Sectoral Capsule-Indian Pet Care Market-Growing by Leaps and Bounds
Pets provide companionship and a sense of responsibility and are increasingly being accepted as part of the family. Hence, owners are spending more and more on pet care. Animal-assisted therapy too is becoming increasingly popular, as pets can reduce anxiety, feelings of loneliness and provide a general sense of well-being.
An aging population and declining birth rates have created a different cultural attitude toward pets, as they are increasingly being regarded as family. This attitude is also reflected in the product innovations, which include personalised food bowls, monogrammed sweaters and Halloween costumes.
The slump in economy has not been a deterrent for pet owners to splurge on their pets. Average spending on pets has crossed over USD 170 per month, which includes daily hygiene care, food, vaccination and other luxury services. Pet owners are demanding new varieties of food, grooming products, toys and accessories. In clothing, the requirement is for stylish jackets, bandana for neck, creative collars and designer sweats.
The growth in nuclear families and rise in disposable incomes have led to a shift in attitude towards pets. India is the fastest growing pet industry today. With pet ownership on rise, there will be a greater demand for pet care products. Consumers may trade up to premium products or specialised products, as they acquire a better understanding of their pets' needs.
As pets become more important, demand for pet care is expected to become more sophisticated, with pet owners buying not just pet food, but also pet products to meet their needs for healthcare, grooming and leisure. A variety of trends are emerging with pet parlours, pet wear, pet gyms, and even psychologists who are especially trained in dealing with pet behaviour.
The pet food market accounts for more than 80 percent of the industry and will continue to dominate the industry with newer segments like vegetarian food for pets for owners who would not prefer carnivorous pets.
The capsule reports are concise information about the industry; and the opportunities & challenges that it carries. It gives the past as well as the future prospects of the industry with a forecast for next five years. It also examines the diverse segments of the industry with all relevant inputs in place. The dynamics that propel the sector, namely, opportunities, competition, infrastructure investment and regulatory policies are also explored in the report.