National Pet Day is celebrated by people around the world on 11th April. But, if you’re a pet owner, you know there’s not a day that goes by that you don’t celebrate your ‘animal’ friend!
It is seen that proud owners go all out to lavish their pets with the love and care they deserve like – they take them out for a walk or a drive or to a spa, buy their favorite treats, or get them a new toy to play with, etc. These are just some of the ways that pets are spoiled just a little extra on this day.
Now, linking the pet care business and entrepreneurship one may pause and think – is pet care business profitable? Here’s a reality check. A pet treat bakery that makes and sells high-quality products to the right clientele can be a profitable business. You can make a profit in this business because the profit margin is very high. And, moreover, people are willing to pay for the best ‘dog’ treats that money can buy
Is there a demand for pet care?
There are key market insights that prove the point. In recent times, the changing attitude of people towards pets like the humanization of pets and treating them as part of the family – have led to a record double-digit value growth in ownership of pets. In fact, India has become the fastest growing pet care market in the world.
According to a report, in India, the pet care market was expected to grow at 14% annually. The pet care industry is driven by a change in the lifestyle and consumption pattern coupled with a rise in disposable income, following an upsurge in the number of double-income households.
Of course, the global impact of COVID-19 has been unprecedented and hard-hitting – with pet care products witnessing a positive demand shock across all regions amid the pandemic. Based on research, the insight pointed to the fact that the global market will exhibit a stellar growth of 28.11% in 2020. But, pet care products are witnessing a positive demand shock across all regions amid the pandemic.
Is the pet industry growing in India?
In India the pet care market size is estimated at INR 7,400 crore in 2021 and is expected to reach INR 21,000 crore by 2032, growing at a CAGR of 19.2% during the forecast period of 2022 to 2032.
Here are five prominent business opportunities in the pet care industry:
> Pet Grooming: Animal owners are nowadays seeking grooming as a common luxury service for their pets. Many owners are short of time, may not have the ability or desire to groom their pets themselves. So, they seek out professionals with the training to do so. This creates pet grooming as an excellent business opportunity.
> Pet Photography: If you love animals and photography, beginning a pet photography business is the perfect option for you. Interestingly, nowadays, many pet owners are interested in displaying professional photos of their pets, and they are willing to pay a premium for high-quality images.
> Pet Daycare: Day-care facilities for pets are becoming increasingly popular. Specially so, since pet owners are realizing the benefits of leaving their beloved dogs at daycare with other dogs instead of at home alone, while they are at work.
> Pet Sitting: You could be successful in starting a pet sitting business if you love animals, along with trustworthiness and consistent availability. To start this business, pet sitters should be available during normal business hours, weekends, and holidays in order to take care of animals by taking them for walks, feeding them, cleaning their cages, and more.
> Pet Treats: Pet bakery is the fastest growing segment in the pet food industry. Pet owners treat their pets like members of the family and love to give them healthy, homemade treats, and they are already more conscious of their pet’s diet and health. Therefore, a pet treat bakery that makes and sells high-quality products to the right clientele can be a profitable business.