CHENNAI: India’s pet care market is expected to boom from $1 billion in 2022 to $2.5 billion by 2025, at a compound annual growth rate of over 15 per cent, as millennial and Gen Z pet owners seek innovative products and services for their pets. Pet care marketers say there is a shift in focus from the traditional pet food segment to a more diversified range of products.
“While pet food still accounts for 65% of the market, categories such as supplements, treats, toys, accessories and bowls are on the rise, which is in line with trends seen in mature pet care markets such as the US and Europe,” said Shashank Sinha, CEO of Drools Pet Food.
The profile of pet owners in India has changed over time. Today’s ‘pet parents’, many of whom started owning pets during the pandemic, are younger, tech-savvy and far more focused on finding specialised solutions and services for their pet care needs.
“If we’ve learned anything from the pandemic, it’s the power of pets, which has accelerated the growth of the pet care e-commerce market,” said Rashi Narang, founder and CEO of Heads Up for Tails. He added that the growth curve is thanks to “digitally savvy millennials and Gen Z, who will account for one in three pet owners by 2025.” According to Sinha, the share of e-commerce in India is expected to reach 35% within the next few years.
For the pet care market, that meant a surge in investor interest. Between 2021 and 2022, the industry attracted a total of $77 million in investments, according to a Venture Intelligence report. Several pet care startups are already offering everything from pet cosmetics to tech-enabled smart collars and pet tracking devices. Vetinstant Healthcare, incubated by the Indian Institute of Technology Madras, offers a device that tracks pet vital data. “As pet owners today see technology becoming more prevalent in multiple areas, including food, banking, travel and health, they are also turning to new ideas and new ways of caring for their pets,” said Vani Iyer, founder of the company.
Bengaluru-based veterinarian Archis Sridhar specializes in regenerative medicine through his company Animalia Biogenesis. “We focus on treating severe injuries, arthritis and kidney diseases using stem cells and platelets without the side effects of conventional treatments,” he said.
However, this growing trend of pet ownership is primarily an urban phenomenon. According to Drools’ Sinha, “Cities such as Bengaluru and Hyderabad are emerging as key markets. Spending more than Rs 5,000 a month on a pet is becoming increasingly common, with the average spend in Bengaluru estimated at Rs 3,000 per month.”
Pet owners also use social media to network and frequently share tips and complaints, Narang said, adding that Heads Up for Tails works with these communities, NGOs, influencers and pet activists to “encourage the conversation.”
