For savvy investors seeking promising opportunities, the pet care industry stands out as fertile ground. What began as a modest sector has now flourished into a multi-billion-dollar market, driven by urbanisation, changing family dynamics, and a significant shift in attitudes towards pet ownership. With the pet population surpassing 38 million and investments exceeding $170 million, the appeal of this sector to investors is undeniable. Let’s explore in detail how the Indian pet care market is attracting such keen interest from investors.
Background
Today, India is the world’s most rapidly expanding pet care market. In 2019, there were approximately 20 million pets in India, but now this number has exceeded 38 million, out of which 34 million are pet dogs. This growth is poised to accelerate further as the market offers an array of quality products and services and is expected to touch 54 million by 2027. During the pandemic, the need for companionship became a driving force behind pet adoption and purchase, causing the pet population to soar.
Emerging Trends
This story is from the April 06, 2024 edition of BW Businessworld.
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This story is from the April 06, 2024 edition of BW Businessworld.
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