The pet care industry in India is rapidly expanding, fueled by an increasing number of urban dwellers who prioritize pet ownership. With spending almost doubling in recent years, both affluent and middle-class families are investing significantly in their pets. While challenges remain, such as a lack of pet-friendly spaces, optimism grows for the future of this burgeoning market.
The Growing Pet Care Industry in Affluent India: Trends and Transformations
The Growing Pet Care Industry in Affluent India: Trends and Transformations
India's pet care market experiences a significant boom as urban dwellers increasingly view pets as family members, driving growth in spending and services.
As India’s urban landscape evolves, so does the perception of pets, with many now regarded as integral family members rather than mere companions. This shift is exemplified by the experiences of individuals like Neha Bapna, a Mumbai-based entrepreneur, who treats her dog Muffin with the utmost care, emphasizing the emotional bond between pet and owner. The pet care industry has witnessed remarkable growth, reporting a doubled valuation in recent years due to a surge in the number of households owning pets which has risen from 26 million in 2019 to an anticipated 32 million by 2024.
The pandemic played a crucial role in this transformation, as more individuals sought companionship while in lockdown. According to Ankur Bisen from Technopak, younger demographics, including first-time parents and young professionals, have sought out pets as alternatives to traditional family structures. This trend aligns with broader societal changes towards late marriages and smaller family sizes.
The financial aspect is significant as well. In 2024 alone, expenditure on pets reached $3.6 billion, up from $1.6 billion in 2019, driven by new trends like pet boarding and specialized veterinary care. Pankaj Poddar from Zigly explains that while traditional pet care focused merely on basic necessities like vaccinations, today's pet owners want high-quality products and services that mirror those found in family care.
As spending habits shift, stories of extravagant care emerge — for instance, Bapna's monthly expenditures for Muffin range between 25,000 to 40,000 rupees, combining travel, dining at pet-friendly locations, and specialized diets. The demand for affordable pet care services is also rising, as indicated by the establishment of businesses like The Pet Point, which provides grooming and products aimed at middle-class consumers.
Despite this optimism, there are considerable challenges ahead. Economic disparities, declining consumer spending, and a lack of pet-friendly infrastructure limit the industry's potential for growth. Pet parents like Nikhil Bhushan and Lakshna Gulati, who travel with their pets Mowgli and Marmalade, often face difficulties finding accommodations and restaurants that accept animals, emphasizing the need for more inclusive spaces.
However, hope abounds as cities begin to create more pet-friendly environments, fostering a supportive atmosphere for pet ownership. Bapna's observations reflect this change, noting an increase in pet-friendly events and spaces in Mumbai. With projections suggesting the industry could exceed $7 billion by 2028, the future of India's pet care market appears bright, driven by changing social dynamics and growing consumer commitment to pet well-being.
