Nestle (Thai) has invested Bt 6 billion (US$164.2 million) to expand its production for pet care products in the country.
According to Victor Seah, Chief Executive of Nestle Indochina, “The pet food market has been continuously growing since the pandemic as people have more time for their pets since some of them are working from home.”
Pet food products offer enormous growth potential due to a confluence of trends, including demand for premium products, the humanisation of pets, rising disposable incomes, and a growing focus on pet health.
Pets are now treated as members of the family, as such treatment of pets in terms of the food that they eat as well as their nutrition have drastically changed compared to the pre-covid period. Pet owners are more willing to spend more money for their pets. Research shown that the average cost of pet care is around Bt 41,100 (US$1,125) per year, with 55% of it spent on pet food.
Thailand’s pet market is valued at Bt 75 billion (US$2.05 billion) this year, up 12.4% from 2023, with the pet food market expected to be worth Bt 44.6 billion (US$1.22 billion).
