India’s booming pet care space, and why you need to get in early.

Pets are special in a way that we cannot describe. We just happen to love them. And we live in a time where pets are more loved than fellow humans themselves. And for a fair enough reason! Pet’s don’t complain, or argue with us about anything we do. They just remain our best friends through thick and thin.

Unsurprisingly, the pet Industry has been booming in our country. There has been a rise in pet ownership, and is increasing every year.

With some sources estimating around 32 Million pets existing in the country (With the majority being dogs) this number is only forecasted to grow.

With all this being said, there is still a majority of the population that does not have a pet.

As pets become more and more human, pet parents have shifted their view of pet care. It’s more than just giving the ocassional bath and feeding them generic kibble. Now, pet parents do regular grooming, feed healthy home cooked meals, mindfully shop accessories with considerations of allergies, consult behavioural training, go to pet spas, treat them with pet-friendly human grade snacks and much much more.

Here are some interesting industries that have popped up in recent times:

• Pet boarding
• Pet Spas
• Pet Clothing
• Birthday packages and cakes for pets
• Pet tech apps
• Pet tracking devices
• Pet Influencers on social media

and much more.

What are the drivers of this growth?

The main reasons why there is a tremendous growth in the pet industry are:

• Rising urbanisation and nuclear families seeking companionship
• Increasing disposable income and the resulting ability to care for a pet
• Constant humanization of pets on social media, causing more emotional attachment
• Growing online pet communities, and increasing awareness of pet health and well-being.

The Market Breakdown

In the current state of the Indian pet industry, the following are the main sectors that contribute to it:

• Pet Food
• Pet Stores
• Pet Grooming Services
• Pet Insurance
• Accessories & Toys

Pet Food

Out of all the sectors above, 75-80% of the pet expenditure accounted for pet food and treats, as of 2022.

Pet Food is said to be the highest share holder when it comes to the pet Industry.

The market is expected to grow by 12.63% (CAGR 2024-2028)

Pet Grooming

The pet grooming industry is witnessing an unprecedented boom in India as well. Pet owners are embracing a holistic approach to pet care.

From specialised spas to mobile grooming vans, entrepreneurs are capitalising on this trend, offering a range of services from basic grooming to luxury treatments.

With the pet care market predicted to grow to $1,932.6 million by 2030,

there is no doubt that pet grooming has a big part in it. This not only reflects the evolving thoughts around pets but also signifies an emerging market that caters to the growing demand for personalised pet care.

Pet Insurance

Services like pet insurance are also on the rise, as there is an increase in awareness of pet healthcare, and the expenses that come with it. As vaccinations, treatments and grooming may add up to anywhere between ₹10,000 to ₹54,000 annually, pet insurance policies come in handy.

Bajaj Allianz General Insurance, launched it’s pet dog insurance product in 2020, and says that this product had the most success in some of India’s larger cities.