1、ab13 August 2025Global ResearchFirst ReadChina Pet Food SectorJuly 2025:cat food grew faster;Gambol announced ESOP Cats food outperformed;JD grew the fastest According to Meritco,online GMV for pet food across Tmall,Douyin,and JD rose by 4.5%YoY in July 2025,primarily driven by a 8%increase in volum

2、e.This was partially offset by a 3%decline in average selling price(ASP).Cumulative sales from January to July grew by 12%YoY.In July,JD led the growth with a 20%YoY increase in GMV,outpacing Douyin and Tmall,which recorded YoY increases of 8%and-4%,respectively.By category,cat food has outperformed

3、 with 11%YoY increase in GMV in July,while dog staple food increased by 3.6%YoY.Key brands online sales trend trackingThe top 10 pet food brands accounted for 36.6%of the market share in July,up 5.3 ppt YoY but down 5 ppt MoM.The top two brands remained unchanged:Royal Canin and Myfoodie,with market

4、 shares of 7.8%and 7.5%in July,respectivelyup 0.6 ppt and 1.6 ppt YoY.Gambols online retail sales increased by 23%YoY in July with 40%YoY growth from Jan to July.Its high-end cat food brand,Fregate,grew 76%YoY,while Myfoodie saw a 12%YoY increase in July.The online market share of Myfoodie and Frega

5、te further increased by 0.4 ppt and 1.3 ppt YoY to 7.3%and 3.3%in Jan-July.China Pet Foods(CPF)recorded 23%YoY growth in online retail sales in July,with Wanpy,Toptrees,and Zeal showing changes of+20%,+49%,and-22%YoY,respectively.CPFs aggregate online sales for JanuaryJuly were up 21%YoY.Market shar

6、e changes in Jan-July vs.2024 were as follows:Toptrees+0.1 ppt to 0.9%,Wanpy remained stable at 1%,andZeal-0.1 ppt to 0.3%.Petpals core brand,Meatyway,saw online sales grow by 57%YoY in July and a 34%YoY rise for the Jan-July period.Favourable cost trend continued;Gambol announced ESOPUBS estimates