Welcome Finance Enthusiasts !!

Recently I came across a new product and was shocked that such a thing even existed.

Pet Insurance!! 🙀

Yes you read it right !!

Bajaj Alliance, HDFC Ergo, New Oriental Insurance, etc are some of the providers who provide accidental cover, death due to disease, liability coverage in case of theft etc for pets.

When do we as a society start humanising pets??

Pets are no longer a thing of entertainmnet for the children, they are considered as a family member. The shift is mainly because of the rise in nuclear family culture, people moving cities in search of new job opportunities and availability of disposable income among working couples.

A furry friend is the best buddy in the otherwise lonely city. In the urban dynamics, when you come home to a pet, you know you are loved (stronger than any romantic relationship). You can socialise on the basis of pets. Dating profiles have more reach if you have a picture with your pet. Pets help to deter anxiety, depression and overthinking. Childless couples are finding the joys of parenthood in their canine companion.

Brands across the globe are venturing into this niche segment. The disposable income is diverted towards premium pet care – high end shampoos, trendy hair cut, healthiest food, customised clothes and accessories. The most trusted FMCG brand Godrej has ventured into pet care market through the expertise of Godrej Agrovet and reach of Godrej Consumer Products. Indian brands like Drools, PurePet are competing with international bestsellers Pedigree and Whiskas (both owned by Mars International). People are willing to indulge their four legged companions in pet salons and spas. Pet trainers, pet handlers and pet groomers are now a sort after profession due to increasing demand. Brands are trying to increase their footprint through both online and offline channels.

The pet care industry has a positive growth prospects where Gen Z are the biggest contributor to this trend where in my humble opinion pets are very instagrammable.