UBS：2026年中国宠物食品行业：宠物食品专家会议核心纪要报告（英文版）

China's pet food industry continues to evolve along a distinctly online-led structure, withover 85% of sales occurring on digital platforms. The channel landscape has stabilized,with Tmall as the largest, Douyin surpassing JD to become the second largest, and JDnow third. Douyin's growth is driven more by content-driven discovery than pricing,changing how brands build education and acquire users. Offine channels remainsupplementary: traditional pet shops and product focused stores suf