Size of the Indian Pet Food Market
The Indian Pet Food market is slated to clock a CAGR of 4.7 percent in the forecast period between 2022 and 2027. As per Euromonitor International, the size of the pet food market in India in 2019 was USD$ 297 million against USD$ 186 million in 2016. The cultural shift of increased pet humanization and the greater degree of importance given to pet health is driving the growth of the pet food industry during the forecast period. The pet food industry in India, like all other industries, was considerably affected during the COVID pandemic. The spread of misinformation that pets show zero to low immunity to infection led pet owners to abandon their pets, and this propelled the pet food industry to raise public awareness campaigns to refute such vague and unchecked rumors. Also, the huge gap between supply and demand due to the panic of buying pet food amongst pet owners was unable to be met; thanks to cracks in the supply chain and disjointed logistic services. This consequently put several pet food manufacturers, grooming, pet pharmaceuticals, and accessories companies who have recorded high growth previously on the backfoot.
As per an estimate, India accounts for nearly 20 million pet dogs and is experiencing steady growth. Also, the number of customized dog events is growing in India, like the world-famous Ooty dog show, and the recent one being hosted by the Canine Club at Hyderabad where more than 500 dogs (over 50 rare breeds including both home-grown and foreign) and 200 cats participated. With 6,00,000 more pet dogs annually, the pet food market in India is expanding rapidly. In fact, dogs remain the most popular pet choice over fish, birds, and cats for new pet parents.
Factors Driving Pet Food Market
Owning pets and caring for them ceases to be an urban phenomenon. Some of the key factors that drive the pet food industry in India and motivate Indian pet owners to feed their pets manufactured food include:
1. Growing concept of pet ownership and maternal instincts towards their pets
2. General lifestyle changes due to the increasing per capita disposable income, especially in the urban regions
3. Increasing number of nuclear families in the urban areas
4. Innovative concepts, including pet humanization and sensitization, becoming social entrepreneurship models
5. Increased pet adoption rates
6. Improved spending on pet supplies and accessories
7. Growing awareness of better nutritional profiles
In India, pet food is mainly ready-to-eat and packaged food products manufactured to offer wholesome nutrition to pets. Bird owners in India mostly depend on millets, seeds, fruits, and several other protein-rich diets. When it comes to feeding birds, rarely do pet owners buy bird-specific foods. However, in several cosmopolitan cities, birds are preferred as pets over cats and dogs as they are smaller in size, easier to look after and require low maintenance. Bird foods also vary depending on the species. The diets of aquatic pets may greatly vary not just by species but also by size. Nevertheless, there’s a great market demand for fish food needs of different varieties.
Major Market Players
Some of the important players operating in the Indian pet food market include Mars Inc., Eukanuba, Royal Canin India, Nestle SA Purina, and JerHigh. Mars International India Pvt Ltd has compelling success stories in the form of its low-cost pet food products under Whiskas (cat food), Pedigree (dog food), and premium products under the brand name Royal Canin.
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