ZOOMARK
YOUTH POWER AND URBANISATION
- GROWTH MACHINES
By Ajatshatru Singh
I
n the last two decades,
the Indian Economy has
shown rapid growth.
Economic liberalisation
in India in 1991 and the
continuous reforms carried out
by subsequent governments
have helped to maintain the
momentum. Demographic
dividend is in India’s favour
and economy seers foresay
that the young population is
going to drive the next phase of
growth. As compared to other
countries, we have 65% of our
population which is nearing
the age of 35 and it is expected
that, in 2020, the average age
of an Indian would be 29.
Contrasting that, average age
would be 37 in China and 48
in Japan.
Th e Indian Pet Industry
is growing at 25 to 30%
CAG, only second to China.
According to Ruchir Sharma,
global investor and an author,
about 70% of the Indian
economic growth is driven by
consumption.
If we look at some of the key
fi ndings behind the growth of
the Indian Pet Industry, they
can be :
16
Creature Companion | • Noida
A) Increase in nuclear
families;
B) Increase in the urban
population;
C) Disposable income;
D) Married couple with no
children;
E) Th erapy for depression;
F) Help to visually impaired
people (more common in
foreign countries)
Young population has
migrated to cities for better
job prospects. Th is trend will
continue in the coming years.
Pets have taken the place of a
family member.
Th erefore, urbanisation of the
Indian society and increase in
demand for companionship
has led to the growing demand
for pets and pet-related
products and services. Th e pet
population in India grew from
7 million in 2006 to 10 million
in 2011. It is said that 6,00,000
pets are adopted every year!
Th is means that the estimation
of growth of pet population
would shoot up by 15 million
by the year 2020. If that
happens, then it can
be concluded that the
population of pets in India will
be more than the population
of humans in Hong Kong,
Denmark, Israel and United
Arab Emirates!!!
People have started
approaching a more
philosophical idea of YOLO-
You Live Only Once. Hence,
they are seen spending
exuberantly on not just their
own lifestyle, but also on their
beloved pets. Expensive pet
products do not deter them,
be it food, medication, therapy
or services. Th ere is a view in
India amongst the industry
veterans that this trend will
lead to more responsible
pet ownership. People are
becoming more aware of pet
keeping as they see other
nationals taking care of
their pets.
Th e Indian pet care market
can be categorised in four
segments: