India Pet Food Market size is the fastest growing market with a CAGR of 12.3% between 2020 and 2026 and has 29 million pets the pet food industry is projected to reach INR 2,500 crore by 2027. Despite the global recession, worldwide sales of pet-related products and services are expected to increase to million soon. As indicated by statistical surveying 6wresearch, the outstanding development rate delighted in by the worldwide pet industry has been on target starting around 2000 and is set to proceed.
India Pet Food Market fastest developing pet enterprise in the world. The business started to require off throughout the course of recent years. There are several reasons that can be credited to this developing trend. To start with, India rapidly developing economic environment and prosperity have led to a growing middle class who are more affluent than the previous generation’s better economic performance means more disposable income for an average family to spend on pets and other non-necessities. As a result of India, a one-child policy that has stood firm for quite a long time, adding a pet to the family turns into an undeniable decision for the close-to-home estimation it brings, particularly when a run-of-the-mill working-class kid invests his energy working or studying.
Incredible India as the next growth opportunity
India is often perceived by consultants as a newcomer to the India Pet Food Market, 6wresearch reported that this market is expected to grow at a 10-15% annual rate in the coming years. While Indian buyers are gradually embodying industrial pet foods, opting to feed their pets self-made fare, consultants are nonetheless inclined to guess their greenbacks on the gradual but consistent increase of this niche. Due to affluence and economic growth, pets are increasingly seen as essential family members within middle-class households. The development of pet industries in the above business sectors will build the interest for expert specialists, for example, pet medical care, pet prepping administrations, pet grooming services, and even pet morgues!
Covid 19 Impact on India pet Food Market
In the wake of the COVID-19 pandemic, several industries have taken a hit, but the major brunt was almost every industrial sector. During the covid, a pandemic supply chain was observed in the global market. The pandemic has caused a huge impact on the pet food industry in India. Due to the spread of misinformation about pets’ immunity to infection, some people have begun to abandon their pets. This made the pet industry launch certain awareness campaigns to dispel the rumors.
Market Dynamics- Drivers
Rising demand for safe and healthy animal food, restrictions on the use of antibiotics, and increasing awareness among producers about animal health are the major factors driving the India Pet Food Market Growth. There is also an increasing global demand for food of animal origin including eggs, fish, milk, and meat to provide better nutrition to animals. As per Food and Agriculture Organization, worldwide interest in animal-derived protein will double by 2050. Increasing consumption of Pet products and livestock contributes significantly to the nutritional and economic well-being of millions of people worldwide. The livestock sector is under increasing pressure to meet the growing demand for high-value proteins. Urbanization is a major driving factor supporting the demand for livestock products due to improved infrastructure, including cold chains, which allow trade in fresh goods. As per Food and Agriculture Organization, compared to the rural population, the city population has a different diet wealthy in creature fats and proteins and portrayed by higher utilization of poultry, meat, milk, and other dairy items.
Animal feed plays a primary role in the worldwide food industry, as feed is the most important component in ensuring abundant, safe, and reasonable animal protein. Youthful and developing creatures expect supplements to meet the necessities of explicit growth stages. They require genuine food for sustenance for the development and improvement of organs, muscles, and bones. The nutritional requirements of animals additionally change with age. For example, older animals may have health problems related to aging, requiring different healthful necessities, for example, mineral and nutrient enhancements.