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Business News›News›Company›Corporate Trends›Paw Power: How pets are becoming a
serious business in India



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PAW POWER: HOW PETS ARE BECOMING A SERIOUS BUSINESS IN INDIA

SECTIONS
Paw Power: How pets are becoming a serious business in India
By
Lijee Philip

, ET BureauLast Updated: May 06, 2023, 10:51:00 PM IST
Synopsis


INDIA'S PET CARE INDUSTRY IS GROWING AT A CAGR OF 16.5%, ACCORDING TO DECIPHER
MARKET RESEARCH AGENCY, WITH THE MARKET SIZE EXPECTED TO REACH $1,932.6M BY
2030. THE FASTEST GROWING PET CARE SECTORS ARE PET FOOD, PET ACCESSORIES,
GROOMING, AND HEALTHCARE, WITH INCREASED SPENDING LEADING TO HIGHER INVESTOR
APPETITE. PREMIUM PET PRODUCTS - SUCH AS ORGANIC FOOD, LUXURY ACCESSORIES,
PERSONALISED NUTRITION, AND TELEMEDICINE - HAVE GROWN SIGNIFICANTLY, ALONG WITH
THE NUMBER OF PET CARE FIRMS, WITH AROUND 70 FOUNDED IN THE LAST TWO YEARS
ALONE.

Mahesh and Tina Shetty’s lives revolve around their three-year-old Labrador,
Veer. When the 30-something IT professionals were transferred from Hyderabad to
Mumbai at the end of 2021, they chose to live in Thane simply because of the pet
boarding facilities there. “Since we have to go to the office at least two-three
times a week, we needed options like dog sitters, boarding and grooming places
and pet play areas,” says Tina. The Shettys often leave Veer at Woof N Goof Pet
Resort, which charges Rs 500 for five hours of boarding and Rs 1,100 for 24
hours. Now they have also taken a monthly subscription for Veer’s swimming
lessons, which cost Rs 4,000 for eight sessions. Taking care of a pet doesn’t
come cheap. The Shettys say they spend close to Rs 25,000 a month on Veer.

Pets are serious business in India. As grooming vans roll into neighbourhoods,
dogs and cats can get their hair brushed, nails clipped and paws massaged for Rs
1,150-3,500 — what their humans would spend on salons. Afterwards the human and
her cat can walk into a pet cafe where they can spend an evening together, with
the furry client choosing perhaps a carrot cupcake from a menu specially made
for them. “Earlier dogs’ role was to guard the property and cats just chased
mice at home. Now pets are getting a different, privileged treatment from
owners,” says Mihir Shah, cofounder of Woof N Goof, which offers pet care
services such as boarding, grooming and agility training.





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The market for premium pet products such as organic food, luxury accessories,
personalised nutrition and telemedicine has grown significantly following the
surge in pet ownership during the Covid-19 pandemic.

HEAVY PETTING
The pet population in India is estimated to be around 32 million, growing at 11%
per annum, with dogs being the most popular, followed by cats and fish. The
market size of pet care in India was $569.4 million in 2022 and is estimated to
reach $1,932.6 million by 2030, growing at a CAGR of 16.5%, according to
Decipher Market Research Agency.

The fastest growing sectors are pet food, which captures two-thirds of the
market revenue, followed by pet accessories, grooming and healthcare.

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With people spending more on pet care products and services, the investor
appetite in this sunrise sector is also growing. Investor interest and scrutiny,
in turn, have brought a certain professionalism in the pet care segment.
Investments can be neatly divided into before, during and after the pandemic.
From 2018 to 2020, the Indian pet care industry saw investments of $20 million
across eight deals, according to Decipher. This jumped to 11 deals and $77
million in 2021- 22, according to estimates of Venture Intelligence.

About 70 pet care firms were founded in the last two years to cash in on the
surge in pet ownership, according to Decipher. “The development of premium pet
products and services, which often command higher prices, can generate higher
profit margins, too,” says Anushka Iyer, founder of Wiggles, which raised an
angel funding of $1 million in 2019 and a pre-series-A funding round of $5.5
million in 2021, led by Anthill Ventures. Around $20 million could be raised
soon in a Series A round, adds Iyer. Wiggles recently acquired the D2C company
Capt Zack in a 100% cash and equity deal. This is possibly the first time an
Indian pet care startup has acquired a homegrown brand.

Wiggles has a facility called Petsville in Pune which offers boarding and
conducts puppy training camps on weekends and even programmes to help anxious
pet parents understand their animals better. It has also launched
immunity-boosting probiotic strips for pets, which cost Rs 255, and a “balanced
meal” for puppies that comes to `300 for a packet. There’s even an energy drink.

“Wiggles addresses the basic needs of pets through vet consultations,
supplements and medicines, keeping in mind the rapid increase in pet abandonment
in India mainly due to the rising costs associated with pet care,” says Iyer.

The pet care industry has more unorganised than organised players. But it has a
high potential for disruption and growth. And the fact that the sector has
bucked a serious crisis like the pandemic makes it a particularly attractive
investment option.

Rashi Narang, founder of the online pet store Heads Up For Tails (HUFT), which
offers more than 1,000 products across 80 brands, says, “The pet care market is
growing globally and so there has been VC interest in the space. Postpandemic,
there has been a surge in the number of pet care companies in the country with
many players entering the market to meet specific needs such as pet sitting,
boarding, training and grooming.” HUFT offers grooming services across 35
centres in nine cities.

Nishita Agarwal, cofounder of Papa Pawsome, which offers grooming products for
pets, says, “We are focused on pan-India growth and are expanding our products
lineup, which includes safe pet care products like silicone-free serums,
waterless shampoos, paw creams and spa kits for dogs and cats.” It has also
introduced “natural products using plant derivatives which replace harmful
chemicals”, adds Agarwal.





India is one of the fastest growing pet care markets in the world, according to
Decipher Market Research Agency, due to the rise in doubleincome households,
changes in lifestyle, urbanisation and growth in pet ownership. The pet
population penetration is still small, with only 10% households in India having
a pet, which shows there is room for growth. In the US, where 66% households
have a pet, the pet population is 145 million, more than four times that in
India.

Attitudes towards pets are changing. A pet is no longer just a loving animal in
the household, which gets a pat, a bath and some food, but is pampered like a
family member. “Pet parents are willing to spend on their pets and are looking
for products and services that cater to their specific needs,” says Vineet
Khanna, cofounder of Supertails, a Bengaluru-based pet care startup, which
raised $10 million in a Series A funding from Fireside Ventures last November.

Attitudes towards pets are changing. A pet is no longer just a loving animal in
the household, which gets a pat, a bath and some food, but is pampered like a
family member. “Pet parents are willing to spend on their pets and are looking
for products and services that cater to their specific needs,” says Vineet
Khanna, cofounder of Supertails, a Bengaluru-based pet care startup, which
raised $10 million in a Series A funding from Fireside Ventures last November.

The two segments that are growing aggressively are pet food and pet grooming,
says Shashank Randev, founder of early-stage venture capital fund 100X.VC, which
backed Papa Pawsome to raise `2 crore in seed funding in September 2022. As VCs
evaluate the market, a significant portion of the capital is being allocated for
pet food and hygiene products, says Randev.

The pet industry is a nondiscretionary spending category, making it relatively
resilient to macroeconomic factors and a stable market for investors, says
Khanna of Supertails.

Insurance companies are not far behind. Bajaj Allianz General Insurance
introduced a comprehensive pet dog insurance policy in 2020. “We wish to help
pet parents across the country take better care of their furry child and not
worry about the expenses towards their medical needs. We are working towards
increasing awareness about the policy and expanding the reach of the insurance
so that more pets benefit from the coverage offered,” says TA Ramalingam, chief
technical officer, Bajaj Allianz General Insurance. The premium for the dog
insurance policy, which covers 25 breeds of domesticated dogs, starts at Rs 315.
The company says it is seeing a 30% growth in average ticket size of the
premium. It will now launch an insurance product for pet cats.

HUFT’s Narang says adoption of pets has become stagnant now as people are going
back to office and have a lot less time on their hands than during the pandemic.
Animal shelters are also reporting a rise in abandonment of pets.

However, the number of pets is expected to rise in the near future and the
current dip is most likely a temporary aftereffect of the pandemic which saw
some noncommittal and impulsive pet adoptions, says Narang. As the ecosystem
develops, the adoption of pets is likely to accelerate, says Shah of Woof N
Goof.




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