The pet economy has a lot to offer.
Pets Economy is a pet-based market economy. In recent years, pet-related food supply, supplies supply, beauty and health care, pet hospitals, etc. have become popular, and batches of sellers have seized market opportunities to successfully take off, and FunnyFuzzy is one of the excellent representatives - the founder is a senior executive of a listed company, a number of products are on Amazon's best-selling list, the number of visits to independent stations remains high, and 2 rounds of financing have been obtained in less than 1 year......
A number of products are selling well overseas!Pet brand FunnyFuzzy has been funded
The company behind FunnyFuzzy is Shenzhen Fun Zhi Technology Co., Ltd., which was established in 2019 and is mainly engaged in pet textile products, such as dog beds, dog blankets, hand back bags, leashes, etc.
The founder of the brand, Chen Shuo, has more than 10 years of experience in innovative design and R&D management, and has won the German iF and Red Dot Industrial Design Awards. With the excellent blessing of the founder, the FunnyFuzzy brand also performed well. Although the company has not disclosed specific revenue news, it has previously been reported that revenue growth in 2021 is expected to be 5 times that of 2020.
Relevant data show that in less than a year after going to sea, the independent station rushed to the top 200 of the pet category in the United States;In March this year, the total number of visits to the FunnyFuzzy American station reached 282.2K. The independent site is mainly composed of direct access, social media and organic search3 parts, of which the proportion of direct access is close to 50%, and the proportion of the other 2 parts is not high, which to a certain extent shows that FunnyFuzzy has attracted a wave of "die-hard fans" to buy products regularly, and behind such excellent results, it is inseparable from the efforts made by the independent station.
In order to have a deeper understanding of consumers, FunnyFuzzy will use email communication, online communication, home interviews and other methods to communicate with consumers in detail, know their habits and behaviors in the process of raising pets, and then continuously improve the products, so as to increase the repurchase rate of products and attract customers to continue to place orders.
In terms of developing new customers, FunnyFuzzy will also do a good job in marketing, whether it is off-site link promotion, email marketing or social media, and constantly discover new customers. There will also be a special "Our Journal" section on the website to popularize pet encyclopedia, so that consumers can obtain practical knowledge in the shopping process.
In addition to independent stations, FunnyFuzzy is also trying other sales paths, such as opening offline brand stores, entering third-party e-commerce platforms, and searching found that many of the brand's products are selling well on the Amazon platform, and even ranking among the top five in BSR.
It is also worth noting that FunnyFuzzy's inventory turnover rate is also excellent, and the inventory turnover rate has been reduced to 15 days through the digital pet flexible supply chain.
In the pet track, FunnyFuzzy successfully won the favor of capital, and won 2 rounds of financing in less than 1 year: equity financing in June 2023 and February 2024 respectively, with investors including Blue Ocean Zhongli and Vertex Investment.
A number of pet brands are running wild overseas
In addition to FunnyFuzzy, there are also a number of pet brands in the field of subdivision to gain the love of many overseas consumers, such as Pilton, Chewy, Petco, Furbulous, Catlink, Yuanfei Pet, Tianyuan Pet, etc., the following editor lists a few of the outstanding representatives.
Catlink: Founded in Shanghai in 2017, the product positioning is a smart pet products brand, the main products include smart cat litter boxes, smart feeders, smart water dispensers and smart cameras, and has completed the full scene coverage of smart pet raising.
As of 2021, Catlink has won the largest market share in Japan, South Korea, Thailand and Vietnam. In the cross-border e-commerce channel, Catlink mainly sells products through Amazon and independent stations. Taking the Prime Day promotion as an example, the sales performance in 2023 is 5 times that of 2022.
In July 2020 and July 2021, Catlink received 2 rounds of financing.
Petkit: Petkit is a pet smart products design and manufacturer, its main products include smart antibacterial bowls, smart feeders, smart water dispensers, pet cups, smart leashes, smart cat and dog tags, smart pet companions, multi-functional cat paw boards, etc.
Petkit smart feeder won the 2018 iF Design Award, and it is a perennial hot seller on the Amazon platform, Xiaobian searched for an automatic cat feeder priced at nearly 180$ under the company on Amazon in the United States, with more than 4000 reviews, and most consumers gave a super high evaluation. Petkit smart water dispenser is tailor-made for cats and dogs, and has also won the Red Dot Award, and is well liked by overseas consumers.
Petkit has completed several rounds of funding, with the most recent Series D funding round taking place in August 2021.
Yuanfei Pet: Successfully listed in August 2022, the company is mainly engaged in the research and development, production and sales of pet products and pet food, and its main products include dog chewing gum, pet belts and pet accessories. It has long-term, stable and continuous cooperation with internationally renowned professional pet chain stores and large chain retailers such as Petco and PetSmart, international large chain retailers Walmart and Target.
For the e-commerce business of its own brand, Yuanfei Pet is mainly carried out by its subsidiary BA in the United States, and the products sold are all pet traction appliances, covering Amazon, Shopify and other e-commerce platforms.
The pet market has unlimited potential, and the segment is full of business opportunities
Behind the big sales of pet brands overseas, it is the inevitable result of the simultaneous surge of the pet market economy.
Raising pets has become a sign of social development. Globally, according to CommonThread data, the global pet industry market size was approximately $261 billion in 2022, and the global pet industry is expected to reach $350 billion in 2027, with a CAGR of 6.1% from 2022 to 2027.
The United States is the world's largest pet economy, and its pet industry is far ahead of other countries in terms of professionalism and industrial chain integrity. According to APPA (American Pet Products Association), the market size of the pet industry in the United States will be about $136.9 billion in 2023, an increase of about 10.8% compared with $123.6 billion in 2022, of which pet food will be about $58.1 billion, accounting for 42% of the overall size of the pet industry.
With the rapid development of the pet economy, it has gradually subdivided into pet food, pet supplies, pet grooming, pet medical care and other fields.
Pet food can be divided into pet staple food, pet snacks and pet health products. The pet food market is the largest segment of the pet industry and is the first to benefit from the development of the pet economy. Pet food is a rigid demand for pets, which runs through the entire life cycle of pets, and has the characteristics of high repurchase, low price sensitivity and strong stickiness. The United States is the world's largest pet economy and the largest consumer of pet food.
Pet supplies refer to the products developed, produced and used specifically for pet groups, mainly including traction equipment, cleaning and care, pet bedding, edible utensils, pet clothing, pet toys, etc., with many subdivisions. The market size is expected to grow at a CAGR of 7.0% to $54.83 billion from 2021 to 2025, with the United States and Western Europe as the main consumption regions. According to the American Pet Products Association (APPA), the size of the pet market in developed countries in Europe and the United States will grow steadily at a rate of about 5% in the future.
The market for pet grooming and pet medical care is also promising, and as the trend of online consumerization of the pet economy becomes more and more obvious, more categories are bound to sell in the future.