Mars Petcare and Royal Canin are key players in India’s pet food market, especially in cities like Hyderabad and Mumbai. Despite the initial COVID-19-related surge, the market has maintained growth as the virus transitioned to an endemic phase. However, Mars Petcare India faced challenges with supply chain disruptions and inflation, leading to a decline in growth rates. Sales growth was driven by rising prices and increased volumes.
Both wet and dry formats of dog and cat food continue to grow in India, making it one of Mars Petcare’s fastest-growing segments globally. To meet demand, the company plans to expand its Telangana production facility.
India’s pet food market has seen substantial growth due to factors like increased disposable income, urbanization, and growing pet ownership. The demand for premium pet food products is rising, fueled by awareness of pet health and nutrition. Challenges like price sensitivity and a preference for homemade pet diets persist in some consumer segments.
India dominates the South Asian pet food market, attracting investments from local and international players. Mars Inc. leads investments, facing competition from local manufacturers. The appeal to investors lies in rising living standards, increased pet adoption, and a focus on good business governance.
India’s import and export dynamics highlight a growing premium demand. The country’s role in pet food imports in South Asia has significantly increased, with a notable rise in value and tonnage over the past decade. The export sector emphasizes high-quality products for European and American markets. The top countries in both imports and exports collectively represent a significant market share, showcasing India’s evolving role in the global pet food industry.
In essence, Mars Petcare and Royal Canin drive India’s pet food market, facing challenges but maintaining growth. The market’s expansion is fueled by increased pet ownership, rising income, and a growing demand for premium pet products. India’s position as a major player in the South Asian market attracts investments and signifies a shift toward high-quality pet food.