The Pet Economy
The Pet Boom
Why pet ownership and pet spending have grown quickly in India and worldwide, and what economic trends are driving it.
More households than ever keep pets, and they spend more on them.
Global picture
The global pet industry is worth hundreds of billions of dollars a year. In the United States, pet spending exceeds 140 billion dollars a year, according to industry associations.
India’s growth
India’s pet care market is smaller but growing fast, with dogs the most popular pets, followed by cats. Pet ownership rose notably during the COVID-19 lockdowns.
What’s driving it
- Rising incomes in cities.
- Nuclear families and people living alone seeking companionship.
- Delayed parenthood among young couples.
- Social media making pets visible.
Pet humanisation
Owners increasingly see pets as family members, spending on premium food, grooming, clothes and healthcare. This is called pet humanisation.
A new industry
- Pet food brands.
- Vet clinics and pet hospitals.
- Grooming and boarding.
- Pet apps and online stores.
During the 2020 lockdown, a young couple in Bengaluru adopted a puppy. Their spending soon included food, vet visits, toys and a walker when they returned to office.
Pet spending is large and growing fast, especially in cities.
- Pet ownership and spending are growing worldwide and in India.
- Rising incomes and changing families drive the trend.
- Pet humanisation means treating pets as family.
- New businesses serve pet owners.
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