India’s pet boom puts it on track to be among Mars Petcare’s top five markets | Company Business News-OxBig News Network

New Delhi: Surging pet ownership and growing demand for branded pet food could propel India into Mars Petcare’s top five markets within the next decade, a senior company executive said.

“If the market continues on its current trajectory, it could easily become one of our top-five markets in the world within the next decade,” said Ikdeep Singh, global president of Mars Pet Nutrition. “From a growth contribution standpoint, it’s one of the biggest bets we have in place.”

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India currently contributes 2% to Mars Petcare’s global business, Singh said, but that share is expected to rise, driven by increased investment and higher pet food adoption.

Mars Petcare, the world’s largest pet food company and a division of family-owned Mars Inc., owns brands such as Pedigree, Royal Canin, Whiskas and Sheba. The Virginia-based conglomerate, with more than $50 billion in annual revenue, also sells packaged food brands like Snickers and M&M’s.

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The company is focusing on expanding India’s pet food market, where it is the dominant player. Singh outlined a strategy that includes boosting accessibility, expanding the premium segment, increasing consumer education, strengthening industry partnerships, and working with regulators and retailers.

“There are tailwinds in India, with the GDP growing, urbanization and rising wealth,” he said.

Pet ownership in India surged during the pandemic as home confinement and loneliness drove adoption. The country now has an estimated 100 million pets, including 30 million in households. The pet food market, currently valued at $551 million, is projected to reach $1.8 billion in the next seven to eight years.

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“We ran out of capacity during covid so we put in ₹500 crore in expansion of our Telangana factory that will be completed by the end of this year; we’re doubling our capacity to meet the growing demands of pet parents in India,” said Singh.

The company currently sells eight global brands out of a portfolio of over 30 in India.

Mars Inc. entered the Indian market in 2002, initially relying on imports before setting up its first factory in 2008. Today, about 60% of its pet food sold in India is manufactured locally, with plans to move to full domestic production.

“We are now going to have localized R&D, localized manufacturing, but also co-manufacturing through partners. We will actually drive down the cost of manufacturing these products,” Singh said.

The company also plans to establish specialized R&D for proteins in India.

Singh said the company is open to acquisitions to strengthen its India business.

“We’re open to building partnerships or acquiring companies that can help us build a stronger business in India,” he said. “It could be someone with an expertise in local manufacturing or distribution, or improve accessibility. India is a big, promising strategic market which requires attention.”

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India’s pet care sector has also seen a rise in homegrown brands offering food, toys and accessories. Globally, the pet food industry has slowed from its post-pandemic peak, Singh said, with dog food growth moderating to about 1% to 3%, even as cat food sales remain strong. Pet owners are also shifting toward smaller dogs and more cat adoptions.