India, which has a 2.9-crore pet animal population, is facing a shortage of pet food, a government body has said, and advised the industry to boost local production by taking advantage of the several central schemes.
Pet peeves
Higher taxes, an unclear business environment, coupled with a lack of a uniform framework and quality standards, are major obstructions in the growth of this sector, according to pet food manufacturers such as Mars International India and Royal Canine India.
To develop this sector, the government must, among other things, improve the ease of doing business, lower taxes, improve the regulatory framework, and raise quality standards as per experts.
Experts believe since the pet industry is growing at a faster rate, businesses should consider tapping into it and taking benefit of the government’s existing schemes.
Dependence on imports
When it comes to opportunities and challenges in the Indian pet food industry, about 45-50 percent of pet food consumed in the country is produced domestically, while the rest is imported.
In India, where there are approximately 29 million pets, the pet food industry is estimated to be worth Rs 2,500 crore. According to industry data, 24 million of the pet population comprises dogs and the remaining are cats.
India requires 30,000 tonnes of pet food on average. While there are pet food manufacturers in India they cannot meet the demand and maintain quality.
Impetus for local producers
The Centre is taking steps to address the demand-supply gap by assisting the private sector in setting up animal feed plants through the Rs 15,000-crore AHIDF scheme.
Individuals, micro, small and medium enterprises (MSMEs), farmer producer organisations (FPOs), and Section 8 firms can avail up to 90 percent credit at a lower rate from scheduled banks for infrastructure development according to experts in India.
(Edited by : Shoma Bhattacharjee)
First Published:
IST
India, which has a 2.9-crore pet animal population, is facing a shortage of pet food, a government body has said, and advised the industry to boost local production by taking advantage of the several central schemes.Pet peevesHigher taxes, an unclear business environment, coupled with a lack of a uniform framework and quality standards, are major obstructions in the growth of this sector, according to pet food manufacturers such as Mars International India and Royal Canine India.To develop this sector, the government must, among other things, improve the ease of doing business, lower taxes, improve the regulatory framework, and raise quality standards as per experts.Experts believe since the pet industry is growing at a faster rate, businesses should consider tapping into it and taking benefit of the government’s existing schemes.Dependence on importsWhen it comes to opportunities and challenges in the Indian pet food industry, about 45-50 percent of pet food consumed in the country is produced domestically, while the rest is imported.In India, where there are approximately 29 million pets, the pet food industry is estimated to be worth Rs 2,500 crore. According to industry data, 24 million of the pet population comprises dogs and the remaining are cats.India requires 30,000 tonnes of pet food on average. While there are pet food manufacturers in India they cannot meet the demand and maintain quality.Impetus for local producersThe Centre is taking steps to address the demand-supply gap by assisting the private sector in setting up animal feed plants through the Rs 15,000-crore AHIDF scheme.Individuals, micro, small and medium enterprises (MSMEs), farmer producer organisations (FPOs), and Section 8 firms can avail up to 90 percent credit at a lower rate from scheduled banks for infrastructure development according to experts in India.(Edited by : Shoma Bhattacharjee)First Published: Dec 23, 2021, 09:54 AMIST