Pet hospital business is booming
Thonglor Pet Hospital has set aside an investment budget of Bt500 million for the years 2018-2022, including open new branches, renovating existing branches, joint ventures, mergers and acquisitions in both the domestic and neighbouring markets.
It aim is to boost total revenue to achieve Bt1.5 billion in 2022, the company’s chief executive officer, Kitaka Chaisupatanakul, said on Tuesday.
She added that the pet market has been growing across Southeast Asia, with the top three growth markets being Thailand, Malaysia and Indonesia.
In Thailand, the growth can be attributed in part to changing lifestyles, including a growing population of singles, childless couples and senior citizens. This, combined with an increase in purchasing power, has meant that many people are interested in keeping pets, especially dogs and cats. Pet ownership totals over 11 million today, she said.
As a result, pet-related businesses have been enjoying growth for more than 10 years. In 2017, the pet market is valued at Bt29.3 billion, representing year-on-year growth of 10 per cent. Of this, pet hospitals account for Bt9.3 billion, an increase of 10 per cent from a year earlier.
Following the market trend, the company expects total revenue of Bt680 million by the end of this year, or up 5.2 per cent from last year. It also hopes to secure a share of 7.3 per cent in the pet-hospital market segment, she said.
