Doting Gen Z 'parents' drive pet care market
Writer Admin
CHENNAI: Powered by millennial and Gen Z pet owners' search for out-of-the-box products and services for their pets, India's pet care market is all set to jump from $1 billion in 2022 to $2.5 billion by 2025 - a CAGR of more than 15%. Pet care marketers say the focus is moving away from the conventional pet food segment to a more varied bouquet of offerings.
Shashank Sinha, CEO, Drools Pet Food said, "While pet food is still 65% of the market, the categories of supplements, treats, toys, accessories and bowls are increasing which aligns with the trend observed in mature pet care markets like the US and Europe."

What has changed over time is the profile of pet owners in India. Today's 'pet parents' - many of whom adopted their furry friend during the pandemic - are younger, tech-savvier, and far more invested in looking for specialised solutions and services for their pet care needs.
Rashi Narang, founder & CEO of Heads Up For Tails, said, "If we've learnt anything from the pandemic, it's the power of the pet which also supercharged growth of the pet care e-commerce market." She added that the growth curve is thanks to "digitally savvy millennials and Gen Zs who will account for one in three pet parents by 2025". According to Sinha, India is expected to see its e-commerce share reach 35% within the next few years.

 

For the pet care market, that has meant a sudden spurt in investor interest. Between 2021-22, the industry attracted investments totalling $77 million, as reported by Venture Intelligence. Already, several pet care startups are offering everything from pet cosmetics to tech-enabled smart collars and pet tracking devices. Take the IIT-Madras incubated Vetinstant Healthcare, which offers devices to track pets' vital statistics. Its founder Vani Aiyar said, "Pet parents today have seen technology deliver across multiple segments like food, banking, travel and health, so they are keen to look at new ideas and new methods of pet care too."

 

Bangalore-based veterinarian Archith Sridhar specialises in regenerative medicine through his company Animalia Biogenesis. "We focus on treating severe injuries, arthritis, and kidney issues using stem cells and platelets without side effects of conventional treatments," he said.

 

However, this growing trend of paw-parenting is largely a metro phenomenon. According to Sinha of Drools, "Cities such as Bengaluru and Hyderabad have emerged as prominent markets... Monthly expenses of Rs 5,000 or more on pets are becoming increasingly common, with the average expenditure in Bengaluru estimated at Rs 3,000 per month."

 

Pet parents are also networked using social media and frequently shares tips and complaints. Heads Up For Tails, Narang added, collaborates with these communities along with NGOs, influencers and pet activists to "encourage conversations". 


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