Overview of Indian Animal Healthcare Market
The global companion animal market size in 2019 was worth US$ 12.54 billion and expected to reach US$ 19.18 billion by 2024 with a growth rate at a CAGR of 6.26%.
The Indian animal healthcare market is currently witnessing strong growth and expected to achieve a CAGR of 5.5% between 2020 and 2025.
The animal healthcare sector in India has witnessed a paradigm shift over the last few years because of the adoption of innovative technologies used for the prevention and cure of farm and companion animals.
Growing urbanization, changing lifestyle, and increase in per capita income have encouraged pet ownership as well as increased willingness to pay for pets, healthcare has supported the growth of Animal Healthcare.
Pets have evolved from being a strange and wonderful distraction to an integral part of families all over the world.
As human populations have grown, so too have pet populations, and with so many pets on the planet, it’s fascinating to see just how this population is dispersed.
The primary companion animal species are dogs, cats, and horses.
Huge scope of growth in demand for companion animal medicines, vaccines, and diagnostics include:
Key Companion Animal Trends Shaping 2021
Certain factors that are responsible for the growth of the companion Indian animal healthcare market is increasing pet adoption across the world, rising government initiatives for animal health, and growing technological advancements in animal healthcare.
The popular nuclear family trend across the world has accelerated pet ownership and is expected to continue in the coming years.
Companion animal health market size stood at US$12.54 billion in CY19 and is projected to grow at a CAGR of 6.2% by CY24. Dogs are the most popular pets in Indian households.
Dog ownership in India has always been rising. In 2019, Indians owned 20 million pet dogs and are expected to rise to 31 million by 2023.
Source: Scroll. in
Growing animal husbandry business and commercialization of animal products are the major growth drivers for the veterinary vaccines market.
The rising number of pet owners and their awareness regarding healthy animal practices can positively influence the market.
In India, dogs are more popular pets (~75% of the total) than other animals like cats, birds, fish, etc.
With the increase in disposable income, humanization trends, and rising health and wellness awareness, pet parents are now more conscious of the kind of products they buy and are increasingly looking for premium and natural offerings for their pets, which has drastically increased the need for pet food.
Indians welcoming more “paw” buddies during the lockdown and so on has supplemented by pet humanization trend among pet parents, demand branded premium offering that will likely fuel growth over time.
Factors that drive the trend towards animal healthcare changes in lifestyles, increased urbanization, nuclear families, single status, few or no children, and employment stresses are creating a significant need for emotional support.
With more people having to stay indoors for safety the need for companion animals will grow.
However, the growing incidence of zoonotic diseases is a concern, driving the demand for the companion animal healthcare market.
Demand Drivers of Companion Indian Animal Healthcare Market
Growing urbanization, changing lifestyle, and increase in per capita income have encouraged pet ownership as well as increased willingness to pay for pet healthcare. Increase in the number of Government strategies to promote healthcare policies.
- Economic development and related increases in disposable income, particularly in many emerging markets. Increasing pet ownership.
- Companion animals living longer.
- Increasing medical treatment of companion animals advances in companion animal medicines, vaccines, and diagnostics.
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Sources: Grandview Research | Digital Journal | Research Gate | Market Research | Statista | Scroll.in | Televisiory | fao.org