Indian pet care market to reach US$144.8 million by 2015
Euromonitor International report projects pet ownership rise to fuel demand for pet care products
According to a report from Euromonitor International, the pet care market in India is estimated to reach Rs800 crore (US$144.8 million) by 2015 from Rs368 crore (US$66.6 million) in 2011, as pet ownership rises and fuels greater demand for pet care products.
Industry players estimate that average spending on pets is crossing more than Rs10,000 (US$180.74) per month, which includes daily hygiene care, petfood, vaccination and other services. As consumers in India gain a better understanding of their pets' needs, the report expects consumers may trade up to premium or specialized products. Pet owners in India will likely spend even more on services such as pet sitting, pet parties and spas as pets become more important in the country.