India Pet Market Outlook to 2028

India Pet Market Overview

• The India Pet Market size was valued at USD 9.85 billion in 2023. This growth is driven by increasing pet ownership, rising disposable incomes, and a shift in consumer attitudes towards pets as family members. Additionally, the proliferation of pet care products and services, including premium pet food, grooming, and veterinary care, has fueled market expansion.
• The India Pet Market is dominated by several key players, including Mars Petcare, Nestlé Purina, Royal Canin, Pedigree, and Himalaya Herbals. These companies have established strong brand recognition and extensive distribution networks, enabling them to capture significant market shares.
• Nestlé Purina, a leading pet food company, has been actively investing in its operations in India to cater to the rising demand for pet food products. In 2022, Nestlé India acquired the pet foods business of Purina Petcare India for INR 123.5 crore, further strengthening its position in the Indian pet care market.
• The state of Maharashtra, particularly the city of Mumbai, dominates the Indian pet market. In 2023, Maharashtra was dominating due to its high pet adoption rates and a strong presence of key market players. Bangalore, the state capital, is known for its vibrant pet culture, with numerous pet cafes, parks, and specialized veterinary clinics catering to the growing pet population.

India Pet Market Segmentation

The India Pet Market can be segmented by various factors like by product type, by application and by region. 

By Product Type: The India Pet Market can be segmented by product type into pet food, pet healthcare, and pet accessories. In 2023, Pet food was dominating the market due to its attributes to the growing awareness among pet owners about the importance of nutrition for their pets. Brands like Royal Canin and Pedigree offer a wide range of products catering to different dietary needs, ensuring their leading position in the market.

By Pet Type: The India Pet Market can also be segmented by pet type into dogs, cats, and others (birds, fish, small mammals). In 2023, the dog segment was dominating due to the deep-rooted cultural preference for dogs as loyal and protective companions. Additionally, the availability of various dog breeds and the extensive range of products tailored specifically for dogs contribute to this segment's leading position.

By Region: The Indian Pet Market is segmented by region into north, south, east, and west. In 2023, the southern region was dominating due to its higher pet adoption rates and advanced veterinary infrastructure. Cities like Bangalore and Chennai have numerous pet-friendly amenities, including parks, cafes, and veterinary clinics, which foster a pet-friendly culture and drive market growth.

India Pet Market Competitive Landscape

India Pet Market Major Players

• Mars International: In August 2023, Mars Inc. announced an investment of INR 800 crore to commence the phase-II expansion of its manufacturing plant in Telangana. And also   the pet food and pet healthcare division of Mars Inc., has a plant with an initial fixed capital investment of INR 200 crore in Siddipet district, where pet food is manufactured under well-known brands such as Pedigree and Whiskers.
• Nestlé Purina: In March 2024, Nestlé Purina celebrated the grand opening of its new $450 million, 1.3-million-square-foot pet food factory in Eden, North Carolina. The facility repurposes 80% of a former brewery and features cutting-edge technologies, including the first-ever vertical dryer installed in a Purina U.S. factory and automated systems in warehousing and freezer space.

India Pet Market Analysis

India Pet Market Growth Drivers

• Rise in Pet Healthcare Expenditure: This increase is attributed to growing awareness among pet owners about the importance of pet health and wellness. There has been a notable rise in the number of veterinary hospitals. During financial year 2022, over 12,000 veterinary hospitals and polyclinics were found across India. Pet owners are now more willing to invest in preventive care, vaccinations, and advanced medical treatments for their pets, driving the growth of the pet healthcare segment.
• Growth of Pet Services Industry: In 2023, the pet services industry, encompassing grooming, boarding, training, and daycare, is growing as busy pet owners increasingly rely on professional care. The rise in dual-income households has boosted disposable incomes, enabling more spending on premium pet services. India's total disposable personal income surged to INR 2.14 lakh in 2023-2024 allowing more population to invest in pet services.
• Expansion of E-commerce Platforms: The proliferation of e-commerce platforms such as Amazon, Flipkart, and PetSutra has revolutionized the accessibility of pet products in India. In 2023, online sales of pet products will increase. These platforms provide a wide range of pet food, grooming products, and accessories, making it convenient for pet owners to shop from the comfort of their homes.

India Pet Market Challenges

• Lack of Regulatory Standards: The absence of stringent regulatory standards for pet food and products in India is a significant challenge. The pet food products available in the market did not meet international quality standards, posing potential health risks to pets. This lack of regulation leads to inconsistencies in product quality and safety, making it difficult for pet owners to trust the available products. Establishing and enforcing comprehensive regulations are crucial to ensure the safety and reliability of pet food and products.
• High Cost of Veterinary Care: Veterinary care costs in India have been on the rise, presenting a barrier for many pet owners. The high-cost limits access to necessary medical treatments and preventive care for pets, particularly in rural areas where incomes are lower. The disparity in veterinary care accessibility and affordability needs to be addressed to ensure the well-being of pets across different socio-economic groups.

India Pet Market Government Initiatives

• Veterinary Infrastructure Development: The Union Finance Minister announced the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) as a new sub-scheme under PMMSY, emphasizing the creation of primary cooperative societies, including fisheries cooperatives, at the panchayat level. The agriculture and allied sectors' credit target will be raised to 20 lakh crore, focusing on animal husbandry, dairy, and fisheries. Additionally, the Digital Public Infrastructure and Agricultural Accelerator Fund will boost innovations in the fisheries value chain.
• Animal Welfare Board Funding: In 2023, the Indian government allocated INR 100 crore to the Animal Welfare Board to support various animal welfare initiatives. This funding is directed towards programs that promote responsible pet ownership, animal rights awareness, and the prevention of animal cruelty. The allocation also includes grants for NGOs and animal shelters that work towards rescuing and rehabilitating abandoned pets.

India Pet Market Future Outlook

The Indian pet market is poised for substantial growth by 2028. Factors such as increasing awareness of pet health, the introduction of premium pet products, and a rise in the number of nuclear families are expected to drive this growth. Additionally, advancements in veterinary care and pet insurance are likely to further support market expansion.

Market Trends

• Rise in Premium Pet Products: Over the next five years, the demand for premium pet products is expected to grow significantly. By 2028, it is projected that the premium pet food segment will generate more revenues. This growth will be driven by an increasing number of pet owners becoming more conscious about the nutritional needs of their pets and opting for high-quality, specialized pet food.
• Growth of Pet Insurance Market: The pet insurance market is anticipated to expand significantly, with more pet owners seeking financial protection for their pets' healthcare needs. By 2028, the number of insured pets is expected to reach in million. The rising costs of veterinary care and increased awareness about pet health are the primary drivers behind this trend.