Be it adorable puppies, Instagram kittens, spas for cats and dogs, or medical insurance cover for their health, Indians are splurging on their pets like never before.
Plants are the new pets but pets are the new kids. And Indians are adopting a lot of them. Pet owners call themselves ‘Pet Parents’ and have been looking for healthier and more sustainable products for their pets/children. There is a revolution of sorts that is taking place in this relatively nascent market.
The world over we have seen adoptions, but most of it increased during the COVID-19 pandemic. The outbreak of the virus forced people to stay indoors for an extended period, which fuelled the need for companionship.
The global pet care market is expected to grow at a compounded annual growth rate of 7 percent to $176 billion by 2023, with the USA as its single largest market.
A similar story is playing out in India because of increasing nuclear families, rising income levels, and the long lockdown during the pandemic. All of this has contributed to the growth of the pet care industry in India.
According to a study, almost 6 in 10 Indians now have a pet. And dogs and cats are the two most popular pet companions in India, followed by others. The population of cats and dogs has also been rising with an estimated 28 million dogs as of 2021 and 3 million cats as pets in India.
For more insight into the rising pet care industry, CNBC-TV18 spoke with Varun Sadana, the co-founder of Supertails.com, which is Bengaluru-based pet care and supplies startup, an online platform that offers various supplies and services for pets. Manvitha Janagam, independent consultant, Verlinvest and Rashi Narang, founder and CEO of Heads Up for Tails, a pets accessories business launched in 2008 that has raised over $50 million from investors, also joined the discussion.
For an interesting discussion, watch the video