IPO Research | China’s Pet Food Market Projected to Reach 177.6 Billion Yuan by 2030

      On June 1, Shanghai Fubei Pet Products Co., Ltd. (hereinafter referred to as “Fubei Pet”) filed an application for listing on the Main Board of the Hong Kong Stock Exchange, with Guojin Securities (Hong Kong) Co., Ltd. serving as the sole sponsor.
      According to the prospectus, Fubei Pet was founded in 2005 and is one of the few pet food manufacturers that operates both ODM and OBM businesses. Through this dual business model, the company serves both corporate clients and consumers, with a product portfolio covering pet dry food and pet treats.
     According to Frost & Sullivan, based on 2025 revenue, Fubei Pet ranks second in China’s third-party pet food manufacturing industry (including ODM and OEM service providers) with a market share of 5.3%, and also ranks second in China’s third-party pet dry food manufacturing industry with a market share of 8.5%.
     According to the same source, based on 2025 retail sales, Fubei Pet’s flagship brand Bi Le ranks as the 10th largest domestic pet food brand, the 9th largest domestic pet food brand, and the 5th largest domestic dog food brand in China.
     Pet food is specially formulated to provide pets with essential nutrients to maintain their daily vitality, growth, and overall health. Due to differing consumption purposes, pet dry food, treats, and nutritional supplements have varying requirements for raw materials, production processes, and factory specifications.
     In 2025, the market size of China’s pet food industry reached RMB 108.4 billion in retail sales, with pet dry food—as an essential daily diet for cats and dogs—accounting for over 65% of the total pet food market. Driven by the growing number of pets and pet owners’ increasing willingness to purchase diverse products, the pet food market is projected to continue growing at a compound annual growth rate (CAGR) of 10.4% over the next five years. The market size of China’s pet food industry is expected to reach RMB 177.6 billion by 2030.
     Pet food includes dry food, wet food, and fresh food. Dry pet food continues to dominate the market due to its relatively affordable price and convenience, accounting for over 80% of the pet food market share in recent years. Dry, wet, and fresh pet foods complement each other functionally, and feeding regimens that combine all three are expected to gradually become mainstream. In the future, the market sizes for dry, wet, and fresh pet foods are all expected to show rapid growth.
     In terms of retail sales in 2025, the dry pet food market is projected to reach RMB 61 billion, with a compound annual growth rate (CAGR) of 8.7% from 2020 to 2025. The market is expected to reach RMB 100.9 billion by 2030, with a CAGR of 10.6% starting from 2025. The dry pet food market is further subdivided into extruded food, baked food, and other types such as air-dried and freeze-dried food, with extruded food being the largest segment, accounting for approximately 80%. Driven by diverse market demand, the market size of baked food and other products is expected to maintain rapid growth in the future.
     Domestic brands refer to brands owned by companies headquartered in mainland China; international brands refer to brands owned by companies headquartered outside mainland China. In terms of retail sales, the market size of the domestic pet food industry grew from RMB 30.6 billion in 2020 to RMB 51.5 billion in 2025, representing a CAGR of 11.0%. It is projected to reach RMB 94.3 billion by 2030, with a CAGR of 12.9%, indicating broad prospects for future development.