Pet Care Market in India
Reports reveal that India is the fastest growing pet care market in the world. Urbanization, rise in nuclear families, changing perceptions towards pets and pet ownership are driving the growth. Pet care market in India was valued at $265 million (₹ 1700 million) in 2017 and is expected to grow at 13.9% annually to become a $430 million (₹ 2780 million) market by 2020.
With estimated 19 million pets, and 600,000 pets being adopted every year, the pet food industry in India shows huge potential. There is an increasing awareness about pet nutrition and pet owners are becoming more conscious about the products they buy. Growth is recorded in all categories including pet food, pet pharmaceuticals, grooming, toys and accessories while pet food market is projected to cross $310 million (₹ 2000 million) by 2020. In India, dogs are more popular pets than cats, birds, fish, etc. Dog food segment is expected to continue its dominance as the largest revenue contributor, followed by cat and fish food segments.
Pet owners are now focusing more on essential food products that enhance the health and wellbeing of pets. In line with this trend, pet care brands are introducing different specialised pet food products that are rich in vitamins, thereby ensuring a high-quality diet for pets. In addition, pet owners are no longer restricting themselves to just buying food for their pets but are now focusing on the overall development of their pets and providing the best environment for their pets.
As the pet care markets in Europe and North America are heading towards saturation, Asia (with potential markets like India) is witnessing the entry of major international pet care brands. More number of Indian brands are rising to the occasion and focusing on domestic, Asian market and international markets. Market expansion will depend on the ability of companies to devise effective marketing strategies to attract first-time consumers to the market.