BURNABY, Canada, August 14, 2014 /PRNewswire/ --
Demand for pet food to witness robust growth over coming years due to increasing pet population, changing lifestyle and influence of western culture
According to a recently published report by TechSci Research, "India Pet Food Market Forecast & Opportunities, 2019", the pet food market in India is projected to cross USD270 million by 2019. Major factors driving the demand for pet food in the country include rising number of nuclear families particularly in urban areas; increasing pet ownership and rising per capita disposable income. In India, pet food predominantly includes packaged, ready-to-eat food products that are manufactured to provide complete nutrition to pets. Available in dry, wet and treat/snack form, these products are suitable for consumption by dogs, cats, birds and other pets.
In India, dogs are more popular pets than other animals like cats, birds, fish, etc. This creates a significant opportunity for the pet food companies to come up with a wide range of food products for dogs. Dog food segment is expected to continue its dominance in the forecast period as the largest revenue contributor, followed by cat and fish food segments. Dry food is more popular in case of dog food segment due to general liking of dogs towards dry food, while cats prefer wet food. Treat/snacks are also popular among dogs, however, due to high prices, most of the pet owners prefer buying dry food. In 2013, around 85% of the pets in India were dogs, with the northern region accounting for highest number of pets. Cats and fish, on the other hand, are more popular pets in the southern region of India.
Mars International is the leading manufacturer and supplier of pet food products in the country. The company offers its low-cost products under Pedigree and Whiskas brand and premium quality products under Royal Can in brand. Other major pet food companies operating in the country include Provimi Animal Nutrition India, PetSetGo and Bharat International Pet Foods.
"In terms of brand, Mars is dominating the pet food market in India, accounting for around 70% revenue share. However, other brands like Petsetgo, Drools, etc. are expected to increase their penetration in India by expanding their production or setting up new manufacturing units across the country over the next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Pet Food Market forecast & Opportunities, 2019" has evaluated the future growth potential of India's pet food market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the pet food market in India.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research