India’s pet care market was valued at $262 million in 2017 and is expected to grow with a CAGR of more than 20% in the forecasted period of FY 2017-18 to FY 2021-22. Read on...
Largely dominated by the urorganisedplayers, the Indian pet care market has started pushing the barriers and is entering the elite space in the recent years. With the increasing number of petowners, the opportunities for the professionals have gone multifold in the last few years.
The overall market for the pet care industry is segregated into diverse segments, thereby paving the way for professionals to start their entrepreneurial journey.
India’s pet care market was valued at $262 million in 2017 and is expected to grow with a CAGR of more than 20% in the forecasted period of FY 2017-18 to FY 2021-22. One of the mainreasons for the surging growth of the pet care market is the exponential rise in petowners and their hectic lifestyles, whichmakes them unable to care for their pets properly, and depend heavily on pet care services.
The diverse segments of this industry are pet food, pet accessories, pet grooming and pet healthcare. While pet food is the major segment in India that has captured more than two-thirds of the market revenues, people in urban and elite areas are splurging on pet accessories, grooming and healthcare services. The target audiences are mainly from the monetarily strong middle class, and due to their increasing affordability and interestin owning pets, the prices are kept at a premium with an assurance of top-of-the-class services and products.The organised pet care market is largely dominated by foreign brands such as Pedigree, but a large number of Indians who are under the influence of the vast potential that the market carries, are also starting their ventures in this industry.
While Indian ventures like Mad About Dogs (MAD), first of its kind chain of pet experience retails stores in India, is also emerging to be one of the biggest players in the market.
Franchising in the Pet Care Industry
The rapid transformation of the entire pet care industry has also paved the way for the professionals in the field to make their passion into their earning. Founded in 2017, Bonbeno, a chain of retail stores providing pet care products and accessories to pet-lovers across the country, invites aspirants to take up attractive franchise opportunities in the field of pet care. With a launch of 5 stores in Delhi-NCR towards the end of the year 2018 in the most premium markets in their respective areas, Bonbeno makes its contribution in revolutionising the so-called unorganised pet care market by becoming the largest and most expanded chain of pet supplies stores in the region.Likewise, MAD invites both Community Franchisees and Unit Franchisees for opening MAD stores across India in different formats: MAD Studio, MAD Café, and MAD Care.
For those who wish to start an entrepreneurial venture in the field of pet care, owning a franchise could prove beneficial. Starting an independent business in any of the four segments could cost you around Rs 20-25 lakhs, whereas the average investment amount required to buy a franchise could be Rs 10-12 lakhs. The ROI could be expected in 8-10 months and the expected breakeven is 12 months in case of owning a franchise.