This year’s Double 11 sales data released by major businesses showed that the pets segment spurred impressive gains among many other business tracks. Here are the data released by the three major e-platforms
Tmall: two pet brands had sales exceeding CNY 10 billion ($ 1.43 billion) within 4 hours of Tmall’s Double 11 pre-sales event;
JD.com: the battle report of Double 11 pre-sales phase, which starts from 20:00 on October 31, showed that the turnover of Jingdong Pet in the first 4 hours broke records by excelling the sales of 28 hours in the same period;
Vipshop: year-on-year sales growth: pet staple food (94%); pet vaccine supplies (115%); pet dewormer and medics (over 80%).
Also, the continuous injection of capital is boosting the development of various pet industry segments, triggering waves of IPOs among pet track players. CITIC Securities pointed out that with the recent sustained recovery of domestic pet consumption, the year-end performance growth of the pet sector is expected to accelerate. In the domestic market, the growth rate of domestic business is expected to speed up with the stronger brand and the release of new products. Given that only a handful of leading players are trying to share the giant pie of the fragmented pet food industry, they are expected to increase market share through product innovation, brand building, and other measures.
