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Exploring India's Thriving Pet Market: Numbers Tell the Tail

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2 min read

06 May, 2024

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The love for pets is flourishing in India, and it's not just a feeling – it's backed by numbers! The Indian pet care market is witnessing phenomenal growth, making it one of the fastest-growing globally. Let's delve into the data to understand the exciting trajectory of this market.



Market Size on the Rise


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Firstly, the sheer size of the Indian pet care market is impressive. Estimates suggest it reached a value of USD 9.95 billion in FY 2023. This translates to a significant jump from just a few years ago. Market research firm Market Decipher predicts an even brighter future, with the market size reaching a staggering INR 210,000 Crore (approximately USD 25.1 billion) by 2032, boasting a Compound Annual Growth Rate (CAGR) of 19.2%.



Compound Annual Growth Rate (CAGR): A Growth Spurt


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This CAGR is a key metric to understand the market's momentum. A CAGR of 13.9% translates to the market nearly doubling in size every 5 years! This rapid growth is attributed to several factors, including rising disposable incomes, urbanization, and a shift in pet ownership trends.



A Nation of Pet Parents


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The number of pet owners in India is also witnessing a significant rise. Statistics suggest that around 69% of Indian households do not currently own a pet. However, this doesn't paint the whole picture. The remaining 31% translates to a substantial number of pet parents, with estimates suggesting over 31 million pet dogs alone in India by the end of 2023. Cats are also gaining popularity, with an estimated 20% of pet owners choosing feline companions. Interestingly, pet adoptions are on the rise as well, with a staggering 600,000 adoptions happening annually.



What's Driving the Growth?


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Several factors contribute to this growth. Urbanization and nuclear family structures lead to a growing need for companionship, which pets can beautifully fulfill. Additionally, a rising disposable income allows people to spend more on their pets' well-being. The concept of "pet humanization" is also gaining traction, with pet owners increasingly viewing their furry friends as valued family members, willing to invest in premium pet food, healthcare, and lifestyle products.



Market Segmentation: A Slice of the Pie


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The Indian pet care market is not a monolithic entity. Pet food dominates the market, capturing around two-thirds of the total revenue. This is followed by pet accessories, grooming services, and veterinary care. The online pet care segment is also experiencing a boom, offering convenience and wider product availability to pet parents.



Future Outlook: A Wagging Tail


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The future of the Indian pet care market looks bright. Growing awareness about pet health and wellness, coupled with the increasing number of pet owners, will continue to fuel market growth. The rise of pet-friendly services like pet cafes and daycare centers further indicates a growing acceptance and integration of pets into everyday life.



Challenges and Considerations


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However, challenges remain. The availability of quality and affordable pet care services needs to improve across the country. Additionally, promoting responsible pet ownership and tackling issues like stray animal management are crucial for the sustainable growth of this market.

Conclusion

Overall, the Indian pet care market is on a remarkable growth trajectory. The love for pets, coupled with the economic and social shifts in India, is creating a thriving market. As responsible pet ownership practices become more widespread, this human-animal bond promises to strengthen further, creating a win-win situation for both pets and pet parents.

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