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Pet animals are kept by animal lovers for their company primarily but they are also meant for entertainment and a means of protection. Pet animals include animals like dogs, cats, fish, parrots, tortoise, birds, guinea pigs and horses; dogs and cats being the favorite amongst pet owners. Pet toys include chew toys, balls and other fun toys, plush and rope toys and the squeezable toys; pet accessories include things like collars, leashes, beddings, dresses and grooming accessories.
The business model can be two types –
As a wholesaler one has the flexibility to design and manufacture the toys and accessories. This would require a good amount of investment through the second part – retailing the products can happen with the minimum initial investment[1] and can be started from home without renting a space at first.
Pets are like children. They are lovable, cute and seek attention. Pet owners don’t mind spending or buying expensive products to pamper their pets. Hence, a business that has anything to do with pets always has a high probability of flourishing and earning good profits.
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One good reason for the growth of the Indian pet industry is the fact that many young Indian couples are getting into delayed parenthood. And the other is the growing disposable income of young couples. The average disposable personal income in 2017 stood at 20312696.76 INR million and is projected to grow to 169623970 INR million in 2018. Additionally, urbanization and changing lifestyles are also contributing factors to the positive growth in the pet industry.
The market size of the pet care industry in 2013 was 500 million dollars and raised to1220 million dollars in 2016. In between 2011-2015, the pet care industry grew at an amazing rate of of26.21% compound annual growth rate (CAGR) and is expected to grow at a CAGR of 17% or more between 2016-2021.
Starting pet toys and accessory store (offline and online) requires certain licenses and registrations that are mandatory by the law to be procured before starting the business.
Read, Also: How to Set Up a Furniture Business in India?.
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