After demonetization, several areas of the Indian economy were adversely affected, including a booming pet care business. Cash liquidity or lack of it impacts pet care product sales. Subsequently, retailers, hypermarkets, supermarkets & superstores to pet shops have witnessed a drop in sales & decrease in footfall. In the immediate aftermath, pet parents have shied away from purchasing secondary pet care products like beauty accessories & toys and focused on spending for basics like pet food. Fortunately, this trend has now receded & India is slowly returning to normality with the new currency in circulation & increase in cashless transactions.
Facts – Pet Care industry in India
- People in US have spent $60 billion on pets in 2015
- In 2016 it went up to $62.75 billion
- The pet care market in India is expected to increase by 20% from 2017-2021
- Pet care market in India is expected to be $270 million by 2019
- In India, Mars International India Pvt Ltd(Pedigree) is the market leader with close to 70% market share
Growing Awareness about Specialized Pet Food Diet
Pet parents are now more conscious of the kind of products they buy. Thereby, an increasing number of pet owners are demanding natural pet products across all categories. Manufacturers have also been ushering different specialized products in pet food in order to keep up with this trend. Newer pet products which are nowadays coming into the market are claiming to be gluten-free, GMO-free & rich in high-quality vitamins. The list of these types of specialized food products for pets is growing by the day. Aided by dietary recommendation by vets, there is a significant rise in the number of pet parents for such foods. Therefore, demand for such pet food products is expected to rise further in the days to come. Pets are not just companions in India; quite often they are a style statement for pet owners.
Growing Demand for Ancillary Pet Products
The growth of the pet care market is largely determined by the evolving mindset of pet owners. Pet parents now are more focused on the overall development of their pets & are therefore willing to go an extra mile than to restrict buying just food. More & more people are also interested in buying foreign & expensive breeds. They are also willing to spend on other pet products in order to give a good environment for their pets. This has triggered the opening of newer pet services like salons & spas. Affluent & sophisticated pet owners thrilled by the trend & are looking for premium shampoos & conditioners to pamper their pets.
Increasing Brand Presence in Pet Stores
Royal Canin & Mars International continues to dominate the Indian pet care market. Brands like Pedigree also continue to enjoy presence across retail formats. Additionally, these companies have also been expanding their presence into small cities & towns. Other brands which are increasingly getting popular are Arden Grange, Hill’s Science Diet & Farmina. They are also rapidly increasing their brand visibility across leading pet shops & stores by offering wide options to pet parents. Scientific Remedies is a small brand in India which is strategically focusing on niche therapeutic segments by offering a wide range of pet products focused on the specific needs of pets.
Future Prospects of the Indian Pet Care Market
Forecast for the pet care industry in India is positive. Increasing awareness among pet parents looking for the branded offering will fuel growth over time. With the growing number of dog & cat adoptions will further boost the growth of the pet care market. People buying expensive foreign breeds will not shy away from lavishly spending on additional pet products like toys & beauty products for maintaining health & welfare of their beloved pets. Alongside, there is a growing demand for pet care solutions like pet restaurants & pet grooming services. All these pet humanization trends will further impart a positive influence on the pet care industry.
Internet & the Pet Care Market in India
Internet, however, is a major force which is expanding & working in India towards the growth of the pet care market. Apart from selling pet food online, their various e-stores offering pet accessories like leashes, pet toys & a variety of other accessories. Looking at the great potential of ecommerce, most manufacturers have also jumped on the bandwagon of the world-wide-web. Since most pet parents lack time these days, they have begun to prefer commercial pet food over homemade for pets. This is growing at a remarkable pace, especially for the urban population. Moreover, access & shopping over the internet on platforms like PetPals have made it so convenient for them to purchase just about anything they want for their pets, including pet adoption as well.
