The expeditious rise of India’s pet industry
Start-ups and well-established players are positively impacted by the good performance of the category.
Until recently, pets in the southeastern country were kept for safeguarding purposes and as ‘creatures of the outside’ who were given leftover food from the owner’s kitchen. While this continues in some rural towns, there has been a major shift in Indian metropolitan areas, where pets are considered an extension of the family.
Since 2020, the pet industry in the country has registered an annual growth rate of 22%.
Research by Market Decipher concluded that the pet care market size in the world’s second most populated nation was valued at INR 74,000 crores ($8.9B/€8.4B). Pet food sales are expected to hit the $533 million mark in 2023 and reach $1 billion by 2026, according to Bonafide Research.
Major drivers
The major growth drivers for this industry are food, healthcare, grooming, and accessories.
“The availability of a wide range of pet products and services in India has made it easier for pet owners to take care of their pets and has contributed to the growth of the pet industry,” Anushka Iyer, Founder, and CEO of omnichannel pet care brand Wiggles, told GlobalPETS.
According to Iyer, more people in India can afford pets and are willing to spend on their needs due to increased disposable income.
Wiggles offers a range of services, such as pet grooming, pet healthcare, pet boarding, and pet training, to ensure that pets receive the care they need.
Investment boom
In the past 5 years, specifically in pandemic years, the number of pet start-ups (and investors injecting capital) has been rising considerably in India.
Delhi-based dog parent-led community app Sploot was launched in 2019 when Founders Garima Kaushal and Arnav Sahni decided to make a change in the Indian pet care space. They aim to provide products and services that make life easier for pet parents.
Today, the app offers products and services related to pet health, behavior, and nutrition and manages pet care schedules, from grooming to vet visits.
The platform recently received a second round cash injection of INR 5.2 crore ($628K/€592K) from tech firm Info Edge, who had already invested half a million dollars (€470K) into the company in May 2022.
Pet start-up Vetic, claiming to be India’s first digital pet clinic chain, closed $3.7 million (€3.46M) in a seed funding round from 11 investors 3 months after its launch in August 2022. The platform aims to “promote the collaborative, multidisciplinary investigation of diagnosing and treatment” of pets while “elevating the clinic experience.”
Zoivane Pets debuted in 2020 as a pet care and grooming enterprise to assist pet parents with training and pet care. Today, it retails cat and dog training, spays, tick and flea products, and other pet-related items.
In December 2022, Founders Nishma and Kshitij Singhal raised INR 5 crore ($603K/€570K) from venture capitalist GVFL Limited to expand the business.
More demand
Indian pet firms are seeing a surge in local pet parents’ demand for supplies and services. Considering this, Wiggles is looking to expand its product offering and footprint nationwide.
“There will be an increase in demand for top quality premium and organic products along with better quality vet services and more boarding services in the near future,” commented Anushka Iyer from Wiggles.
JUSTDOGS, founded in 2011 as a pet food and supplies retailer in Ahmedabad, is now the largest pet retailer nationwide, with 45 stores offering a range of pet food, supplements, treats, accessories, care, and grooming products. With a customer base of more than 2 million pet parents, it plans to reach 150 stores by 2025.
Heads Up For Tails started operations in 2008 as a “tiny kiosk” in a New Delhi mall. Nowadays, its retail network is formed by 48 locations, where it also sells its own private label products.
The firm now has a digital presence and operates 75 stores in 15 cities, along with 45 pet spas. Heads Up For Tails offers a range of 13,000 products across 250 brands.
Indian pet food manufacturer Drools is looking to expand exports to 50 countries and aims to double its revenue by 2025.