Number of Pets in Indian Households Surges by 23% in Five Years
Pet Industry Grows to $3.6 Billion
As the population of pet owners expands in India, a country with 1.4 billion people, related industries are becoming more active. In the past, owning pets in India was considered a luxury enjoyed by the wealthy, but due to COVID-19 and changes in social structure, the pet market is expected to more than double within three years.
According to the BBC on the 27th (local time), Indian entrepreneur Neha Bafna buys only hypoallergenic pet food that is twice as expensive as regular dog food for her 4-year-old dog. She said, "I stayed up all night trying to find the right food for my dog," adding, "My dog is my child, and I hope nothing bad happens to him."
In the past, owning pets in India was a luxury only the ultra-rich could enjoy. However, recently, India's middle class has been spending more money on their "Fur babies," a term for pets.
According to the global market research firm Redseer Report, the number of pets in Indian households surged by more than 23% over five years, from 26 million in 2019 to 32 million in 2024. The amount invested in pets has also increased. In 2024, Indians spent $3.6 billion (5.2783 trillion KRW) on pet products and services, nearly doubling from $1.6 billion (2.3459 trillion KRW) in 2019.
The report stated, "India's pet care market is estimated to double within the next three years," and "it is likely to surpass $7 billion (10.2655 trillion KRW) by 2028."
Ankur Bisen, senior partner at Technopak Retail Consulting, analyzed that COVID-19 had a significant impact on the rapid increase in pet ownership. He said, "During COVID, people needed companions while staying at home," adding, "Young mothers, early career individuals, and those who chose not to have children started raising pets."
Changes in Indian society also contributed to growing interest in pets. The BBC reported, "Late marriages, smaller family sizes, and shifts in social norms are reshaping family structures in urban India," and "Pets are increasingly receiving care and attention similar to that given to children."
As the number of pet owners increases, related industries such as pet care, insurance, and specialized veterinary services are also developing. Pankaj Poddar, CEO of Zigly, an Indian pet care company, said, "Twenty years ago, pet care was limited to basic services like vaccinations and veterinary treatment," adding, "Now, owners want the best for their pets in areas such as clothing, accessories, and even specialized services." He also mentioned, "Some pet owners spend up to 10% of their income on their pets."
Furthermore, Poddar said, "Over the past 8 to 9 months, our company has achieved 7-10% growth month-over-month," with a monthly gross merchandise value of about 46 million rupees (approximately 787.98 million KRW), and expects to reach 1 billion rupees (171.3 billion KRW) next year.
Experts also predict further expansion of the pet industry. According to Bloomberg Intelligence's "2023 Pet Economy Report," the current $320 billion (469 trillion KRW) global pet care sector could grow to $500 billion (733 trillion KRW) within the next 10 years.
However, the BBC analyzed that "India's unequal economic growth, slowing consumption, and wage stagnation could hinder industry growth."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
