The Booming Pet Care Industry in India: A Lucrative Opportunity for Growth and Innovation

India has emerged as a massive opportunity for the pet care industry, with significant growth projected in the coming years. Market research and consultancy firm Market Decipher estimates that the India pet care market size, which was Rs 7,400 crore in 2021, is expected to reach Rs 21,000 crore by 2032, growing at a CAGR of 19.2% during the forecast period of 2022 to 2032.

A recent report released by the Indian Pet Industry Joint Advisory Council (IPICA) predicts that the pet industry in India will grow at a CAGR of 20% over the next five years, reaching Rs 20,000 crore by 2025 from its current value of approximately Rs 8,000 crore. This growth trajectory is remarkable, considering that the industry was worth only Rs 1,200 crore a decade ago.

The pet population in India is estimated to be around 19 million, with an anticipated CAGR of 9% over the next five years, according to a survey conducted by Euromonitor International. The survey also revealed that 65% of pet owners in India are between the ages of 20 to 40 years, highlighting the importance of this demographic in driving the industry’s growth.

Compared to the global pet care industry, which is valued at $246.66 billion in 2023 and projected to reach $368.88 billion by 2030 with a CAGR of 5.92%, India’s pet care market is poised for substantial growth.

Several factors are contributing to the growth of the pet care industry in India, including the increasing trend of pet humanization, a focus on health and wellness, integration of technology, dominance of e-commerce, and emphasis on sustainability and ethical practices. The Covid-19 pandemic has also played a significant role in fueling the growth of the industry, leading to evolving consumer preferences, increased pet ownership, and a growing emphasis on pet health and well-being.

Industry experts like Madhur Khanna, Rakhi Rana, and Sushen Roy have highlighted the impact of the pandemic on the pet care sector, with increased pet adoptions, rising demand for premium products and services, and a shift towards pet humanization driving the industry’s growth.

As the pet care industry experiences exponential growth, new trends are emerging, such as a surge in cat adoption, a shift towards premium products beyond pet food, and a growing emphasis on pet health and nutrition. The industry is also witnessing a transition from traditional brick-and-mortar stores to digital platforms, with a focus on creating immersive experiences for pets through technological advancements.

The shift from conventional pet ownership to the role of devoted ‘pet parents’ is evident in how people perceive and care for their pets. Pets are now considered integral members of the family, leading to a deeper emotional connection and a greater focus on their well-being.

The pet care industry in India is not just about indulgence but also a mix of necessity and indulgence, catering to diverse needs and desires of pet owners. With a growing trend of pet humanization, pet care companies are offering organic, natural products, luxury services, and accessories to meet the increasing demand.

Celebrity collaborations for brand endorsements have proven to be effective in shaping consumer perceptions and choices in the pet care industry. By partnering with renowned personalities like Hrithik Roshan, Kareena Kapoor Khan, and Varun Dhawan, brands like Drools and Pedigree have successfully leveraged the influence of celebrities to reach a wider audience.

Overall, the pet care industry in India is poised for significant growth, driven by changing consumer preferences, increasing pet ownership, and a shift towards pet humanization. With a focus on innovation, customization, and creating enriching experiences for pets, the industry is set to thrive in the years to come.