Food producers in Thailand are investing in the country’s growing premium pet food sector, reported Nikkei Asian Review. The Thai pet food market reached US$700 million in 2016, according to Euromonitor International data, placing Thailand third in Asia behind Japan and China.
As in many other developing markets, the rising middle class in Thailand fuels this pet food sector growth as more pet owners choose pet foods based on nutrition, as opposed to feeding pets table scraps.
Thai pet food businesses investing in facilities
Thai Union Group, a canned tuna products maker, expanded their production facilities in late 2016. A can of their tuna-based cat food now sells for more than canned tuna for human consumption, according to the report. Thai Union Group’s pet food sales grew 14 percent in 2016 to approximately THB9 billion ($264 million), despite a strong baht which increase the prices of Thai products for export markets.
Another Thai pet food company, Betagro, invested in their plant, boosting its ability to keep meats cold during processing. The plant produces 11,200 tons of pet food per month now. Betagro now focuses more of its production on the domestic market too.
BANGKOK -- Leading food producers in Thailand are rushing to cash in on the growing pet food market, serving up premium offerings to the dogs and cats beloved by the country's expanding middle class. Thai Union Group, the world leader in canned-tuna products, expanded production facilities for high-end pet foods in the latter half of 2016.