The industry is expected to register a CAGR of 4.1 per cent by 2022.
The pet industry has been experiencing explosive growth from the past decade. The world has seen a major upsurge in adopting the rate of animals. Gone are the days when people used to have a pet with the purpose of having a guard dog. But, now the pets are treated more like a family member. People became more aware of the hardships some animals suffer, motivating many animal lovers to adopt stray cats or dogs as pets in India. People from all across the world are increasingly opting to adopt a pet, resulting in the significant growth of the pet care industry.
The Indian pet industry is among one niche segment that has recently started to gain popularity within the country. Investors and entrepreneurs are tapping this niche segment, keeping the amount of love and care people carry for their pet animals. Experts even suggest that the industry is recession-proof. This industry could turn out to be a very large segment, including all sorts of pet foods to dental treatments, apparel, toys, and many more things.
Factor Propelling the Growth
With factors such as urbanization, premiumization, and humanization contributing to the growth on a global level, this industry has witnessed steady development.
Gurleen Singh, BonBeno, said, “If you see there is an increase in a number of nuclear families in India. Everyone is busy in their own lives or work. Therefore, having a pet in the house helps people to relieve their stress and get out of their depression,”
“In addition to this, Animal lovers feed stray dogs as well. So, they want good quality pet food which takes care of nutritional facts and balance food and provides them with all the basic necessities including a visit to Vet, toys, etc. These are the major factors which are driving the pet care industry in India,” added, Singh.
- Food: With people becoming more conscious about their health and what they eat, the same trend has been registered for pets also. Customers are increasingly becoming aware of what food they give to their furry friends. They don’t just stick to traditional food available in the market but are demanding various flavours, healthy add-ons. They are opting for more fresh, frozen and made-to-order diets for their pets and are even willing to pay more for that.
- Grooming Services: There has been a significant increase in the affordability of grooming services. Pet parents are sincerely taking care of their pet’s grooming. Owing to this trend, there has been a rise of various businesses which were non-existent until now, such as Pet spa, Pet Hotel, Pet Daycare, Pet cafe, etc.
- Online: The emergence of online services and e-commerce has provided the pet care industry with a much-needed boost. New brands are emerging almost regularly on the online marketplace as it eliminates the need for middlemen margins. Customers now have various choices and can opt for the best one.
What’s The Future
The pet care industry is set to witness robust growth, owing to an increasing pet population and changing lifestyle and perception towards pets. The future of the pet food industry looks very promising, according to a research report, the industry would register a CAGR of 4.1 per cent by 2022.