Sneha Biswas, the owner of Pawfect Bites, a small bakery in Kolkata catering exclusively to pets, identified a lucrative gap in the market – the unmet needs of devoted pet parents. Spending months perfecting recipes and understanding the industry, Biswas realised the growing demand for high-quality pet food in the city. This trend, however, isn’t confined to Kolkata; in fact, there is a nationwide surge in pet care awareness.
As investments surge and valuations soar—most notably, with Drools reaching a staggering $600 million—the Indian pet care landscape is poised for monumental growth. Projections indicate that the pet care industry in India is expected to grow at a remarkable 20 per cent CAGR over the next five years, potentially crossing $3 billion by 2025.
The Indian pet care market has become a hub for investments, with over $170 million flowing into the sector. Following Drools’ lead, HUFT secured $37 million, while Just Dogs raised $7 million, and Supertails closed a significant $15 million funding round. Notable venture capital firms like Anthill Ventures, Panthera Peak Ventures, Info Edge, and Point One Capital, along with angel investors including Kunal Shah, Varun Alagh, Farid Ahsan, and Ritesh Agarwal, have fuelled this rapid expansion.
Trends in Pet Care
Within India’s pet care industry, a profound shift is underway, driven by changing consumer mindsets and evolving pet parenting behaviours. Over the past decade, there has been a remarkable change in demographics and pet ownership patterns, particularly in urban areas. “More and more young parents are adopting pets in India, with over 80 per cent having children less than six years old,” says Satinderr Singh, General Manager of Royal Canin.
Denne historien er fra April 06, 2024-utgaven av BW Businessworld.
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Denne historien er fra April 06, 2024-utgaven av BW Businessworld.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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