‘Pet Economy’ on the rise
Thailand’s pet market has grown at an average annual rate of 17.5% from 2019 to 2024
Nowadays, many public places display "Pet Friendly" signs, and pet-related businesses are booming thanks to the rapid expansion of the "Pet Economy."
Many people are willing to spend substantial amounts of money to pamper their beloved pets. This trend is also seen in China, where many are spending significant sums to send their pets to "kindergarten" while they are at work.
According to Economic View, "pet kindergarten" businesses are becoming very popular in Beijing. These courses last for 30 days and cost 11,000 yuan (about 54,000 baht). In addition to daily care, these kindergartens provide "etiquette training”.
These kindergartens offer a solution for pet owners who cannot dedicate enough time to their pets because of full-time jobs, making post-work life easier.
Tracking the 'Pet Economy' Trend
According to iiMedia Research, China’s pet industry has grown rapidly in recent years, with the pet economy valued at 490 billion yuan (2.4 trillion baht) in 2022. It is expected nearly to double by 2025.
In Thailand, ttb analytics reported that the pet market has grown at an average annual rate of 17.5% from 2019 to 2024. This year, the value of the pet market in Thailand is projected to reach 74.8 billion baht, a 12.4% increase from 2023.
The Thai pet market is divided as follows:
Pet food: 44.6 billion baht
Pet accessories: 22.9 billion baht
Veterinary services: 6.64 billion baht
Pet care services: 660 million baht
The report also estimates the annual expenses per pet in two scenarios:
"Pampered as a child" costs 41,100 baht per pet:
Food and treats: 22,500 baht
Health care (supplements, vaccines, and medical fees): 10,125 baht
Toys and grooming: 8,575 baht
"Free-range" costs 7,745 baht per pet:
Food and treats: 5,545 baht
Health care (supplements, vaccines, and medical fees): 1,000 baht
Toys and grooming: 1,200 baht
The Pet Economy significantly impacts various businesses, boosting the establishment of dog and cat cafes, increasing revenues and profits for veterinary hospitals, clinics, pet insurance companies, and driving pet-food sales.
