Maggi maker Nestle is going beyond its food and beverage business in India to enter various new categories and one among them is pet care. Nestle won't be just a food player now, it's going to evolve into something bigger by dropping its food tag.
According to the recently published report of Bonafide Research, "India Pet Care Market Outlook, 2022", the pet care market size of India is expected to increase with a CAGR of more than 20% over next four years. Change in lifestyle, rising income, increase in nuclear families, need for companionship are some of the reasons which are helping the market to grow considerably. Growth in human pet humanization, urbanization and pets seen as a style statement are few additional factors driving the pet care market in the country. Pet care products will continue to show a positive growth trend in India with increasing awareness among pet owners to look for branded offerings. Also, rising trend towards customized pet food products has created huge potential for pet food brands which in turn will result in its massive growth during the forecasted period.
According to global scenario, India is a growing market with increasing pet ownership in cities like Delhi, Mumbai and Bangalore. Players like Royal Canin India, Mars International, Cuddle Up Diet, Indian Broiler Group, Venky's (India), Bharat International Pet Foods, etc. operate in the Indian market. Many new players are entering this industry, be it small start-ups or big giants. In 2017, packaged food firm Nestle India announced its foray into pet care. The decision of expanding Nestle came as a result of increasingly dependence on just one brand - Maggi - which remains India's most loved comfort food. The brand's market share drop in year 2016 due to its dramatic recall and ban for quality issues made the company more dedicated towards expansion. Nestle is expanding its horizons to enter categories with global presence and introduce more international products in India. The company has been on a product launch spree and introduced about 43 new products across various segments between January 2016 and May 2017. Thus, the company has taken first few steps into the direction and plans to continue with this strategy in coming years as well.
Globally, Nestle SA has a 80 year old pet care company 'Purina' under its group companies which sells products like dry dog food, wet dog food, dog treats, wet cat food, dry cat food, cat treats, cat litter and dog litter. All these products are sold under well known brands like Beneful, Fancy Feast, Friskies and Purina ONE. The company mainly operates in the dog and cat food business. Back in the year 2000, Nestle SA had test-marketed Purina products in India and the products were also rolled out in some of the Indian cities in year 2003 through a sole distributor. But the business didn't turned out to be as expected. Seeing the vast opportunity that Indian pet care industry now offers, the company is planning to launch its global pet care portfolio. Nestlé's pet care brands contribute a decent percent to its global operations. Globally, pet care is a big market for the company where it commands a good position and competes closely with Mars International.
Major companies operating in the pet care market of India are Mars International India Private Limited, Venky's (India) Limited, Royal Canin India Private Limited, Indian Broiler Group, Gitwako Farms India Private Limited, Bharat International Pet Foods Private Limited, Agro Food Industries, Champion Pet Foods and Provimi Animal Nutrition India Private Limited.
Report: India Pet Care Market Outlook, 2022
Base Year: 2016-17, Estimated Year: 2017-18, Forecast Year: 2021-22
Pages: 92, Figures: 35, Tables: 17