A Growing Pet Care Economy
A few months ago, I had found myself in sole charge of Sydney, who my wife Niti and I consider our third offspring after Prarthna and Prasann. Caring for our family’s golden retriever had been a shared task till then, so I discovered to my surprise that her lifestyle was certainly more enviable than mine and many I know. I was amazed at the amount of time, money and attention that goes into pet care. When I mentioned this at the office, I learnt that I was among the very few not fully aware of the passion with which pet parents in India care for their charge. I was enlightened. Like many pieces of a puzzle coming together, I could clearly see all the dots connecting, to create an emerging pet care industry in India.
At BW Businessworld, we are keen to explore new sectors. Driven by various reasons, new opportunities are arising on the horizon, opening doors for young entrepreneurs, creating jobs and eventually contributing to India’s growing economy. One of the first we deep dive into is the Indian pet care industry. In this case, much credit can be given to pet parents and the passion with which HNI (high-net-worth individual) households spend on their pets.
The pet care economy is experiencing explosive growth, projected to surpass $3 billion next year with a remarkable 20 per cent CAGR. This surge is fuelled by changing consumer preferences and substantial investments with notable players such as Drools securing a valuation of $600 million. India will probably soon get its first unicorn here too. Our team has done in-depth interviews with some of these founders and international players like Mars, on what is driving this sector. From premium products to pet insurance, this market is evolving to meet the demands of discerning pet parents. Technological advancements and shifting consumer habits are driving innovation and growth in this sector.
This issue also features a special coverage of BW Auto World 40 Under 40. The primary purpose of this initiative, much like our other endeavours to celebrate people and talent, is to honour the exemplary achievements of young leaders in the automotive sector. Under the astute leadership of Jury Chair Jyoti Malhotra, Managing Director of Volvo Car India, this year’s cohort of honorees represents a diverse spectrum of talent, ranging from visionary entrepreneurs and innovative engineers to dynamic marketing strategists and sustainability advocates. Also, Union Minister of Road Transport & Highways, Nitin Gadkari, underscores how young leaders are driving innovation and transformation within the automotive sector. This issue vindicates why the nation continues to fare better than most, both domestically and on the global stage. Happy reading!
