Pets become big business in India

Pets are becoming big business in India as more people choose to get a furry friend. From special festivals to grooming, and food delivery services, owners have lots of ways to pamper their pets. Pet Fed is one of India’s biggest pet festivals. Hundreds of proud owners are showing off their beloved companions. And events like this in Mumbai are predicted to get even bigger. As one of the fastest-growing economies in the world, India is seeing an expansion of diverse service industries that cater to its cash-rich middle class. The pet care business has witnessed a remarkable rise in its fortunes after the pandemic, with a surge in pet ownership driving an entire ecosystem to meet the demand for pet products and servicing. According to data company Statista, India had 18 million pets in 2016, and the pet population is expected to grow to more than 50 million in 2026. A significant portion of this is made up of dogs. Actor and Pet Fed investor Dino Morea says the pet industry has huge potential to grow in India. “It’s growing, it’s growing huge actually. People are raising a lot of money for pet because it’s a very big industry, and it’s growing massive right now.” “And as pet owners increase, the market is also going to get even better than it is today.” Pet adoption rose during the pandemic-driven lockdown when people were forced to stay indoors, often alone. Rapid urbanization and the changing lifestyles of young professionals have also led to more acceptance of pets as family members and companions. Rising incomes have allowed higher spending on pet care and well-being, with people indulging their pampered dogs and cats with lavish products. A report by Expert Market Research (EMR) estimates the Indian pet care products market is projected to grow at an annual rate of more than 23 percent between 2024 and 2032. A substantial part of this growth is fueled by pet owners moving from homemade pet food to commercially manufactured pet feeds. Pet grooming has become a big business too, with upscale pet salons, pet couture and grooming specialists providing services to maintain pet hygiene and appearance. This article was provided by The Associated Press.