Affluent Indians are spending billions on their pets
- In 2024, India's spending on pet care products and services reached $3.6 billion, doubling from $1.6 billion in 2019.
- Urban Indians now prioritize premium care for their pets, leading to a rapid growth in the pet care industry's sales and services.
- Experts predict the Indian pet care market may reach a valuation of over $7 billion by 2028, though economic disparities could pose challenges.
In recent years, India's pet care sector has experienced significant growth, driven largely by affluent and middle-class urban citizens who treat their pets as family members. By 2024, spending on pet-related products and services reached $3.6 billion, a dramatic increase from $1.6 billion in 2019. This trend is fueled by pet owners like Neha Bapna from Mumbai, who provides her dog Muffin with premium hypoallergenic food and takes him to pet-friendly accommodations during trips. This rise in spending is reflected in the sales of specialized companies, with experts optimistic about further growth in the market. The Indian pet care industry is projected to double a value of $7 billion by 2028, echoing trends in the larger global market, which is expected to surpass $500 billion by the decade's end. Despite this promising outlook, challenges of economic disparity and slow wage growth could potentially hinder sustained growth. Pet owners strive to ensure their pets receive the best, leading to behavioral shifts where purchases are made without hesitation, whether it be toys or travel accommodations.