Coronavirus: How India’s $347M pet care industry is adapting to the nationwide lockdown
YourStory spoke with pet care startups and a veterinarian to find out what’s the best way forward to take care of pets, in case the coronavirus lockdown is extended.
“Even though the pet care market is not prone to recession, it’s still not immune to it,” says Kamakshi and Dhruv Kumar, the husband-wife duo who run Gurugram-based Petveda. “The coronavirus outbreak has impacted the pet care industry in a big way, especially the pet grooming sector,” they add. The entrepreneurial duo, who specialise in developing organic, paraben-free, and DMDM Hydantoin-free products for pet care and grooming, especially suffered a setback in the light of the coronavirus-induced slowdown and lockdown. But even as their business reels from the impact and adapts to the new normal, they are not the only ones to take the hit.
Dhruv Kumar, Co-founder, Petveda India – home to a $347 million pet care market – has taken a blow at large. Driven by a surge in nuclear families, urbanisation, increasing spending power of the generation, and an increasingly humanising attitude towards pets, the industry has begun to show cracks – a sign that the upcoming months are going to get tougher with reduced spending power, shifting consumption priorities, and a decrease in fundraising activities.