Pet Food Market Outlook – Increasing Number of Pet Adoption Driving Growth
Added: (Mon Nov 06 2017)
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Netscribes, Inc. launches a report on the Pet Food Market in India 2017 covering a market with strong growth potential. It is a part of Netscribes’ Food and Beverage Industry Series.
Mumbai, India – 6th November, 2017 – Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Pet Food Market in India 2017’ https://www.researchonindia.com/pet-food-market-in-india-2017-13632.html. The burgeoning middle and upper class population, increasing pet ownership, along with increased awareness about pet health has given rise to the pet food market in India. According to Netscribes research, the pet food market in India is expected to grow at a CAGR of 19.2% to reach INR 43.5 trillion from its value of INR 15.2 trillion in 2016.
The dog food segment contributes the most to the pet food revenue compared to other pet foods such as cat and fish food. Pedigree and Royal Canin are the most preferred brands among pet owners.
Key growth factors
There has been a paradigm shift towards pet diet, health, and grooming. With changing lifestyles, pet owners are willing to spend more on quality pet products, such as ready-to-eat food and treats to provide healthy nutrition to their pets. India has also witnessed a rise in pet adoptions, which has led to subsequent increase in demand for pet food. Social networking sites have also played a key role in boosting pet adoption and indirectly giving a push to the pet food market in India. Pet food in India is easily available in physical as well as in online stores.
Threats and key players
With the implementation of the Goods and Services Tax (GST) the prices of pet food, including imported and Indian brands, have become more expensive. Pet food packs, which were earlier charged at around 14.5% VAT/CST, now attract 18% GST. While imported pet food will cost the same, Indian brands might need to increase prices to mitigate the tax burden.
Some of the key players operating in the global pet food market include Agro Food Industries Pvt. Ltd., Avanti Overseas Pvt. Ltd., Venky’s (India) Ltd. and Mars International India Pvt. Ltd.
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