Nestlé Invests 6 Billion Baht to Boost Pet Food Production Amid Growing Demand and Trends
Nestlé (Thai), a major consumer goods company, has invested 6 billion baht to expand its pet food manufacturing facilities due to increasing demand for pet care products.
The pet food market has experienced growth since the Covid-19 pandemic as people spend more time at home with their pets.
Trends such as the desire for premium products, the humanization of pets, rising disposable incomes, and a focus on pet health contribute to the market's potential for growth.
Ttb Analytics, the research arm of TMBThanachart Bank, reports that pet owners are treating their pets like family members, leading to an increased demand for premium and nutritious pet food.
This trend is driving up the cost of pet care, with an estimated 41,100 baht spent per pet per year, and 22,500 baht of that going towards pet food.
Pet owners, both new and long-term, are becoming more sophisticated in their pet food choices.
Ttb Analytics predicts that the "pet humanization" trend will boost the Thai pet market, which is projected to be worth 75 billion baht in 2024, a 12.4% increase from 2023.
The pet food market is expected to account for 44.6 billion baht of this total.
In response to rising demand for pet care, Nestle has invested approximately 6 billion baht to expand its manufacturing facilities from 2021 to 2026.
Trends such as the desire for premium products, the humanization of pets, rising disposable incomes, and a focus on pet health contribute to the market's potential for growth.
Ttb Analytics, the research arm of TMBThanachart Bank, reports that pet owners are treating their pets like family members, leading to an increased demand for premium and nutritious pet food.
This trend is driving up the cost of pet care, with an estimated 41,100 baht spent per pet per year, and 22,500 baht of that going towards pet food.
Pet owners, both new and long-term, are becoming more sophisticated in their pet food choices.
Ttb Analytics predicts that the "pet humanization" trend will boost the Thai pet market, which is projected to be worth 75 billion baht in 2024, a 12.4% increase from 2023.
The pet food market is expected to account for 44.6 billion baht of this total.
In response to rising demand for pet care, Nestle has invested approximately 6 billion baht to expand its manufacturing facilities from 2021 to 2026.