Creature Companion - Interzoo Special Interzoo Special 2018 | Page 16

Pet Food Market
Pet Food Market
in
INDIA
By Mr. Mahesh Bendre
R
ising concerns among pet owners with regard to ensuring
proper pet nutrition, and the consequent search for products
catering to the specifi c needs of their pets are few of the
factors driving growth in the pet food market in India. Th e growing
trend of keeping pets as companions is leading to a surge in the
ownership of pets such as dogs, birds, fi sh, cats, etc. Moreover, with
rapid urbanization, a rising number of middle-class and affl uent
families, and an increasing need for security, pets are being adopted
by individuals and families at a robust pace across the country.
Furhter, growth in disposable incomes has enabled pet owners to
spend more on ensuring their pets’ wellbeing. As a result, the pet
food market in the country is anticipated to witness a double digit
Compound Annual Growth Rate (CAGR) in the coming years.
Th e pet food market in India stood at $270-275 million in 2017, and
is forecast to witness a CAGR of over 18 percent through 2023. Over
the last few years, the trend of adopting pets, especially dogs, has
been on the rise, and the rate of pet ownership is expected to further
increase in the next fi ve years. Due to previous lack of awareness
about the range of pet food products available in the market and the
lingering
perception that homemade food meets all the
nutritional requirements of pets, pet owners
in India largely fed their pets homemade
meals while off ering packaged food only as
snacks. However, this perception is gradually
changing as pet owners are now purchasing a
growing number of packaged food products on
account of direct promotion of these products to
consumers by various sources. As a result, a gradual
shift towards prepared pet food can be observed as
pet owners have started to spend on pet food and
pet care products more than ever before.
Th e dog food category dominated
the pet food market in
India in 2017,
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Creature Companion | Interzoo Special 2018
owing to the increasing number of dog
owning households in the country. Th e pet
dog population in India was estimated to be
over 17 million in 2017, compared to the 1.5
million pet cat population. A growing middle-
class population in the country coupled with
the fact that dogs are perceived as the best
companions to have, leading to higher rates
of adoption of pet dogs as well as higher rates
of spending by dog owners on premium and
functional dog foods in tandem with the
wider availability of dog food on online retail
channels, are few of the factors augmenting
the dog food market and, eventually, the pet
food market in the country.
Th e pet food market in India can be broadly
categorized into two categories - dry food
and wet food. Dry food type dominated the
market in 2017 and is anticipated to remain
the dominant pet food category over the next
fi ve years owing to the fact that dry pet food
is considered the most convenient type of
food for feeding and storage purposes. Dry
food can be left out for the pet to eat at its
own pace without fear of spoilage. However,
the market for wet pet food is also showing
signs of growth. As pet owners are becoming
more cognizant of the nutrition and dietary
requirements of their pets, they have started
to feed their pets wet food products to ensure
the adequate supply of nutrients and vitamins
for achieving optimal pet health. Moreover,
gels and thickeners are being added to pet
food to provide consistency and texture which
serves to make it tastier.