Pet business reaches Bt40 billion as people indulge their darlings
The pet business in Thailand has quietly grown to worth up to Bt40 billion in economic value, growing at least 10 per cent yearly, as owners indulge their pets with food and services.
Nantaphon Tantiwongampai, the vice president of the Thai Pet Products Industry Association, predicted pet-related businesses would likely experience continuous growth.
Despite various risks including to the economy the market has not been affected, he said. The market for pet dogs and cats alone is now worth nearly Bt40 billion yearly, with an average growth of not less than 10 per cent per year, with food products taking up a big share of its growth.
The behaviour of Thai animal lovers has changed, he said, as they tend to look after and pay attention to every detail for their pet, treating them much like their own child, including for food, clothing and medical care. The pet in Thailand has become a family member rather than just a housekeeper.
The population of cats in Thailand has now reached 4 million, almost double the 2.2 million of six years ago, while the dog population is growing by 10 per cent yearly. Thai people are interested in raising small dogs rather than large dogs, he said.
The average spend on pets around the world is at 3-5 per cent of household income, with the spending on food and services even higher among families that do not have children.
Also adding to the pet market in Thailand is exports, with most customers located in Asia, including in China, Korea, and Hong Kong, as well as in neighbouring countries such as Laos, Myanmar and Malaysia.
