Reasons for the Spike in the Pet Care Industry | PGPET
India Among the Fastest Growing Pet Care Markets
While the Indian pet care industry is still nascent, it has been experiencing steady growth over the last few years. The increasing awareness among people regarding their pets and advancements in veterinary care are major factors driving this growth. This post looks at some of the key trends shaping the future of this industry.
With changing trends, millennials seek companionship and emotional support rather than just companionship with pets. With this, the demand for pet products also increases by the day. The pet care market in India was valued at ₹ 2,200 crores (US$ 320 million) in 2017 and is expected to reach ₹ 4,500 crores (US$ 630 million) by 2023.
Rise in Pet Ownership
There has been a rise in pet ownership in India and an increase in the income levels of urban people. As per recent estimates, the total number of pet dogs in India is about 10 million, contributing to about 8% of the global dog population. The pet owners also include young couples who have no kids yet. This is also because most millennials prefer to stay single for more extended periods before getting into serious relationships or getting married at all! Pets are their best friends and have been highly regarded as family members by these youngsters.
Owners take their pets to vets regularly and give them regular vaccinations to keep them healthy. They are also making sure that their dogs get spayed or neutered because it helps reduce the overpopulation of animals on the streets.
Pet Care Industry in India has grown by more than 15% in the past five years. As per recent stats, the increased Pet Care Industry is now worth around $1 Billion. Out of this, 90% is contributed by Pet Food Industry.
The significant factors that have contributed towards this growth include:
● A rise in pet ownership.
● An increase in disposable income.
● An improvement in the standard of living.
Pandemic Induced Spike in Pet Adoption
Pet adoptions and pet care have become a booming industry due to the pandemic. More people than ever are choosing to adopt pets as companions. With many offices now closed, people have time to commit to caring for a new animal. Pet adoption has exploded, with many shelters reaching total capacity. Statistics show that adoptions have spiked by up to 700% in some cities! Pet ownership has also led to increased sales of pet products and services such as grooming and medical care. These businesses are exceedingly thriving due to the growing number of pet owners.
The reason for this spike in interest is that all of us are spending a lot of quality time at home. This has resulted in many people having enough time to research and learn about various pets, their characteristics, and nuances. As a result, people have concluded that getting a furry friend for themselves could be a good investment for long-term happiness and joy.
Increasing Awareness Through Pet Stores
It is a fact that there has been a spike in the pet care industry as of late. Many people are spending more money than ever before on their pets. The reasons for this surge in demand for pet products and services are many, which is why I believe that pet shops can increase their sales by simply raising awareness about animals.
The first reason is simple: Cats are the most popular pets globally. The demand for cat products is higher than ever before. The second reason is also simple: Dogs are the most popular pets globally, and the need for dog products is also higher than ever before.
The last reason is perhaps not as simple. Still, it might be the most important one: Animals are a great source of joy and comfort to us humans, which means that they can help us cope with stress, loneliness, and other negative emotions. By buying pet products and services, you will be helping to improve your well-being and that of your pets, as well as helping to make others feel better about themselves and their lives.
The pet care industry is proliferating, with pet owners increasing every year. People are becoming more aware and selective about the kind of food they give their pets and how they treat them. The pet care industry is growing due to this increased awareness and demand in the market. So much so that this industry is not just cashing in on the food and accessories but also on pet health insurance and other healthcare facilities.
Diversification of Distribution Channels
As the pet care industry grows, business owners are looking for ways to stay ahead of the trends.
One of the most important trends in this industry is the diversification of distribution channels. Physical stores have traditionally dominated the pet care industry. Still, with the rise of e-commerce, pet owners now have more options than ever before.
Further, there is diversification of distribution channels like online selling platforms to sell your pet care products online. You can sell your product online for free and make money on the go.
With increased disposable incomes, more people adopt pets and live a more affluent lifestyle with their furry friends. People are spending more money on accessories and food for their pets. They want the best products for their adorable companions. This has increased demand for branded products and services for pet care.
Growing Demand for Ancillary Pet Products
In the last few years, there has been an increase in demand for ancillary pet products such as healthcare products, accessories (beds, collars, clothes), grooming products, and other pet services such as boarding, daycare, and training. The demand for these services, especially in urban areas, has been conducted by factors like changing lifestyles, aspirations, and exposure to international trends in pet care and pet products through social media and e-stores. Today's Indian consumer has become more aware of the latest trends in pet care products and is buying them online or through e-commerce sites.
Pet owners are looking for better ways to care for their pets, and the pet care industry is responding. Expressing love through gifts and treats to our pets is common among Indian pet owners. People are spending more and more money on various kinds of products for their pets, ranging from clothes, accessories, jewelry, food, toys, snacks, and much more. Pet owners are even investing in availing professional grooming services for their pets regularly.
Not just that, every time a new product hits the market, people who own pets want it immediately! They spare no expense for purchasing items like food bowls, leashes, collars, etc.
Pet Care is a very lucrative industry today. Pet Ownership is on the rise across India and the world. India presents a massive opportunity for major players in the pet care marketplace to scale further. Keeping in mind that the adoption rate of pets is exceptionally high, it will grow more than 20% compared to previous years. The rate of growth seems promising as compared to many other sectors.
Several reasons attributed to this phenomenal growth are – an increase in disposable incomes, growing awareness of veterinary healthcare, a surge in international and national pet tourism, growing celebrity status of some pets in the country. These factors, along with other technological advancements & increased affordability, have brought about significant change within the industry. Most pet owners are now becoming well aware of animal welfare & prefer properly managed animal hospitals for their pets instead of typical neighborhood shops where pets were earlier treated. Also, people from all walks of life, including celebrities and politicians who are pet parents, have helped promote animal welfare. The numerous corporate tie-ups with the veterinary sector have played a significant role in promoting animal welfare, resulting in this tremendous growth within this industry in India.