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Thailand Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

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  • 120 Pages
  • April 2023
  • Region: Thailand
  • Mordor Intelligence
  • ID: 5119124
UP TO OFF until Jun 30th 2023
The Thailand pet food market is projected to witness a CAGR growth rate of 5.2% during the forecast period.

During the period of the pandemic, Thailand’s pet food maintained solid growth in 2020 and 2021, although the sales rate of increase slowed slightly compared with the pre-pandemic period as consumers became more cautious with spending. However, in the early stages of the outbreak of COVID-19, together with the government’s lockdown policy, people were panic buying and stockpiling necessities, including pet foods. Dry pet food gained popularity amongst consumers during this uncertain situation period, due to its longer shelf life and more convenient storage. It has continued to account for higher sales than the pre-pandemic period.

The changing lifestyle in Thailand is driving the pet food market in the country. The changing perception of the consumers, regarding pet health, is another major reason for the growth of the Thai pet food market. Similarly, the demand is increasing due to the increasing number of nuclear families, where consumers treat their pets as family members and are more concerned about their eating habits, lifestyles, and health issues. Increasing concern surrounding obesity among pets is driving the owners to opt for specialty and niche pet foods. Pet food is also given as a treat to pets, by their owners. Safety and nutritional needs of pets are the major concerns for the consumers, who are increasingly being educated about labeling and the ingredients used in such food products. These considerations come at a higher cost. However, due to a rise in the middle-income households in the country, along with a higher amount of disposable income, people are willing to spend more on their pets than before, especially in terms of higher-quality foods. Moreover, this trend correlates with a steady growth of certain pet food segments, including healthy treats, specialty pet foods, and other premium options. In 2017, Betagro, a Thai pet food company, which was awarded the Thailand Trust Mark by the MoC, invested THB 1.2 billion in a pet food production plant, along with a holistic cold chain management, to ensure the quality of its key ingredient - meat. According to the Thai Pet Products Association, dogs, make up the largest market segment for pet food, both, in terms of revenue and volume holding. This share is expected to record a growth of an annual average during the forecast period. The demand for premium dog food treats is anticipated to drive the market growth, over the forecast period. Under the trend of pet humanization, consumers are feeding their pets wet dog food as a snack and have tried even more diverse treats, regardless of price. Due to the shift in culture of enhanced pet humanization and the importance given to the health of pets the pet food market is projected to grow during the forecast period.

Thailand Pet Food Market Trends

Increasing trend of Pet Humanization

The shift in pet ‘ownership’ to ‘parenting’ has been a very crucial trend in the market studied. According to studies, Over one-third of households in the country own a pet. However, consumers are now becoming aware that pet food and homemade food consist of separate nutritional elements, and pets need to be fed with a diverse range of food, as a part of providing an adequate diet. According to the Thai Pet Product Industries Association, the market value of pet-related industries in Thailand is USD 73 billion in 2018, half of which is pet food. The pet food industry has been growing steadily, whereas human food sales have been growing by a mere 5%. Hence, the demand for high-quality pet food is increasing, supported by the rise in pet ownership. Moreover, “Pet Business” in 2019 touched USD 107 billion and the biggest part is the animal food segment with 45% of the estimate which is USD 4.8 billion, Pet health care 32% estimate as USD 3 billion and Other segments (cloth, accessories, and toys) hold 23 % of estimate as USD 24.5 billion. According to the Thai Pet Product Association, in 2020 there were about 14.5 million pets in Thailand: 8.9 million dogs (62%), 3.3 million cats (23%), and other pets (15%.) Due to the pet humanization phenomenon, the market showed an average growth rate of 10% annually since 2017. Thailand’s imported pet food represents only 6% of market share, valued at US$ 54 million. With the number of older people, single people, or people who do not have children increasing every year in Thailand, people are raising an animal as friends. Therefore, the consumer trend toward pet adoption has driven pet food premiumization, which is anticipated to create an expansion of the pet food market over the forecast period.

Export of Pet Food dominates the market

According to the International Trade Centre (ITC), Thailand is the world’s fourth-largest pet food exporter, with a total export value of USD 1,646,579 thousand in 2019. The export value in terms of price and quantity has grown at a 15% annual rate since 2016. Although Japan remains one of Thailand’s top pet food export destinations, in recent years exports to the United States and Italy have also recorded impressive annual growth rates of 15% and 8% respectively since 2016 as these countries are home to the largest number of pets globally. It is also seen that major pet food manufacturers in Thailand develop pet food with consistently high standards synonymous with human food grades. The big players in Thailand’s agriculture industry, such as the Betagro Group and Charoen Pokphand Foods, have been effective in gaining strong footholds in the pet food industry, cashing in on higher profit margins than those relished by the animal feed industry. The leading pet food manufacturers such as Mars Petcare have pawned their commitment towards engaging sustainable sources for 100% of their supply in the region.

Thailand Pet Food Market Competitor Analysis

The Thailand Pet Food Market is consolidated with the top global players occupying a major share in the market. The major player include Mars Inc, Nestle Purina Petcare, Hillspet, Betagro, and Royal Canin. These major players are investing in new products and improvisation of products, expansions, and acquisitions for business expansions. Another major area of investment is the focus on R&D to launch new products at lower prices.

Additional benefits of purchasing the report:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Intensity of Competitive Rivalry
5.1 Animal Type
5.1.1 Dogs
5.1.2 Cats
5.1.3 Birds
5.1.4 Other Animal Type
5.2 Product Type
5.2.1 Dry Food
5.2.2 Wet Food
5.2.3 Veterinary Diet
5.2.4 Treats/snacks
5.2.5 Other Product Types
5.3 Distribution Channel
5.3.1 Specialized Pet Shops
5.3.2 Online Retail Channel
5.3.3 Supermarket/Hypermarket
5.3.4 Other Distribution Channels
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mars Inc.
6.3.2 Nestle SA (Purina)
6.3.3 Colgate Palmolive (Hill's Pet Nutrition)
6.3.4 Merric Pet Care
6.3.5 Royal Canin
6.3.6 Perfect Companion
6.3.7 J.M. Smucker
6.3.8 Ainsworth Pet Nutrition
6.3.9 Thai Union
6.3.10 Betagro Pvt Ltd
6.3.11 V-planet

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Mars Inc.
  • Nestle SA (Purina)
  • Colgate Palmolive ( Hill's Pet Nutrition)
  • Merric Pet Care
  • Royal Canin
  • Perfect Companion
  • J.M. Smucker
  • Ainsworth Pet Nutrition
  • Thai Union
  • Betagro Pvt Ltd
  • V-planet