Growth of ‘PET’ industry in India
The Indian pet care industry is growing fast and owes its surge to the changing trends and increasing interest in owning pets. It has evolved into more than ₹ 5000 crore industry having shone brighter on the radar of international players. The industry is on the threshold of attaining double digit growth in retail segment. With dog ownership in India rising, Euro monitor International has projected India to be the fastest growing global pet market, and the rising pet ownership rates are driving demand for pet food, health products, and pet accessories.
The penchant of the pet parent for quality care has added more muscle to the industry. With more than 6 lac pets being adopted every year, the industry’s annual growth is pegged at 15-20% while the
year 2016 witnessed a business of around ₹ 900 crores. The forecast of sales for packaged dog & cat food in 2017 is around ₹ 700 crores.
The growth is primarily attributed to the changing perceptions that earlier saw pets as just animals. Today, pets have redefined their own presence shining as symbols of economic stature, companions in safety, security, becoming a part of many families.
This has led to a broadening of industry horizons from makers of pet care products to providers of physical care including pet sitting and medical care.