Srettha urges businesses to cash in on fast-growing pet industry

The pet business sector generated a total revenue of 258.7 billion baht in 2023, a 5.79% increase from the previous year. This growth trend has been consistent over the past three years, with net profits reaching 14.99 billion baht in 2023, up 9.77% year on year.

"The pet market has been growing continuously for a while," said Prime Minister Settha Taweesin in a recent statement on social media. "It's a golden opportunity for Thai businessmen who excel in production and service, as well as for the tourism sector to expand into pet-inclusive offerings."

The food and toy segment emerged as the star performer, contributing 196.3 billion baht to the total revenue, an 8.64% increase from 2022. This segment alone netted a profit of 14.263 billion baht.

Care services, including pet sitting and grooming, also saw growth, generating 23.562 billion baht in revenue. Interestingly, the first half of 2024 has already seen 191 new establishments in this segment, indicating a continued upward trajectory.

The boom is attributed to changing consumer behaviour, particularly the trend of "pet humanisation" where owners treat their animals as family members. This shift has led to increased spending on premium pet products, health services, and even tech-enabled pet care solutions.

"We're seeing a rise in pet-friendly spaces across Thailand. Malls, cafes, and even hotels are adapting to accommodate pet owners, opening up new business opportunities," an industry analyst noted.

The market growth is not limited to traditional pets. There's an increasing trend, especially among Gen Z, towards owning exotic pets. Sales of products for these unconventional pets have grown by over 50%, outpacing the growth in cat and dog product sales.

As the industry evolves, it's also giving rise to new ideas, such as "Petfluencers” – pets with significant social media following that generate income for their owners through content creation.

Looking ahead, experts predict continued growth for the pet industry. With increasing competition and a growing consumer base, the sector presents numerous opportunities for both established businesses and new entrants.

"Thai businessmen should not miss this opportunity," the PM emphasised, highlighting the potential for growth in both the domestic market and the tourism sector.

As Thailand's pet industry continues to flourish, the sector is becoming a significant contributor to the country's economy.