China Pet Food Monthly: Sep 2026: Stable industry growth to sustain in Sep; China Pet Foods/Royal Canin led while Gambol saw decline

In this monthly pet food tracker, we monitor: 1) domestic demand for pet food; 2) ASP trajectory and competitive dynamics within product/channel mix shifts; and 3) overseas demand and our monthly cost tracker. In Sep, pet food online GMV slightly decelerated to 15% yoy from 17% yoy growth in Aug+Jul, with Douyin sustaining strong growth at 30% yoy while Taobao/Tmall at 5% yoy. For 3Q, pet food online GMV accelerated to 16% yoy from 14% yoy growth in 2Q26. Among covered local brands, China Pet Foods continues to sustain strong momentum, with 30%/27% yoy in Sep/3Q26 driven by Wanpy and Toptrees, while Gambol continues to stay under pressure with -9%/flat yoy in Sep/3Q, dragged by Fregate. Royal Canin grew at 51%/44% in Sep/3Q. Pet food costs trended higher in Sep, with higher PET offsetting lower chicken/starch prices. Within our Pet Foods coverage, we are Neutral on China Pet Foods/Gambol and maintain a Sell rating on Petpal.