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Report
India Pet Food Market - Growth, Trends, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 80 Pages I Mordor Intelligence
The Indian pet food market is projected to register a CAGR of 4.7% during the forecast period.
Key Highlights
The concept of owning pets and caring for them is a very urban phenomenon in India. In 2020, major factors driving the demand for pet food in India included increasing pet ownership, rising per capita disposable income, and increasing nuclear families, particularly in urban areas. The initial impasse of the Indian consumers' overspending on pets is slowly giving way to trends such as pet humanization and sensitization, which are well demonstrated by the rapid rise in adoption rates. In India, pet food predominantly includes packaged, ready-to-eat food products manufactured to provide complete nutrition to pets.
Most bird owners rely on fruits, millet, seeds, and other protein-rich diets. They rarely buy food manufactured specifically for birds. However, in urban regions, birds are preferred as pets to dogs and cats as they are smaller, easier to care for, and low maintenance. Food for birds also differs according to species. The diets of aquatic creatures vary not only by species but also by size, with companies, such as Tropical Industry and Pacific Blue Taiwan, specializing in catering to the fish food needs of all varieties.
In India, pet ownership is on the rise. According to industry estimates, there are over 31 million pets in the country now, with a growth rate of approximately 11%, implying an addition of almost 3 million pets per year. Although more than 80% of families serve home-cooked meals to their pets, this trend is changing as owners become more aware of and seek out better pet care products and food. While dogs continue to be the most popular pets, shoppers are now choosing cats. Dog food accounts for the majority of the pet food industry. Pet ownership has increased in smaller cities and villages as well. Pet ownership is spreading across all socioeconomic strata in town. Owning pets is no longer just a metropolitan phenomenon but a phenomenon across the country. Ease of access due to online shopping is helping pet food companies extend their reach to smaller towns and expand the market. Hence, due to a shift in the culture of enhanced pet humanization and the importance given to the health of pets, the pet food market is projected to grow during the forecast period.
India Pet Food Market Trends
Increase in Pet Humanization
The growing middle-class population, rapidly growing urbanization, a growing number of elderly, and people getting married and having children later than before are transforming India into a pet-owning and pet-loving society, with dogs and cats dominating the market. With Indians welcoming more "paw" buddies, complemented by the trend of pet humanization among pet owners, demand for branded premium products is likely to increase. The younger generation supports this trend and frequently takes their pets to veterinary clinics for regular check-ups and advice on healthcare and dietary supplements. With growing income, urbanization, and increasing health awareness, pet owners are shifting to premium and natural foods that are free of genetically modified organisms, artificial colors, and flavors and aid in promoting the good health of pets. Thus, many companies are launching food with high-quality proteins and vitamins, which help maintain healthy skin, digestive health, etc.
With the increasing aged population and declining birth rates, the Indian population is owning pets as companions.? According to India International Pet Trade Fair (IIPTF), an average of 600,000 pets are adopted yearly. Nowadays, pet parents are spending more on the health and well-being of their pets. Hence, the demand for pet care products is likely to grow in the coming years due to growing pet adoption, attachment toward pets, humanization, and pets as a status symbol.? In 2017, the pet food market's revenue increased only by USD 5.7 million due to a decline in the sales of pet food products. This decline in sales was due to the Goods and Services Tax (GST) and the contraction in premium pet food sales. ?At the same time, as per an article published in 2021, food products make up half of India's total pet care industry, estimated at up to INR 8,000 crore annually. Dogs are the most popular companions in India, constituting 85% of pets. Northern India has the highest number of pets, and cats and fish are the most popular pet choices in southern India. The trend of pet cafes and spas has been gaining popularity over the years, boosting the demand for more pet food products in the country.?
Dog Food Dominates the Animal Type Segment
India is the fastest-growing market due to the increased level of adoption of dogs and awareness about pet food products among consumers. Rising income levels and the trend of adoption of dogs in the urban parts of the country are driving the growth of the dog food market. Dogs adapt to traditional eating habits, such as meat, non-meat scraps, and leftovers. However, these unhygienic foods lead to allergic reactions in pets. Health concerns for animals and pet humanization have created an opportunity for the pet food market. ?
On the other hand, growing middle-class families in countries like India are more inclined toward adopting pets. About 85% of the pets in India are dogs, with the northern region accounting for the highest pet population. However, on the contrary, cats and fish are more adopted in South India. ? A rising trend of natural and grain-free pet foods is being witnessed in the Indian pet food industry. Pet owners are switching to gluten-free and grain-free foods in the country. The dog owners' interest in purchasing healthy and nutritious foods for their pets drives the sales of different types of dog foods, leading to the launch of various dog food products. Thus, due to such factors, the dog segment of the market is expected to grow steadily over the forecast period. ?
India Pet Food Market Competitor Analysis
The Indian pet food market is consolidated and dominated by major players. Mars Inc's Royal Canin, Pedigree, and Whiskas, compete with a premium positioning. Other leading brands include Drools, Himalaya Wellness, Glenands, and Nestle Purina. These major players are investing in new products and improvisation of products, expansions, and acquisitions for business expansions. Another major area of investment is the focus on research and development to launch new products at lower prices.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers/Consumers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Product
5.1.1 Dry Pet Food
5.1.2 Wet Pet Food
5.1.3 Veterinary Diet
5.1.4 Treats/Snacks
5.1.5 Other Products
5.2 Animal Type
5.2.1 Dog
5.2.2 Cat
5.2.3 Bird
5.2.4 Other Animal Types
5.3 Distribution Channel
5.3.1 Specialized Pet Shops
5.3.2 Online Retail Channel
5.3.3 Hypermarkets/Supermarkets
5.3.4 Other Distribution Channels
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mars Inc.
6.3.2 Nestle SA (Purina)
6.3.3 Nutriara Alimentos Ltda
6.3.4 Himalaya Wellness
6.3.5 Drools
6.3.6 Uni-Charm Corp.
6.3.7 Holistic Select
6.3.8 Eagle Pack
6.3.9 Diamond Naturals
6.3.10 Glenand
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