 0755-83715428 0755-82756804 0755-82756803 0755-82871425 0755-83024576 0755-82871425 021-20572536 021-20572551 021-20572555 021-20572257-2552 021-20572506 021-20572585 021-20572560 021-20572509 021-20572548 021-20572573 0755-82756805 021-20572559 021-20572559 0755-82756805 021-20572559 玙 021-25072549 2009 1210 30(300)6 20%6 10%20%6-10%10%6 10%20%3-6 5%3-6-5%5%3-6 5%26 C 3A 1061 A 19 33 12 100033 518034 200120 010-66500801 0755-82027731 021-20572500 010-66500900 0755-82828562 021-20572522 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告