Market Growth:
India’s pet care market is witnessing remarkable growth at a rate of 13.9% annually, positioning it among the fastest-growing globally.
By 2025, the industry is projected to reach a substantial $800 million, demonstrating its immense potential and appeal.
Current Market Dynamics:
The market value of pet care products in India presently stands at an impressive $628.15 million, signifying substantial consumer demand.
Approximately 600,000 pets are adopted annually, showcasing a growing trend towards pet ownership and companionship.
Dogs reign supreme as the most popular pets in India, with an estimated 31 million pet dogs as of 2023, followed by cats owned by 20% of pet owners.
Pet Care Expenditure:
Indian pet owners invest an average of $52.00 USD per month on their pets, underlining a significant consumer spending pattern.
The pet food market in India commands a notable value of over $310 million, reflecting a burgeoning market for pet nutritional needs.
Healthcare and Services:
The Indian veterinary healthcare market is valued at $169 million, expected to rise to $186 million by 2027, emphasizing the importance of pet health.
Pet groomers in India can earn between $130 and $325 per month, showcasing opportunities within the pet service sector.
Regional Insights:
Bengaluru leads as the most pet-friendly city in India, closely followed by Mumbai, reflecting a growing urban culture of pet inclusion.
Kolkata’s Galiff Street hosts India’s oldest and largest pet market, offering a diverse range of pets and related products, contributing to the industry’s vibrancy.
Future Projections:
The market is set to burgeon, with estimates suggesting a staggering INR 21,000 Crore market size by 2032, driven by a projected CAGR of 19.2% from 2022 to 2032.
Industry Insights from Experts:
“India’s Pet Industry: A Growing Tale of Companionship and Commerce”
QUOTES
“ India is noted to be an active contributor to this league with a promising pet population of 32 million, which is growing at a rate of more than 12 percent annually. This means that more Indian families are choosing to become pet parents, and this number will just grow. ” Ashish Anthony, CEO of Just Dogs
‘’ With the humanization of pets, the constitution of an Indian family has greatly changed and COVID was a big blessing to the category too. Pets today are family and not just a hobby. The whole approach to the upkeep of a pet at home has changed. Now you have a companion and you take care of its happiness; and even celebrate occasions with your pets. ’’ Dr. Shashank Sinha, CEO of Drools
“ We reduce the initial capital investment for brands, enhance product performance and palatability, standardize features, extend shelf-life, and optimise performance through Technology with a steadfast commitment to innovation, integrity, and a genuine love for pets ” Abhishek Aggarwal, Founder of Innomalous
‘’ I strongly believe that the foundation of any successful brand lies in recognising a market gap and then filling it with a tailored solution . India stands as one of the world’s largest consumer markets, making it an appealing destination for international brands spanning various product categories, including pet treats and accessories’’ Mitu Paul, Business Head, Signature