Chewy, an online supplier of pet food and supplies, is one of the key participants in the Indian pet market. In the US pet market, Chewy has a market share of almost 50%, although it is still relatively unknown in India. However, more foreign companies are likely to enter the Indian market in the upcoming years because to the rising demand for pet items in the nation.
Dogs and cats will still be the most popular pets in the world in 2021, according to pet owners. However, other types of pets, such birds, small animals, and fish, are becoming more and more popular. Pet adoptions have increased as a result of the pandemic as more individuals look for company during lockdowns. The pet industry is expected to be valued approximately USD 103 billion worldwide in 2020, with the US and China being the two biggest markets. However, India is positioned to play a key role in the global pet business in the next years because to the country’s expanding middle class and rising disposable incomes.
Pet owners typically spend the most on pet food, veterinary care, and accessories for their animals. Pet food makes up the largest portion of the pet sector in India, with a predicted CAGR of 14.8% from 2017 to 2022. The importance of nutrition is becoming more and more recognized by pet owners, and there are more high-end pet food products available on the market as a result.
In conclusion, the Indian pet market is expanding and offers a wealth of commercial options. The demand for pet-related goods and services will only rise as more and more Indians adopt pets, making it a lucrative market for both domestic and foreign firms.
The “The Pet Industry in India: A Growing Market” article lists several trends in the pet industry, such as a rise in pet adoption and ownership, an emphasis on pet healthcare and wellness, and the advent of technology-driven pet products. Another development is the expansion of the internet pet market, which enables pet owners to easily order goods and services for their animals while remaining at home.