MarketLine Industry Profile

Pet Healthcare in India

February 2020

Reference Code: 0102-2709

Publication Date: February 2020

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 Pet Healthcare in India

Industry Profiles

1. Executive Summary

1.1. Market value

The Indian pet healthcare market grew by 6.6% in 2018 to reach a value of $25.8 million.

1.2. Market value forecast

In 2023, the Indian pet healthcare market is forecast to have a value of $33.8 million, an increase of 31% since 2018.

1.3. Market volume

The Indian pet healthcare market grew by 5.3% in 2018 to reach a volume of 12.9 million units.

1.4. Market volume forecast

In 2023, the Indian pet healthcare market is forecast to have a volume of 15.7 million units, an increase of 21.7% since
2018.

1.5. Category segmentation

Grooming products is the largest segment of the pet healthcare market in India, accounting for 59.8% of the market's
total value.

1.6. Geography segmentation

India accounts for 0.8% of the Asia-Pacific pet healthcare market value.

1.7. Market share

Ayurvet Ltd. is the leading player in the Indian pet healthcare market, generating a 13.5% share of the market's value.

1.8. Market rivalry

The pet healthcare market is dominated by large, powerful incumbents, which increases the rivalry level significantly.

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1.9. Competitive Landscape

The Indian pet healthcare market has experienced strong value growth and volume growth in recent years. Ayurvet
Ltd is the leading player in the sector in value terms and also gained maximum value share during 2014-2018.
Furthermore, Zoetis Inc and Cipla Inc also have strong presence in the country, accounting for second and third largest
value shares respectively, in 2018

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TABLE OF CONTENTS
1. Executive Summary 2

1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Market volume .............................................................................................................................. 2

1.4. Market volume forecast ................................................................................................................2

1.5. Category segmentation ................................................................................................................2

1.6. Geography segmentation .............................................................................................................2

1.7. Market share ................................................................................................................................ 2

1.8. Market rivalry ................................................................................................................................ 2

1.9. Competitive Landscape ................................................................................................................3

2. Market Overview 9

2.1. Market definition ........................................................................................................................... 9

2.2. Market analysis ............................................................................................................................ 9

3. Market Data 10

3.1. Market value ............................................................................................................................... 10

3.2. Market volume ............................................................................................................................ 11

4. Market Segmentation 12

4.1. Category segmentation ..............................................................................................................12

4.2. Geography segmentation ...........................................................................................................13

4.3. Market distribution ......................................................................................................................14

5. Market Outlook 15

5.1. Market value forecast .................................................................................................................15

5.2. Market volume forecast ..............................................................................................................16

6. Five Forces Analysis 17

6.1. Summary .................................................................................................................................... 17

6.2. Buyer power ............................................................................................................................... 18

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6.3. Supplier power ........................................................................................................................... 19

6.4. New entrants .............................................................................................................................. 20

6.5. Threat of substitutes ...................................................................................................................21

6.6. Degree of rivalry ......................................................................................................................... 22

7. Competitive Landscape 23

7.1. Market share .............................................................................................................................. 23

7.2. Who are the leading players in the Indian pet healthcare market? ............................................24

7.3. Which companies have been most successful in increasing their market share since 2014? ...24

7.4. What are the most popular brands in the market? .....................................................................24

8. Company Profiles 25

8.1. Ayurvet Ltd ................................................................................................................................. 25

8.2. Zoetis Inc .................................................................................................................................... 27

8.3. Cipla Limited............................................................................................................................... 30

9. Macroeconomic Indicators 34

9.1. Country data ............................................................................................................................... 34

Appendix 36

Methodology............................................................................................................................................ 36

9.2. Industry associations ..................................................................................................................37

9.3. Related MarketLine research .....................................................................................................37

About MarketLine .................................................................................................................................... 38

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LIST OF TABLES
Table 1: India pet healthcare market value: $ million, 2014–18 10

Table 2: India pet healthcare market volume: million units, 2014–18 11

Table 3: India pet healthcare market category segmentation: $ million, 2018 12

Table 4: India pet healthcare market geography segmentation: $ million, 2018 13

Table 5: India pet healthcare market distribution: % share, by value, 2018 14

Table 6: India pet healthcare market value forecast: $ million, 2018–23 15

Table 7: India pet healthcare market volume forecast: million units, 2018–23 16

Table 8: India pet healthcare market share: % share, by value, 2018 23

Table 9: Ayurvet Ltd: key facts 25

Table 10: Ayurvet Ltd: Key Employees 26

Table 11: Zoetis Inc: key facts 27

Table 12: Zoetis Inc: Annual Financial Ratios 28

Table 13: Zoetis Inc: Key Employees 29

Table 14: Cipla Limited: key facts 30

Table 15: Cipla Limited: Annual Financial Ratios 32

Table 16: Cipla Limited: Key Employees 33

Table 17: India size of population (million), 2014–18 34

Table 18: India gdp (constant 2005 prices, $ billion), 2014–18 34

Table 19: India gdp (current prices, $ billion), 2014–18 34

Table 20: India inflation, 2014–18 34

Table 21: India consumer price index (absolute), 2014–18 35

Table 22: India exchange rate, 2014–18 35

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LIST OF FIGURES
Figure 1: India pet healthcare market value: $ million, 2014–18 10

Figure 2: India pet healthcare market volume: million units, 2014–18 11

Figure 3: India pet healthcare market category segmentation: % share, by value, 2018 12

Figure 4: India pet healthcare market geography segmentation: % share, by value, 2018 13

Figure 5: India pet healthcare market distribution: % share, by value, 2018 14

Figure 6: India pet healthcare market value forecast: $ million, 2018–23 15

Figure 7: India pet healthcare market volume forecast: million units, 2018–23 16

Figure 8: Forces driving competition in the pet healthcare market in India, 2018 17

Figure 9: Drivers of buyer power in the pet healthcare market in India, 2018 18

Figure 10: Drivers of supplier power in the pet healthcare market in India, 2018 19

Figure 11: Factors influencing the likelihood of new entrants in the pet healthcare market in India, 2018 20

Figure 12: Factors influencing the threat of substitutes in the pet healthcare market in India, 2018 21

Figure 13: Drivers of degree of rivalry in the pet healthcare market in India, 2018 22

Figure 14: India pet healthcare market share: % share, by value, 2018 23

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2. Market Overview

2.1. Market definition

The pet healthcare market consists of retail sale of pet supplements, worming treatments, external parasite
treatments, grooming products and other pet healthcare. The market is valued according to retail selling price (RSP)
and includes any applicable taxes. All currency conversions used in the creation of this report have been calculated
using constant annual average 2018 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, Ghana, Morocco, Nigeria, and South Africa.
North America consists of Canada, Mexico, and the United States.
South America consists of Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Panama, Peru, Puerto Rico, and
Uruguay.
Europe consists of Austria, Belgium, Bulgaria, Croatia, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania,
Russia, Slovak Republic, Spain, Sweden, Switzerland, Turkey, Ukraine, and the United Kingdom.
Asia-Pacific consists of Australia, China, Hong Kong, India, Indonesia, Japan, Kazakhstan, Malaysia, Myanmar, New
Zealand, Pakistan, Philippines, Singapore, South Korea, Sri Lanka, Taiwan, Thailand, Turkmenistan, and Vietnam.
Middle East comprises Bahrain, Egypt, Iran, Israel, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates.

2.2. Market analysis

The Indian pet healthcare market experienced strong growth during the review period (2014-2018). The growth of the
market is expected to decelerate over the forecast period (2018-2023).
Increasing purchasing power backed by rising disposable income, rapid urbanization and large population primarily
attributed to the growth of the Indian pet healthcare market. Additionally, rising pet ownership and increasing pet
humanization trend in the country are the factors contributing to the growth of this market.
The Indian pet healthcare market had total revenues of $25.8m in 2018, representing a compound annual growth rate
(CAGR) of 8.1% between 2014 and 2018. In comparison, the South Korean and Chinese markets grew with CAGRs of
7.1% and 4.8% respectively, over the same period, to reach respective values of $454.1m and $209.4m in 2018.
Market consumption volume increased with a CAGR of 6.9% between 2014 and 2018, to reach a total of 12.9 million
units in 2018. The market's volume is expected to rise to 15.7 million units by the end of 2023, representing a CAGR of
4% for the 2018-2023 period.
Grooming products sales accounted for the highest value in the Indian pet healthcare market in 2018, with total sales
of $15.5m, equivalent to 59.8% of the market's overall value. In comparison, sales of pet supplements reached a value
of $3.4m in 2018, equating to 13.3% of the total market value.
The performance of the market is forecast to decelerate, with an anticipated CAGR of 5.5% for the five-year period
2018 - 2023, which is expected to drive the market to a value of $33.8m by the end of 2023. Comparatively, the South
Korean and Chinese markets will grow with CAGRs of 6.3% and 5.3% respectively, over the same period, to reach
respective values of $616.7m and $270.5m in 2023.

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3. Market Data

3.1. Market value

The Indian pet healthcare market grew by 6.6% in 2018 to reach a value of $25.8 million.
The compound annual growth rate of the market in the period 2014–18 was 8.1%.

Table 1: India pet healthcare market value: $ million, 2014–18

Year $ million Rs. million € million % Growth

2014 18.9 1,293.9 16.0
2015 20.7 1,413.5 17.5 9.2%
2016 22.5 1,537.2 19.1 8.7%
2017 24.2 1,658.0 20.5 7.9%
2018 25.8 1,766.8 21.9 6.6%

CAGR: 2014–18 8.1%

SOURCE: MARKETLINE MARKETLINE

Figure 1: India pet healthcare market value: $ million, 2014–18

SOURCE: MARKETLINE MARKETLINE

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3.2. Market volume

The Indian pet healthcare market grew by 5.3% in 2018 to reach a volume of 12.9 million units.
The compound annual growth rate of the market in the period 2014–18 was 6.9%.

Table 2: India pet healthcare market volume: million units, 2014–18

Year million units % Growth

2014 9.9
2015 10.7 8.0%
2016 11.5 7.6%
2017 12.3 6.8%
2018 12.9 5.3%

CAGR: 2014–18 6.9%

SOURCE: MARKETLINE MARKETLINE

Figure 2: India pet healthcare market volume: million units, 2014–18

SOURCE: MARKETLINE MARKETLINE

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4. Market Segmentation

4.1. Category segmentation

Grooming products is the largest segment of the pet healthcare market in India, accounting for 59.8% of the market's
total value.
The Pet supplements segment accounts for a further 13.3% of the market.

Table 3: India pet healthcare market category segmentation: $ million, 2018

Category 2018 %
Grooming Products 15.5 59.8%
Pet Supplements 3.4 13.3%
External Parasite Treatments 3.0 11.4%
Other Pet healthcare 2.1 8.1%
Worming treatments 1.9 7.3%

Total 25.9 99.9%

SOURCE: MARKETLINE MARKETLINE

Figure 3: India pet healthcare market category segmentation: % share, by value, 2018

SOURCE: MARKETLINE MARKETLINE

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4.2. Geography segmentation

India accounts for 0.8% of the Asia-Pacific pet healthcare market value.
Japan accounts for a further 49.7% of the Asia-Pacific market.

Table 4: India pet healthcare market geography segmentation: $ million, 2018

Geography 2018 %
Japan 1,618.1 49.7
South Korea 454.2 14.0
China 209.4 6.4
India 25.8 0.8
Singapore 10.0 0.3
Rest of Asia-Pacific 935.5 28.8

Total 3,253 100%

SOURCE: MARKETLINE MARKETLINE

Figure 4: India pet healthcare market geography segmentation: % share, by value, 2018

SOURCE: MARKETLINE MARKETLINE

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4.3. Market distribution

Other Specialist Retailers form the leading distribution channel in the Indian pet healthcare market, accounting for a
94.2% share of the total market's value.
Hypermarkets & Supermarkets accounts for a further 4.4% of the market.

Table 5: India pet healthcare market distribution: % share, by value, 2018

Channel % Share
Other Specialist Retailers 94.2%
Hypermarkets & Supermarkets 4.4%
Drug stores & Pharmacies 1.0%
Convenience Stores 0.4%
Other 0.0%

Total 100%

SOURCE: MARKETLINE MARKETLINE

Figure 5: India pet healthcare market distribution: % share, by value, 2018

SOURCE: MARKETLINE MARKETLINE

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5. Market Outlook

5.1. Market value forecast

In 2023, the Indian pet healthcare market is forecast to have a value of $33.8 million, an increase of 31% since 2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 5.5%.

Table 6: India pet healthcare market value forecast: $ million, 2018–23

Year $ million Rs. million € million % Growth

2018 25.8 1,766.8 21.9 6.6%
2019 27.2 1,857.5 23.0 5.1%
2020 28.5 1,950.8 24.2 5.0%
2021 30.0 2,049.0 25.4 5.0%
2022 31.8 2,177.8 27.0 6.3%
2023 33.8 2,310.1 28.6 6.1%

CAGR: 2018–23 5.5%

SOURCE: MARKETLINE MARKETLINE

Figure 6: India pet healthcare market value forecast: $ million, 2018–23

SOURCE: MARKETLINE MARKETLINE

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5.2. Market volume forecast

In 2023, the Indian pet healthcare market is forecast to have a volume of 15.7 million units, an increase of 21.7% since
2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 4%.

Table 7: India pet healthcare market volume forecast: million units, 2018–23

Year million units % Growth

2018 12.9 5.3%
2019 13.4 3.6%
2020 13.8 3.1%
2021 14.3 3.7%
2022 15.0 5.0%
2023 15.7 4.7%

CAGR: 2018–23 4.0%

SOURCE: MARKETLINE MARKETLINE

Figure 7: India pet healthcare market volume forecast: million units, 2018–23

SOURCE: MARKETLINE MARKETLINE

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6. Five Forces Analysis

The pet healthcare market will be analyzed taking manufacturers of pet healthcare as players. The key buyers will be
taken as distributors and retailers of pet healthcare, and producers of packaging, chemicals and other raw materials as
the key suppliers.

6.1. Summary
Figure 8: Forces driving competition in the pet healthcare market in India, 2018

SOURCE: MARKETLINE MARKETLINE

The pet healthcare market is dominated by large, powerful incumbents, which increases the rivalry level significantly.
Major buyers in this market usually offer a wide range of different products, which reduces their dependence on the
pet healthcare market. On top of this, switching costs for buyers are not especially high.
Pet healthcare market suppliers include those providing and manufacturing raw materials, such as plastic, chemicals
and packaging materials for the production of pet healthcare products. The quality of many of the raw materials is
important. Chemicals and equipment used in the manufacturing of such products must be up to certain standards,
and for some ingredients there are no substitutes; this increases supplier power.
This market is heavily dominated by strong brands that hold significant market share. Trying to enter this market with
a new brand in the face of such formidable incumbents can be extremely challenging. New entrants face large
companies whose economies of scale allow them to compete fiercely on price. Differentiation in this market is
relatively limited, although innovation in terms of packaging, branding, and products are a distinct way in which the
large incumbents in this market fight for market share.
The threat of substitutes is assessed as moderate in this market due to there being no real beneficial or viable
substitutes of these products available.

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6.2. Buyer power

Figure 9: Drivers of buyer power in the pet healthcare market in India, 2018

SOURCE: MARKETLINE MARKETLINE

The main distribution channel for the pet healthcare market in India is other specialist retailers with 94.2% of the total
market value in 2018. The major buyers have considerable bulk-purchasing power and are in a position where they
can negotiate favorable volumes and values from suppliers. The same applies to the contracts that suppliers,
especially the smaller ones, are ready to get into as this form of sale provides a reliable and steady flow of income.
This enhances buyer power significantly.
Shopping for pet products has become easier, with an increasing variety of retail outlets now selling pet products.
Backwards integration increases the buyer power in this market.
The customer’s loyalty to manufacturer brands plays a significant role and tends to weaken the buyer power of
retailers. However, the fact that buyers offer a wide range of products, and the pet healthcare segment constitutes
only part of their business, means buyer power is strengthened. Overall, buyer power is assessed as strong.

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6.3. Supplier power

Figure 10: Drivers of supplier power in the pet healthcare market in India, 2018

SOURCE: MARKETLINE MARKETLINE

Pet healthcare market suppliers include those providing and manufacturing raw materials, such as plastic, chemicals
and packaging materials. It is important for players to focus on the quality of the raw materials they are using and
follow government regulations relating to pet healthcare. In India, the pet healthcare market is regulated by the Drug
Controller General of India (DCGI).
The pet healthcare market is filled with innovative products that allow animal owners to meet the basic needs of their
pets. The market develops specialized products based on changing consumer needs. This tendency can be observed in
relation to food products as well as pet healthcare products. Producers are choosing to adapt their products to cover
different ages, breeds and sizes, which each require specific products from suppliers, strengthening supplier power.
Companies offering raw materials are generally small; therefore, supplier power is reduced based on size. However,
pet healthcare products constitute a relatively small part of the total market, which strengthens supplier power.
Overall, supplier power is assessed as moderate.

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6.4. New entrants

Figure 11: Factors influencing the likelihood of new entrants in the pet healthcare market in India, 2018

SOURCE: MARKETLINE MARKETLINE

The main players in the pet healthcare market in India are large international companies, such as Ayurvet Ltd, Zoetis
Inc. and Cipla Inc. These players sell products on a global scale, and invest heavily in both product innovation and
building wide brand portfolios. They also offer a wide range of different products and the pet healthcare products
constitute only a small segment in the total offer.
The growing domestic market is also attractive to start-ups which have the opportunity to introduce a new, high level
product or fulfill a niche market.
The Central Drugs Standard Control Organization (CDSCO), under the DCGI, monitors Indian veterinary medicines. The
CDSCO ensures that animal medicines are safe to use, produced under sanitary conditions, contain no harmful
substances, and are accurately labeled, which can act as a barrier to entry.
The establishment of production facilities is a key requirement of market entry, which means significant capital outlay
on machinery and factories. Furthermore, potential new entrants will need to persuade stores to stock their products,
which can be difficult when customers are loyal to certain, well known brands.
Strong market growth during the review period (2014-2018) makes the market more attractive to potential new
entrants. Overall, there is a moderate likelihood of new entrants.

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6.5. Threat of substitutes

Figure 12: Factors influencing the threat of substitutes in the pet healthcare market in India, 2018

SOURCE: MARKETLINE MARKETLINE

Substitutes for pet healthcare products include homemade pet supplements and grooming products. It is relatively
time-consuming to prepare substitutes at home, as it requires specific knowledge. This issue can decrease the use of
homemade alternatives to some extent, limiting the use of substitutes. Overall, the threat of substitutes is assessed as
moderate.

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6.6. Degree of rivalry

Figure 13: Drivers of degree of rivalry in the pet healthcare market in India, 2018

SOURCE: MARKETLINE MARKETLINE

The Indian pet healthcare market is fairly fragmented, with the top four major players, Ayurvet Ltd, Zoetis Inc., Cipla
Inc and Bayer Ag, holding 34.5% of the total market value in 2018. As most players own their own production facilities,
fixed costs are relatively high. This means that a successful presence in the market requires significant capital outlay to
finance fixed assets, which enhances rivalry between the industry's players. Costs are also increased by the need to
finance expensive innovations, as customers expect constant improvements in terms of product quality and variety.
Switching costs may not be high, but retailers are usually unwilling to switch between market players, as their
customers are loyal to particular brands. This eases rivalry to a certain extent. Furthermore, the diverse product
ranges produced by the leading market players reduces their reliance on the pet healthcare market.
Strong market growth during the review period decreases the degree of rivalry even further. Overall, rivalry is
assessed as moderate.

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7. Competitive Landscape
The Indian pet healthcare market has experienced strong value growth and volume growth in recent years. Ayurvet
Ltd is the leading player in the sector in value terms and also gained maximum value share during 2014-2018.
Furthermore, Zoetis Inc and Cipla Inc also have strong presence in the country, accounting for second and third largest
value shares respectively, in 2018

7.1. Market share

Table 8: India pet healthcare market share: % share, by value, 2018

Company % Share
Ayurvet Ltd. 13.5%
Zoetis Inc. 8.7%
Cipla Inc 7.4%
Bayer Ag 4.8%
Other 65.5%

Total 100%

SOURCE: MARKETLINE MARKETLINE

Figure 14: India pet healthcare market share: % share, by value, 2018

SOURCE: MARKETLINE MARKETLINE

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7.2. Who are the leading players in the Indian pet healthcare
market?
Indian based multinational Ayurvet Ltd. is the leading player in the Indian pet healthcare market, accounting for 13.5%
of the market value in 2018 and is expected to retain its lead position in the coming years. The company accounted for
value share of 22.6% in the grooming products segments in 2018.
US based multinational Zoetis Inc is the leading player in the Indian pet healthcare market, accounting for 8.7% of the
market value in 2018 and is expected to retain its lead position in the coming years. The company accounted for value
shares of 12.4% and 11.8% in grooming products and external parasite treatments segment in 2018.
Indian based multinational Cipla Inc is the leading player in the Indian pet healthcare market, accounting for 7.4% of
the market value in 2018 and is expected to retain its lead position in the coming years. The company accounted for
value share of 25.6% in the pet supplements segment in 2018.

7.3. Which companies have been most successful in increasing

their market share since 2014?
Between 2014 and 2018, Ayurvet Ltd. registered the highest rise in its market share with a 1.1 percentage points in
value terms in the Indian pet healthcare sector, increasing from 12.4% in 2014 to 13.5% in 2018. Over the same
period, value market share of Zoetis Inc. increased with a 0.7 percentage points, growing from 8.0% in 2014 to 8.7% in
2018. Moreover, Bayer Ag witnessed increase of 0.3 percentage points to its value share, up from 4.5% in 2014 to
4.8% in 2018.

7.4. What are the most popular brands in the market?

Ayurvet owned by Ayurvet Ltd. is the most popular brand in the Indian pet healthcare market, accounting for a value
share of 13.5%, in 2018. Furthermore, Vetnex (owned by Zoetis Inc.) and Powergel (owned by Cipla Inc) are also top
brands of the sector, which held brand value shares of 8.7% and 4.0%, respectively, in the same year.

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8. Company Profiles

8.1. Ayurvet Ltd

8.1.1. Company Overview

Ayurvet Ltd (Ayurvet), formerly Dabur Ayurvet Ltd is a healthcare solution provider that offers herbal healthcare and
nutritional products for a wide range of animal species. The company’s product categories include AGP replacer,
performance enhancers, respiratory tonic, anti-diarrhoeal, liver tonic, mineral-vitamin nutrition, toxin binders, skin,
anti-stress, anti-mastitis, reproductive and digestive products. It offers its products for cattle, poultry, pigs, equines,
pets, porcine, aqua and other species. Ayurvet also provides cultivation and improvement of medicinal herbs and
conducts utilization and treatment of by products and industrial waste products. The company exports its products
across South Africa, Angola, Tanzania, Bolivia, Argentina, Pakistan, Sri Lanka, China and Indonesia, among others.
Ayurvet is headquartered in Ghaziabad, Uttar Pradesh, India.

8.1.2. Key Facts

Table 9: Ayurvet Ltd: key facts

Plot No. H-3 Unit No. 101-103, 1st Floor, KM Trade Tower, Sector-14, Kaushambi,
Head office:
Ghaziabad, Uttar Pradesh, India
Website: www.ayurvet.com
Financial year-end: April

SOURCE: COMPANY WEBSITE MARKETLINE

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Table 10: Ayurvet Ltd: Key Employees

Name Job Title Board

Anil Nehru Director Non Executive Board
Anup Kalra Director Non Executive Board
K. Ravikanth Director Non Executive Board
Mohan Ji Saxena Director Executive Board
Mohan Ji Saxena Managing Director Executive Board
Panjab Singh Director Non Executive Board
Pradeep Wig Director Non Executive Board
Pradip Burman Chairman Executive Board

SOURCE: COMPANY FILINGS MARKETLINE

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8.2. Zoetis Inc

8.2.1. Company Overview

Zoetis Inc (Zoetis) is a global animal health company. It discovers, develops, manufactures and commercializes animal
health medicines and vaccines with a focus on livestock and companion animals. The company offers anti-infective
products, vaccines, parasiticides and medicated feed additives among others. It also offers contract manufacturing
services to third parties through its Client Supply Services (CSS) organization. The company has manufacturing
facilities worldwide; and it sells products to veterinarians and livestock producers through direct marketing channels
and distributors in the Americas, Europe, Africa, Asia and Australia. Zoetis is headquartered in Parsippany, New Jersey,
the US.
The company reported revenues of (US Dollars) US$5,825 million for the fiscal year ended December 2018 (FY2018),
an increase of 9.8% over FY2017. In FY2018, the company’s operating margin was 29%, compared to an operating
margin of 28.7% in FY2017. In FY2018, the company recorded a net margin of 24.5%, compared to a net margin of
16.3% in FY2017.The company reported revenues of US$1,547.0 million for the second quarter ended June 2019, an
increase of 6.3% over the previous quarter.

8.2.2. Key Facts

Table 11: Zoetis Inc: key facts

Head office: 10 Sylvan WayParsippany, New Jersey, United States

Number of Employees: 10000
Website: www.zoetis.com
Financial year-end: December
Ticker: ZTS
Stock exchange: New York Stock Exchange

SOURCE: COMPANY WEBSITE MARKETLINE

8.2.3. Business Description

Zoetis Inc. (Zoetis) discovers, develops, manufactures and commercializes animal health medicines and vaccines,
focusing on livestock and companion animals.
The company offers its products under six product categories: Anti-Infective, Vaccines, Parasiticides, Medicated Feed
Additives, Other Pharmaceutical Products and Other Non-pharmaceuticals, along with Contract Manufacturing.
The company has 25 manufacturing facilities in 12 countries; and markets its products to countries across North
America, Europe, Africa, Asia, Australia and South America.

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Table 12: Zoetis Inc: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % -0.42 2.58 8.57 9.76 7.47
Operating Income Growth % -33.54 125.32 24.19 10.82 6.57
EBITDA Growth % -31.14 116.67 23.08 11.82 8.25
Net Income Growth % -41.85 142.18 5.24 65.28 5.04
EPS Growth % -0.59 36.52 34.97 30.46 9.69
Working Capital Growth % -13.87 10.93 37.40 1.70 -7.37
Equity Ratios
EPS (Earnings per Share) USD 0.79 1.65 2.18 2.84 3.11
Dividend per Share USD 0.34 0.39 0.44 0.50 0.66
Dividend Cover Absolute 2.31 4.23 4.95 5.64 4.75
Book Value per Share USD 2.15 3.02 3.64 4.56 5.69
Profitability Ratios
Gross Margin % 64.03 66.53 66.78 67.67 68.43
Operating Margin % 11.44 25.12 28.74 29.01 28.77
Net Profit Margin % 7.11 16.80 16.28 24.52 23.96
Profit Markup % 178.00 198.78 201.02 209.35 216.80
PBT Margin (Profit Before Tax) % 11.44 25.12 28.74 29.01 28.77
Return on Equity % 31.74 55.21 48.81 65.35 55.39
Return on Capital Employed % 8.89 18.80 20.36 17.69 18.49
Return on Assets % 4.68 10.55 10.64 14.75 13.44
Return on Working Capital % 26.60 54.03 48.83 53.21 61.22
Operating Costs (% of Sales) % 88.56 74.88 71.26 70.99 71.23
Administration Costs (% of Sales) % 32.15 27.91 25.14 25.48 26.17
Liquidity Ratios
Current Ratio Absolute 2.15 3.03 3.85 3.60 2.63
Quick Ratio Absolute 1.33 1.69 2.55 2.46 1.85
Cash Ratio Absolute 0.65 0.65 1.43 1.39 1.07
Leverage Ratios
Debt to Equity Ratio Absolute 4.56 3.00 2.80 2.95 2.38
Net Debt to Equity Absolute 3.48 2.52 1.91 2.22 1.67
Debt to Capital Ratio Absolute 0.82 0.75 0.74 0.75 0.70
Efficiency Ratios
Asset Turnover Absolute 0.66 0.63 0.65 0.60 0.56
Fixed Asset Turnover Absolute 3.63 3.64 3.77 3.77 3.31
Inventory Turnover Absolute 1.24 1.10 1.20 1.34 1.41
Current Asset Turnover Absolute 1.31 1.35 1.40 1.35 1.37
Capital Employed Turnover Absolute 0.78 0.75 0.71 0.61 0.64
Working Capital Turnover Absolute 2.33 2.15 1.70 1.83 2.13

SOURCE: COMPANY FILINGS MARKETLINE

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Table 13: Zoetis Inc: Key Employees

Name Job Title Board

Catherine Knupp Executive Vice President Senior Management
Catherine Knupp President Research and Development Senior Management
Clinton Lewis, Jr. Executive Vice President Senior Management
President International Operations,
Commercial Development, Global Genetics,
Clinton Lewis, Jr. Senior Management
Aquatic Health and Human Medical
Diagnostics
Frank D’Aamelio Director Non Executive Board
Glenn David Chief Financial Officer Senior Management
Glenn David Executive Vice President Senior Management
Gregory Norden Director Non Executive Board
Heidi Chen Executive Vice President Senior Management
Heidi Chen General Counsel Senior Management
Heidi Chen Secretary Senior Management
Juan Ramon Alaix Chief Executive Officer Executive Board
Juan Ramon Alaix Director Executive Board
Kristin C. Peck Executive Vice President Senior Management
President US Operations, Business
Kristin C. Peck Senior Management
Development and Strategy
Linda Rhodes Director Non Executive Board
Louise M. Parent Director Non Executive Board
Michael McCallister Chairman Executive Board
Paul M. Bisaro Director Non Executive Board
Robert Scully Director Non Executive Board
Roman Trawicki Executive Vice President Senior Management
Roman Trawicki President Global Manufacturing and Supply Senior Management
Chief Human Resources and Communications
Roxanne Lagano Senior Management
Officer
Roxanne Lagano Executive Vice President Senior Management
Sanjay Khosla Director Non Executive Board
Wafaa Mamilli Chief Digital Officer Senior Management
Wafaa Mamilli Chief Technology Officer Senior Management
Wafaa Mamilli Executive Vice President Senior Management
William Steere, Jr. Director Non Executive Board
Willie M. Reed Director Non Executive Board

SOURCE: COMPANY FILINGS MARKETLINE

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8.3. Cipla Limited

8.3.1. Company Overview

Cipla Limited (Cipla or 'the company') is a manufacturer of prescription drugs, veterinary and active pharmaceutical
ingredient products. The company provides products for various therapeutic categories including dermatology, critical
care, cardiovascular, infectious diseases, children's health, and cosmetology, HIV/AIDS, diabetes, neurosciences,
hepatitis, malaria, oncology, ophthalmology, respiratory, osteoporosis and urology. The company is also engaged in
biosimilar and consumer healthcare. Cipla operates state-of-the-art research facilities for API process development in
India and has dedicated cancer and polypeptide development laboratories. The company offers its products in South
Africa, India, and North America and other markets. Cipla is headquartered in Mumbai, Maharashtra, India.
The company reported revenues of (Rupee) INR163,624.1 million for the fiscal year ended March 2019 (FY2019), an
increase of 7.5% over FY2018. In FY2019, the company’s operating margin was 10.9%, compared to an operating
margin of 9.4% in FY2018. In FY2019, the company recorded a net margin of 9.3%, compared to a net margin of 9.3%
in FY2018.The company reported revenues of INR43,957.8 million for the second quarter ended September 2019, an
increase of 10.2% over the previous quarter.

8.3.2. Key Facts

Table 14: Cipla Limited: key facts

Cipla HousePeninsula Business Park, Ganpatrao Kadam Marg, Mumbai, Maharashtra,

Head office:
India
Number of Employees: 23610
Website: www.cipla.com
Financial year-end: March
Ticker: CIPLA
Stock exchange: National Stock Exchange of India

SOURCE: COMPANY WEBSITE MARKETLINE

8.3.3. Business Description

Cipla Limited (Cipla or ‘the compnay’) develops manufactures, and sells pharmaceutical products. It manufactures
2,000 and above products across 80 countries in 65 therapeutic categories within its 44 production facilities.
The company operates through two business segments: Pharmaceutical and New Ventures.
The Pharmaceuticals segment develops, manufactures and commercializes generic and branded medicines. It also
produces active pharmaceutical ingredients (APIs) which manufactures more than 200 generic and complex APIs. The
portfolio covers a range of therapeutic categories including dermatology, cardiovascular, children's health, and
cosmetology, infectious diseases and critical care, HIV/AIDS, diabetes, neurosciences, hepatitis, malaria, oncology,
ophthalmology, respiratory, osteoporosis, urology and women's health available in various forms such as inhalation
technology, pre-filled syringe, hormone injection, nasal drug delivery, liposome injection, nanotechnology, particle
engineering, melt extrusion and hot melt granulation, microsphere injection, topical delivery system, and ophthalmic
solutions. In FY2019, the Pharmaceuticals segment generated revenue of INR162,312.1 million, which accounted for
99% of the company’s revenue.
Through New Ventures segment the company operates through Cipla BioTec Pvt Ltd (Cipla BioTec), which is involved
in the development and research activities, producing and developing and distributing Cipla Health Ltd (Cipla Health),
a consumer healthcare company and biosimilars. The segment formed CipTec for specialty business in US. In FY2018,

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the New Ventures segment generated revenue of INR1,604.5 million, which accounted for 1% of the company’s
revenue.
Cipla’s research activities focus on developing complex and innovative products. It employed 1,500 scientists which
produces products, while enhancing existing products and its applications and delivering drugs. In FY2019, the
company incurred INR3,568.6 million on research activities.
Geographically, Cipla classifies its revenue into four segments: India, US, South Africa, and Rest of the World. In
FY2019, India accounted for 39.2% of its total revenue followed by 20.9% from US, 13.2% from South Africa and 26.6%
from Rest of the World.

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Table 15: Cipla Limited: Annual Financial Ratios

Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % 11.52 21.55 6.09 4.03 7.51
Operating Income Growth % -6.66 4.18 -29.88 18.20 24.10
EBITDA Growth % 0.63 14.73 -16.08 14.35 20.61
Net Income Growth % -14.96 15.18 -26.00 40.16 8.31
EPS Growth % -15.68 14.43 4.23 25.69 -4.65
Working Capital Growth % 22.93 -71.94 409.86 28.56 23.97
Equity Ratios
EPS (Earnings per Share) INR 14.66 16.89 12.50 17.50 18.93
Dividend per Share INR 2.00 2.00 2.00 3.00 3.00
Dividend Cover Absolute 7.33 8.44 6.25 5.83 6.31
Book Value per Share INR 132.73 143.35 155.92 176.73 186.33
Profitability Ratios
Gross Margin % 57.60 56.27 56.40 57.84 59.08
Operating Margin % 14.62 12.53 8.28 9.41 10.86
Net Profit Margin % 10.41 9.86 6.88 9.27 9.34
Profit Markup % 135.85 128.67 129.35 137.19 144.36
PBT Margin (Profit Before Tax) % 14.58 12.52 8.35 10.97 12.71
Return on Equity % 11.08 11.81 8.02 9.91 10.18
Return on Capital Employed % 13.96 12.94 6.86 7.53 8.80
Return on Assets % 8.13 7.40 4.77 6.43 6.53
Return on Working Capital % 43.69 162.22 22.31 20.51 20.53
Operating Costs (% of Sales) % 85.38 87.47 91.72 90.59 89.14
Administration Costs (% of Sales) % 32.70 32.54 33.71 34.10 34.90
Liquidity Ratios
Current Ratio Absolute 2.01 1.14 2.61 2.82 3.29
Quick Ratio Absolute 0.96 0.62 1.55 1.72 2.19
Cash Ratio Absolute 0.25 0.19 0.43 0.54 0.73
Leverage Ratios
Debt to Equity Ratio Absolute 0.03 0.02 0.29 0.26 0.26
Net Debt to Equity Absolute 0.11 0.38 0.28 0.23 0.25
Debt to Capital Ratio Absolute 0.03 0.02 0.23 0.20 0.20
Efficiency Ratios
Asset Turnover Absolute 0.78 0.75 0.69 0.69 0.70
Fixed Asset Turnover Absolute 2.52 2.76 2.64 2.63 2.90
Inventory Turnover Absolute 1.41 1.52 1.69 1.64 1.59
Current Asset Turnover Absolute 1.72 1.68 1.66 1.55 1.41
Capital Employed Turnover Absolute 0.95 1.03 0.83 0.80 0.81
Working Capital Turnover Absolute 2.99 12.95 2.69 2.18 1.89

SOURCE: COMPANY FILINGS MARKETLINE

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Table 16: Cipla Limited: Key Employees

Name Job Title Board

Adil Zainulbhai Director Non Executive Board
Ashok Sinha Director Non Executive Board
Geena Malhotra Head Global Integrated Product Development Senior Management
Ireena Vittal Director Non Executive Board
Kedar Upadhye Chief Financial Officer Global Senior Management
Naina Lal Kidwai Director Non Executive Board
Peter Mugyenyi Director Non Executive Board
Punita Lal Director Non Executive Board
R. Ananthanarayanan Chief Operating Officer Global Senior Management
Rajendra Chopra Secretary Senior Management
Raju Mistry Chief People Officer Global Senior Management
Raju Mistry President Senior Management
Raju Subramanyam Head Global Operations Senior Management
Ranjana Pathak Head Global Quality Senior Management
S. Radhakrishnan Director Non Executive Board
Samina Vaziralli Vice Chairman Non Executive Board
Shivam S Puri Chief Executive Officer Senior Management
Umang Vohra Managing Director Senior Management
Yusuf K Hamied Chairman Executive Board

SOURCE: COMPANY FILINGS MARKETLINE

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9. Macroeconomic Indicators

9.1. Country data

Table 17: India size of population (million), 2014–18

Year Population (million) % Growth

2014 1,238.9 1.3%
2015 1,254.0 1.2%
2016 1,269.0 1.2%
2017 1,283.6 1.2%
2018 1,298.0 1.1%

SOURCE: MARKETLINE MARKETLINE

Table 18: India gdp (constant 2005 prices, $ billion), 2014–18

Year Constant 2005 Prices, $ billion % Growth

2014 1,595.4 7.4%
2015 1,716.1 7.6%
2016 1,847.6 7.7%
2017 1,990.6 7.7%
2018 2,146.3 7.8%

SOURCE: MARKETLINE MARKETLINE

Table 19: India gdp (current prices, $ billion), 2014–18

Year Current Prices, $ billion % Growth

2014 2,045.6 9.0%
2015 2,337.2 14.3%
2016 2,671.5 14.3%
2017 3,035.3 13.6%
2018 3,453.7 13.8%

SOURCE: MARKETLINE MARKETLINE

Table 20: India inflation, 2014–18

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Year Inflation Rate (%)

2014 7.7%
2015 7.2%
2016 6.7%
2017 6.4%
2018 6.3%

SOURCE: MARKETLINE MARKETLINE

Table 21: India consumer price index (absolute), 2014–18

Year Consumer Price Index (2005 = 100)

2014 215.6
2015 231.0
2016 246.5
2017 262.2
2018 278.7

SOURCE: MARKETLINE MARKETLINE

Table 22: India exchange rate, 2014–18

Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2014 60.9620 80.8938
2015 64.1233 71.1453
2016 67.1794 74.3472
2017 65.0484 73.5945
2018 68.4090 80.6918

SOURCE: MARKETLINE MARKETLINE

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Appendix

Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of
each definition are carefully reviewed at the start of the research process to ensure they match the requirements of
both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data
to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which
can then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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9.2. Industry associations

9.2.1. American Pet Products Association, Inc. (APPA)

225 High Ridge Road

Suite W200
Stamford, CT 06905
Tel.: 1 203 532 0000
Fax: 1 203 532 0551
www.americanpetproducts.org

9.2.2. World Pet Association

135 West Lemon Avenue, Monrovia, CA 91016, USA

Tel.: 1 626 447 2222
Fax: 1 626 447 8350

www.worldpetassociation.org

9.2.3. Pet Animal Welfare Society (PAWS)

C-9/7, Masudpur Market, Vasant Kunj, New Delhi-70

www.pawsindia.org

9.3. Related MarketLine research

9.3.1. Industry Profile

Global Pet Healthcare

Pet Healthcare in China
Pet Healthcare in Spain
Pet Healthcare in the United States
Pet Healthcare in Asia-Pacific

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