(Food-Beverage-News.Com, November 02, 2017 ) The burgeoning middle and upper class population, increasing pet ownership, along with increased awareness about pet health has given rise to the pet food market in India. According to Publisher research, the pet food market in India is expected to grow at a CAGR of 19.2% to reach INR 43.5 trillion from its value of INR 15.2 trillion in 2016.
Key growth factors There has been a paradigm shift towards pet diet, health, and grooming. With changing lifestyles, pet owners are willing to spend more on quality pet products, such as ready-to-eat food and treats to provide healthy nutrition to their pets. India has also witnessed a rise in pet adoptions, which has led to subsequent increase in demand for pet food. Social networking sites have also played a key role in boosting pet adoption and indirectly giving a push to the pet food market in India. Pet food in India is easily available in physical as well as in online stores.
Threats and key players Although Pet Food have been kept out of the purview of the Goods and Services Tax (GST), it may impact the sector negatively. The input materials, at present, attract excise duty, sales tax, and VAT at 12 percent to 15 percent, whereas under GST, this is likely to be at 18 percent. So, there is a clear increase in tax on most input materials by 3 percent to 6 percent. Additionally, the ban on alcohol in some states in India, such as Bihar, Kerala, and Gujarat, has adversely affected the sales of Pet Food. Some of the major players in the alcohol beverage market are Allied Blenders and Distillers Pvt. Ltd., Carlsberg India Pvt. Ltd., John Distilleries Ltd., Mohan Meakin Ltd. and Pernod Ricard India Pvt. Ltd.
Why buy- Get a broad understanding of the alcoholic beverage market in India, the dynamics of the market and the current state of the industry Devise market-entry strategies by understanding the factors driving the growth of the market Recognize major competitors' business and market dynamics, and respond accordingly
