Dogs have ever been man’s best friend. Pet owners equate their canine companions with children and dote on them just in the same way. The list of products catering to the pet industry has become endless. New fashion trends, new hairstyles, you name it, they have already done it. These trends may cross into the realm of bizarre, but they definitely complement the growing revenues of the industry.
The pet care industry is comprised of retail pet stores, groomers and boarders, and sales from online suppliers and of course the veterinarians. Pet owners are spending more and more on pet care across a range of sectors, including pet health, food and toys. According to the 2011-2012 American Pet Products Association National Pet Owners Survey, more than 60% of homes in the US have a pet, which is close to 73 million households.
Not only is pet ownership climbing, but spending per pet is also on the rise, with owners splashing out on basic products such as food, but also on more sophisticated products and services, like grooming and accessories. The Indian pet industry is a young, growing market.
A Euromonitor research report estimates that India’s pet industry grew up to 22% in 2012 and reached 4.5 billion rupees (around US$81-million), in a nation where the per capita income is US$1,256. Dogs account for 80% of all pets in India, with cats and fish also popular.
NDTV Goodtimes, a lifetime channel, airs a show called ‘Heavy Petting,’ in India that is very popular with pet lovers. A recent survey concluded that there are 3.6 million pet dogs in the six major cities alone in India. The affluent section of the urban population – the 350 million strong upper middleclass that we hear of so much – is the major target segment for pet food products in India.
Indian pet owners have traditionally fed their pets with homecooked food, and the slowly increasing practice of feeding branded pet foods is a relatively new trend. While the world pet food market is worth $65.8 billion and registered a 4 per cent growth, the Indian pet food market has been showing a rapid growth. As per Euro Monitor, it has a market size of Rs 368 crore as of 2011. Indian dog food companies are likely to clock a double digit growth in sales in current fiscal and this growth trajectory is expected to continue in the coming years too.
All of this is an indication of multiple data points that generate a vast amount of data. This data can be used not only to predict, but also to understand the current market. The most important, to a pet owner is their pets’ health. In fact, a new start up called whistle aims at understanding a pet’s behaviour by recording data. A device can be attached to the pet’s collar- which records all their activity, thus indicating when something is not right.
Apart from this, there are the online sales portals that utilize data to understand the market and customize their services. Companies like Dogspot, Petshop18, etc, cater to the vast utilities and grooming market out there. Groomers can use predictive data analysis to comprehend the upcoming trends.
IntelligenceNODE believes, that, by and large, big data analytics will not only help in the sales and hiring processes, it will also be useful in an array of supplementary services as far as pet care and pet food markets are concerned.
IntelligenceNODE offers unique services to pet sales portals based in India and abroad, analysing and processing their data and creating opportunities, especially for our clients.