Pet Food Market Booms in India
The pet food market is experiencing substantial growth as Fast-Moving Consumer Goods (FMCG) companies focus on this emerging sector. Nuvama Wealth Management Ltd reports that treating pets as family members is driving increased spending on pet products, particularly food.
According to Nuvama, India has the world’s fifth-largest pet population with over 31 million dogs and 2.44 million cats, highlighting significant growth potential. FMCG companies are leveraging their distribution networks to make premium pet products more accessible.
Godrej Consumer Products Ltd (GCPL) has announced its entry into the pet care category with an INR 500 crore investment over five years, signaling major brands’ interest in this lucrative market. New companies and brands like Heads Up For Tails (HUFT), Supertails, and Furrever Fit are also entering the fray, contributing to an industry valued at INR 5,000 crore.
The pet food segment is projected to grow at a compound annual growth rate (CAGR) of 15 percent over the next decade. FMCG giants, including Emami Ltd and Nestlé India Ltd, have already made significant investments. GCPL is launching a subsidiary, Godrej Pet Care, to capitalize on this opportunity.
The industry is evolving beyond basic nutrition to include healthcare, grooming, and pet-friendly services. High-quality pet products are increasingly popular, with pet parents willing to spend more.
Heads Up For Tails aims to capture 10 percent of the Indian pet care market by 2025, reporting INR 560 million in revenue for the first quarter of this fiscal year. Other notable brands, such as Mars Petcare-Mars Inc, are also making a significant investment in this growing industry.