1. Booming Indian Economy:
The retail sector is India is at its best with liberal legal reforms giving it the requisite boost. Organised retail constitutes as low as 3 percent of the total current retail sector, but it is estimated to grow as much as 64 billion dollars by the year of 2015 (Rediff Money, 2011). This makes India one of the potentially best suited target markets for our pet health care products.
2. Demographic Pattern of India
The demographic profile of India has changes over the time. Now there is a whole new middle class which comprises primarily of young professionals who are ready to spend to get the best. With both husband and wife working, earnings have doubled leading to more disposable income. Nowadays, a new group is evolving apart from single young professionals. It’s called DINKs (Double Income No Kids); comprising of working couples who do not want to compromise on their career because of kids. There is a rise in old couples staying alone with their children settled abroad or in big cities. All these changes have lead to a desire for security as well as companionship. These needs are easily fulfilled by adopting a pet. As per statistics, there are about 2.2 million pet dogs in India and the number is increasing as high as 26 percent per year (Views Paper, 2011). Pets of rare or expensive breeds as status symbol are the latest fad amongst the riches. Most of the celebrities in India have at least one pet to dote on. According to Mr. O.P. Singh, CEO of Venky’s India, a pet food company sees great potential of this sector in India. The industry earns annual revenue of Rs. 3.5 billion, out of which nearly Rs. 2.5 billion comes from pet food and the balance from grooming and healthcare services (Views Paper, 2011).