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From peanut butter and health drinks to DNA tests for early detection of genetic diseases for dogs, the Indian pet care industry is evolving rapidly with its myriad offerings, amidst rising pet adoption, fuelled by millennials and Gen Z pet parents.
Industry players say that the cultural shift from mere ownership to the parenting attitude for pets is expected to help grow this industry at 19-20 per cent over the next decade till 2032.
Last week, Mankind Pharma became the latest entrant in the pet care segment with the launch of PetStar Dog Food. Rajeev Juneja, Managing Director & Vice Chairman, Mankind Pharma Limited said that the company aims to scale up the pet care business to a turnover of ₹500 crore per year in the next five years. He added other launches such as pet grooming products are also on the card.
Expansion to smaller towns
Pet food majors such as Mars and Nestle are already aggressively targeting the fast-growing segment, while a slew of start-ups backed by venture capital and private equity are expanding into tier-2 cities.
Salil Murthy, Managing Director, Mars Petcare India, said, “We plan to double our manufacturing capacity by 2024. This will raise productivity to meet the rising demand for dry pet food not just in India but also throughout Asia. From economy to super-premium, we offer products across a variety of price points.“
He added that the significant boom in e-commerce and quick commerce has made organised pet food brands more accessible across cities. Murthy also pointed out to the rising demand for premium dog and cat food with growing consumer awareness about pet well-being.
Other unique offerings
The boom is not just in the pet-food segment, which alone is estimated to be at ₹4,000 crore and growing at 25 per cent.
Grooming services have mushroomed across cities and pet care platforms are offering everything from interactive toys to health supplements for the furry members of the family. Take for instance: Urban Animal which has launched DNA testing kits to ensure early detection of genetic ailments in dogs to increase their lifespan.
Anushka Iyer, Founder & CEO, Wiggles, said pet owners are now converting to being pet parents and this has provided a huge boost to the pet care industry.
“Apart from the food category, other segments like vet services, health and wellness, grooming and accessories have become a necessity and are seeing a steep growth. Even the tier-2 and tier-3 markets have been witnessing growth and increased awareness is a factor behind the growth of these markets,” she added.
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