India has experienced double digit growth in its pet industry in last few years. Increasing awareness about pets and branded pet care products via internet is the major force behind this growth. According to Euromonitor International, a global firm with specialization in market research, the domestic product market of pets in India is expected to grow at a rate of 10-15 % in coming few years. Also, a research from Goldman Sachs, global investment banking, securities and investment management firm, says that GDP of India will quadruple in 2020 from what it was in 2007. This is another factor that allows people to spend more on their pets.
Pets are not only just a companion in India, but they are also becoming style statement for pet owners.
Every year, around 600,000 pets are adopted and this growing number of pets is giving birth to various small and medium enterprises dealing in pet care.
According to Binoy Sahee, India International Pet Trade Fair (IIPTF) director, India will be major exporter of pet related products and accessories in coming years. It is also expected that more and more urban residents are expected to have a pet in near future.
There are various e-stores that offer pet accessories which include pet toys, leashes and other accessories. Various manufacturers have also jumped on the bandwagon looking at the great potential of this industry.
Pet food is the fastest growing area when we talk about Indian pet industry. Because pet owners have lack of time, they prefer commercial pet food over homemade food for their pets.
In the words of Vijyendra Thapliyal, owner at Pets World, a prominent pet food company based in Noida- "The trend of providing premium pet food is growing at a remarkable pace nowadays especially among the urbans. This rise in demand has increased the competition among the pet food company which gradually resulted in increase in food quality and prices becoming more competitive. That's a great benefit for pet owners!"
It is expected that total sale of dog and cat food products in 2016 will be worth $102.89 million.
According to a research conducted by Dare magazine, pet grooming industry was 132 crores in 2007 which is growing at a rapid pace. People are caring about how their pet looks and thus grooming products are well accepted by pet owners in India. A positive picture of pets shown by pet magazines has contributed towards more spending by pet owners on the grooming of their pets.
A rise in pet salon culture is employing professional groomers, and providing nail trimming, ear cleaning, tick and flea treatments, and other fancy services to your pet.
With increasing awareness about the good health and well being of pet, pet healthcare industry is also expanding. Pet owners are not ready to compromise with the good health of their pets and routine vet visits are in trend. Commercial dog food giants such as Royal Canin and Mars International India Pvt. Ltd. are leaders among various dog food manufacturers and offer food through e-stores and physical pet shops.Suggest a correction