India’s Pet Industry’s Changing Expansion Gears Rapidly

According to a report by Decipher, the profound connection that people in India have with their furry friends is evident in the incredible evolution of the pet industry in the country. Approximately 32 million people in India own pets, and that number is growing at a rate of 11 percent per year. In response to this uptick in pet ownership, seventy new pet care businesses have sprung up in only two years. Investor interest in the pet care industry is on the rise, mirroring the rising spending on pet supplies and services. Venture Intelligence said that the industry received 77 million dollars in investments from 2021 and 2022. Among the most notable developments is the record-breaking $60 million investment in Drools by L Catterton, a major participant in the worldwide pet food investment industry.

The Indian Pet Market Joint Advisory Council (IPICA) recently predicted that the pet market in India had expanded approximately at a CAGR of 20% from 2016 to 2018. The current valuation of the industry is approximately Rs. 8,000 crores, with projections showing a growth to Rs. 20,000 crores by 2025. When put in context with the industry's valuation of 1,200 crores only ten years ago, this is a very impressive growth rate.

Having more and more people in the country own pets is a major factor fueling this expansion. Euromonitor International estimates that there are currently roughly 19 million pets in India, with a projected 9% compound annual growth rate (CAGR) over the next five years. About 65% of pet owners in India are in the 20- to 40-year-old age bracket, according to the report.

Changing lifestyles and increasing disposable wealth are also driving the pet market in India. Pet supplies and services are seeing a surge in demand as the number of households headed by a single breadwinner increases and the number of people opting to keep pets as pets grows in popularity. The demand for high-quality pet supplies and services has grown in tandem with the growing awareness of the importance of pet health and wellness among pet owners.

Approximately 70% of India's pet industry revenue comes from the pet food segment, making it one of the country's most important economic drivers. More and more pet owners are seeking out premium pet food options that address their pets' unique dietary requirements, taking into account factors like breed, age, and health status. Natural and organic pet food products have also been on the rise in recent years, as more and more pet owners seek options that don't contain any artificial ingredients, flavors, or preservatives.

Revolutionising India’s Petcare Industry: The Role of Startups
Technology Reshaping the Sector

Revolutionising India’s Petcare Industry: The Role of Startups

Like many other sectors, this sector is also attracting many startups to take its growth to the next level. Throughout the country, new businesses are making waves in the animal welfare industry. In addition to utilizing state-of-the-art technology to offer pet owners unmatched help, these firms are transforming conventional pet care techniques.

Some of the dominant startups in this sector such as Heads Up for Tails, and Pawfect.xyz, Wiggles, Just Dogs, etc. are making waves through their user-friendly solutions for pet owners.

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Technology Reshaping the Sector

The availability of trustworthy and reasonably priced technology is also contributing to the rise in popularity of the Internet of Things (IoT) in India. Pet tracking systems that are both affordable and easy to use are currently sold by a plethora of companies. A pet's whereabouts, health, and activity levels can all be tracked with one of these gadgets. Another tech solution that is making waves in the pet care industry is cloud computing. With the help of this module, pet owners can store and share their pet’s data.

To better understand the requirements of their pets, pet owners, veterinarians, and others in the pet care industry can access this data. Another benefit of cloud computing is that it gives pet owners remote access to their pet's data. This way, they can monitor their health and safety status even when they're not there. Pet care startups are also leveraging the Internet of Things to create a more interconnected experience for pets. Internet of Things (IoT) gadgets, including tracking collars and smart feeders, allow pet owners to keep tabs on their pets' whereabouts and activity, as well as give them the food and water they need. Pet owners can use this to keep in touch with their pets even when they're not around. The pet care industry is utilizing blockchain technology to increase trust and transparency. Using this technology, pet owners can have greater control over the data stored securely and access it whenever they need it. This can guarantee that their pet's information is not misused and provide them access to better services.

These changes are occurring at a dizzying rate, and the pet business is preparing for a nationwide explosion. Based on Drools's projections, this industry is expected to reach $1.2 billion by 2028, rising at a rate of about 20% each year. Emerging patterns indicate plenty of space for expansion in both homes and hearts, even though pet ownership is still relatively low with only 10% of Indian households having a pet.

FAQs

How much revenue does the pet food segment contribute to the pet care industry?

Approximately 70% of India's pet industry revenue comes from the pet food segment, making it one of the country's most important economic drivers.

What are the latest technologies being used by the pet care industry?

The latest technologies used by the pet care industry include the Internet of Things (IoT), Blockchain Technology, and Cloud Computing.

What are the best pet care startups?

Heads Up for Tails, and Pawfect.xyz, Wiggles, and Just Dogs are a few top pet care startups.