In India, both Millennials and Generation Z are significantly reshaping pet parenting trends, viewing pets as integral family members and often prioritising pet companionship alongside or even over traditional family structures. This cultural shift has led to a substantial increase in pet ownership, with the pet population growing at a rate of more than 12% per year, reaching 42 million as per the latest data, significant increase from ten million a decade ago.
Millennials, in particular, are driving this new wave of pet parenting. Many are choosing to raise pets over having children, influenced by factors such as rising living expenses, environmental concerns, and changing lifestyle priorities. This demographic is not only adopting pets at higher rates but is also investing in premium products and services to ensure their pets receive the best care possible. Pet parents in India spend approximately Rs 50,000 to Rs 1.5 lakhs annually on pet care products and services. The Indian pet care market is anticipated to witness a compound annual growth rate (CAGR) of 5.65% during the forecast period, estimated to reach USD 14.62 billion by FY2031.
Generation Z is also contributing to the pet parenting boom, with 70% of Gen Z pet owners in India being first-time pet parents. This generation’s approach to pet ownership reflects a broader trend of pet humanisation, where pets are increasingly considered integral members of the family. The growing pet adoption rates, particularly in urban areas with nuclear families, are further fueling this spending trend.
The combined influence of Millennials and Gen Z is propelling the Indian pet care market towards significant growth. The market is projected to expand from $1 billion in 2022 to $2.5 billion by 2025, with a CAGR of 19.2%. This surge is driven by increased demand for premium pet food, healthcare services, grooming, and accessories, as young professionals and nuclear families invest more in their pets’ well-being.
In summary, the evolving perspectives of Millennials and Generation Z towards pet ownership are reshaping the pet care industry in India. Their willingness to invest in high-quality products and services for their pets underscores a broader societal shift towards recognising pets as family members, driving substantial growth in the pet care market.
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