Posted on April 27, 2016: Being a parent in 2016 in India is a daunting task. Many homes feature both parents working and a nuclear family set up. Mummy and daddy need to be time savvy yet mete out quality child care. This includes the parenting of both human and pet children. A wide array of alluring pet products enables pet parents to make the best of this time-poor age by offering simple yet quality care for their pets.
Current trends in pet products
A recent market research focusing on the leading trends in pet products, has indicated that the worldwide pet products industry is highly influenced by a rising trend to treat pets as beloved family members. Expenditure on various spheres of pet lifestyle like grooming, health and indulgence are increasing. Needless to say, pet parenting is a time-consuming job. That’s why pet parents are 8% more prone to depend on time-saving goods and services in comparison to other consumers, the Top Trends in Pet Products Report (2016), courtesy RnRMarketResearch.com, indicates.
It provides consumer insight, highlights trends and offers instances of innovation and suggestions of brands available in the market space. This report identifies the main consumer behaviours modifying the pet product space and trends resulting thereof. It lends both implications and insight into pet care and pet food products in India.
Increase in consumption
The growth in the consumption of pet products is based on several parameters: more pet adoptions (600,000 pets are adopted on a yearly basis in recent times in India), an increase in the disposable income, greater know how in the nutritional requirements and advantages of pet food and the head count of the Indian middle class increasing.
Feeding pets better
Previously, in Indian homes roti or bread and milk was the staple diet of pets in Indian households. Now, that is being increasingly replaced by dog and cat food. Couples from double income households now have little time to prepare homemade meals for themselves, let along the pets. There is also an increased understanding that milk and bread don’t do justice to their pet’s nutritional needs. In fact, the pet food range is richly varied. Pet parents can choose from premium to super premium pet food like natural food of non-synthetic nature, grain free and meat on par with human grade meat.
Abhinav Majumder, who wears the multiple hats of a poet, blogger, fiction writer and dentist, has penned, “There are myriad options for business in the pet industry. Pet food is the fastest growing segment when it comes to pet products. Dogs get to choose from a variety of branded food and snacks these days. Venky’s India sells four different varieties of dog meals while Mars Food sells special rice and cottage cheese dishes for vegetarian dogs.”
The purchase of treats is on an upward graph. The reason is two-fold. First, treats are being provided to positively motivate pets. Second, treating is regarded as a means of displaying affection towards pets.
Salon and spas
Regarding pet salons, Abhinav has remarked, “Research conducted by Dare magazine says that the total market size of the pet grooming industry was Rs 132 crore in 2007 and is expected to grow to Rs 299 crore by 2010. Pet salons can be started with a low investment of Rs 3-5 lakhs that includes the cost of training, shop rent, equipments and products. Pet salons provide services like haircuts, nail trimming, tick and flea treatments, oil massages and some fancy services like party dressing and hair coloring.”
Expenses on vets
Queues in front of vet clinics are on the rise in India. Consequently, the expenditure on veterinary care is increasing. Many of the vet clinics double up as retail outlets selling an interesting range of pet products. These products are also sold through super markets, hyper markets, food stores, non-food stores and pet shops. Advertisements of pet products have increased in frequency. Multinational brands offer a lucrative range of pet products. International brands are preferred to local brands in India.
Pet related journalism
Referring to journalism linked to pets, he remarks, “Pet owners are always on a lookout for good quality information on pet care and pet health. These needs are fulfilled by pet magazines like Woof and Dogs and Pups.” It’s not just magazines, journalism in this arena has expanded online as well, gingertail.in being an instance.
The Indian pet product industry is a booming over US $800 million industry. Interestingly, these whopping figures are just an estimate of the pet product industry which is still in its infancy in India. This is likely to increase with more urban households opting for a pet. It’s been predicted that on Indian turf, the sales figures to cat and dog food will be amounting to $102.89 million, this year.
Childless Indians adopting pets
The very fact that nuclear families without children are increasing in India, is motivating them to have pets at home instead. Many families delay having kids and adopt pets Singles in India are also on the rise, they too often adopt pets for the same reason.
Another similar research, Pet Insurance in the UK - Key Trends and Opportunities to 2019 has involved elaborate research into the pet insurance segment of the United Kingdom, comprising of the outlook, market dynamics and competitive scenario. It provides meaningful statistics for the 2010 to 2014 review period and predictions for the years yet to come till 2019.
The 2010 to 2014 results indicated that despite inflation, expenditure on vets has been mounting. Pet premiums are approximately 1.1 billion pounds. Though the market is consolidated, the competition is mounting.
- https://www.quora.com/What-is-the-scope-of-the-pet-industry-in-India http://www.iiptf.com/indian_pet_industry.php?page=Fact_and_Figure
- Bon(e) Apetit: Pet food industry growth outpaces human processed food industry
- Urban pet parents ushering a boom in the pet care industry
- Ratan Tata and Ronnie Screwvala invest in pet-centric start-up Dogspot.in
- After Tata funds DogSpot, Heads Up for Tails raises funds from investors in Singapore, India and the USA