Rutaksha Rawat- Pet industry factors driven growth

India's economic growth, growing empathy towards pets and I rapid urbanization are driving the industry forward. The Indian pet industry has come a long way in the past decade in terms of market value, customer service, and organization. What was once only a motley crew of shopkeepers selling shampoos and biscuits have now evolved into an $800-million-plus industry and comprises large .A large number of pet owners are shifting from homemade food to prepared food as their spending power increases.

Multinationals, as well as domestic players. Industry veterans believe this is just the beginning, and that the spurt in pet owner-ship and growing interest in pets, especially dogs, mean the progress witnessed up to now is only the tip of an unexploited iceberg. "I peg the market potential of the Indian pet industry at $1.5 bn," says Rana Atheya, founder of DogSpot.in, a portal for dog lovers. Continuing its growth trend, the Indian pet industry is expected to continue to register strong double-digit retail value growth in 2013. This growth will be driven by several factors: the increase in pet ownership, rising disposable income, higher awareness of the dietary needs of pets and the benefits of pet food, and most importantly, a change in perception towards pets.

Increased pet ownership As India continues to evolve in all spheres, more people are considering and opting for pet ownership. According to the international strategy research firm Euro monitor International, the pet population in India (including all species) in 2006 was approximately 7 mio. This figure grew to 10 mio by 2011. Although a meager number when viewed in relation to the aggregate human population of India (1.2 bn), these figures demonstrate the vast un-tapped market that lies herein.

Although there are no studies pro-viding definitive numbers regarding the number of pet adoptions per year, going by Euromonitor's figures, 600 000 pets are adopted every year on average. Pet ownership is expected to increase at a faster rate in years to come due to a host of reasons — increased instances of delayed parenthood, changed perception towards pets and increased buying power, amongst others. "Currently, the human to pet ratios are terribly skewed in India. As awareness about pets spreads and more people see their friends, relatives and neighbors’ getting pets, they too will consider pet ownership. The next six years will see the rate of ownership rise exponentially due to the host of awareness initiatives being taken by the industry. I expect there to be at least one pet per five homes in 15 years' time," says Sanjay Jaiswal, general manager of pet care at Provimi Animal Nutrition India Pvt Ltd.

Rising disposable income rising disposable income is a huge contributory growth factor for the pet industry in India. In its revised 2007 figures, based on increased and sustaining growth, and more inflows into foreign direct investment, Goldman Sachs predicted that "from 2007 to 2020, India's gross domestic product (GDP) per capita in $ terms will quadruple", and that the Indian economy will surpass the United .

 Rutaksha Rawat is an Indian journalist with years of experience in the Indian publishing industry. An alumni of Welham Girls’ School, Rutaksha Rawat is currently serving as editor at Benefit Publishing Pvt Ltd, a firm that produces its own publications and also undertakes contract publishing (hard copy or e-version) of magazines, brochures, info booklets, newsletters, and coffee table books for businesses, international & domestic government bodies, and individuals.