India’s pet care industry grows after Covid pandemic; Nestle, Emami join sector
- India's pet care industry is set to touch ₹10,000 crore by 2025, prompting companies like Nestle India and Emami to enter the sector
As more Indians adopted pets during the Covid pandemic, the industry is expected to boom in the next five years. At present, the pet food market is around ₹4,000 crore and is expected to grow significantly over the next five years. India's pet care industry is set to touch ₹10,000 crore by 2025, prompting companies like Nestle India and Emami to enter the sector.
Mars Petcare and Himalaya Wellness Company are the two major companies operating in the segment. Last week, Nestle India entered into the segment by acquiring the pet foods business from its fellow subsidiary Purina Petcare India for ₹123.5 crore.
Last month, Emami announced to invest in a pet-care startup Cannis Lupus Services India, offering Ayurvedic remedies for pets under the brand "Fur Ball Story".
"India is one of the fastest growing pet care markets in the world. The growth is led by factors, such as rising incomes, nuclear families, and changing attitudes toward pets and pet owners. A number of people during the lockdown filled their emptiness by adopting a pet. This trend during the pandemic saw a rise in demand not only from metros but also from tier II and III cities," Mars Petcare India Managing Director Salil Murthy said.
"The domestic manufactured pet food market is about ₹4,000 crore as of 2021 and is expected to grow significantly over the next five years," he said.
India's overall dog food market is projected to rise at a 15% current value CAGR in the next 5 years, as per the report by Euromonitor.
Murthy said that the market in India for pet food has been on the rising end of the ladder for some time now. Indian pet care industry is estimated at $ 434 million (Retail Sales Value) in 2021 and is expected to reach $1,356 million ( ₹10,770 crore) by 2025. The industry has had an over 15% year-on-year growth in the past decade".
According to Edelweiss Financial Services Executive Director Abneesh Roy, pet food is now a big market growing at 20%.
Earlier, this week Nestle India Chairman and Managing Director Suresh Narayanan said pet care is among the highest growing category now. Today, there are an estimated 30 million pets in the country, and is growing at 11% per annum.
According to Narayanan, "portfolio expansion in fast-growing segments like Wet Cat Food" is playing a significant role.
Mars Petcare, which owns popular brands - Pedigree, Whiskas, IAMS, and Temptations - had last year announced to invest ₹500 crore for the expansion of its Hyderabad petfood factory to meet the rising domestic demand and exports to the Asian markets.
Last year, Cosmo Films, a leading solution provider in the packaging, lamination, labelling, and synthetic paper segments, forayed into the pet care business with the brand ZIGLY.
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Business NewsNewsIndiaIndia’s pet care industry grows after Covid pandemic; Nestle, Emami join sector
First Published:31 Jul 2022, 03:55 PM IST
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