Where is the Pet Industry in India Headed in 2024?

 Food still occupies a large share of the market, followed by Health Care, and then Pet Care (Boarding, Grooming, and the rest).

The Pet food industry (Cats and Dogs) is approaching close to 2500 crores, with healthcare at 1000 crores.

The Industry in India is undergoing a subtle shift. It is so nuanced that it may not be immediately noticeable.

DogSwag caters to thousands of pet parents both offline and online. We gather data during all our touchpoints and have gained a fair understanding.

Mars and Purina remain undisputed when it comes to cat and dog food, but here is where the subtle changes are starting to show up.

Newer players are attempting to gain market share in India. I know of one such brand that started well but somewhere down the line got distracted. They remain a big player, but their longevity is uncertain.

Fresh Food, Fresh Food, and Fresh Food. I am a significant fan of this segment, probably because I am biased, as my six kids (Dogs :)) only have fresh food. This segment is poised to become a billion-dollar opportunity in the next three years. Why?

There is a growing awareness among Pet Parents to feed their pets healthy and nutritious food. Three in ten pet parents are looking for healthier options. How long before this becomes seven in ten? Not long.

I know many companies are working on this segment, but there is still no clear winner. I do see that changing in 2024, heading into 2025.

Toppers... What do you think? Okay, what is a topper, you might ask?

An egg is a topper that goes with your kibble, similarly, there are veg and non-veg toppers that add to the taste, flavor and mix for your pet who eats only kibble.

Toppers are a growing segment in the US and Europe, growing at twice the speed with an annual growth rate of 8.7%.

In India, it hasn't taken off as expected, but rest assured, this is one segment that will grow by leaps and bounds in India for both the cat and dog food topper market.

There is very little focus when it comes to making quality toppers in India. I have seen a few brands here and there, but this is one segment waiting to explode. Folks at the dry food company should seriously look at this segment.

I am extremely bullish about this segment and its growth.

Freeze-Dried. How can I forget? We love it and order a lot for our kids (dogs). I know one company that is doing a fabulous job at it, and I mean fabulous. I won't be surprised if these guys become a monopoly in the next 24 months.

Healthcare - India is a land of opportunities when it comes to Pet Healthcare. Why?

Thousands and thousands of clinics across the country need help. Every Vet or Vet Hospital cannot become as big as Bangalore Pet Hospital, Cessna, Bozo Wags, or Indira Pet Clinic (DogSwag partners with all of them to offer Free Vet Chat and Appointment booking) to afford almost all of the sophisticated equipment and tech.

From TeleMed to the Appointment system, there is a lack of infrastructure within our pet care system.

Diagnosis, Scan, X-ray, Laser, I can go on and on.

Seventy percent of the clinics in Bangalore alone don't have the required infrastructure. Now, do the math if it is the whole of India.

I don't see too many companies jumping in to come up with design and custom-based solutions to help the Vets. This is an area that startups should look to disrupt.

The amount of value that can be added is immeasurable.

DogSwag is one of those companies that are on course to provide our veterinarians with the tools and resources they would need to help our pets and their pet parents (telemedicine, Diagnosis, infra, etc).

Toys are another segment that I haven't even started on. For another post.

2023 has been an eye-opener, and with a lot of hope and aspiration, DogSwag aims to work with our veterinarians and pet parents to build a predictive, happy, and healthy environment for our Pets.

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