KResearch is of the view that Thai pet food exports will continue to enjoy bright prospects ahead. For 2022, we expect that the value of Thai pet food shipments will reach roughly USD2.4 billion, an increase of 20 percent, which would be a slight decline from the 23 percent growth projected for 2021. If the value of Thai pet food exports can reach that projected level, Thailand will become the world’s third largest pet food exporting country in 2022, supported by several factors. These include: 1) Steady demand for pet food abroad given the projected rise in the number of pets worldwide; 2) the pet humanization trend, whereby pet owners tend to treat their pets like family members and are willing to pay for premium pet food; and 3) Thailand’s preferential tariff arrangements under FTAs with some key markets such as ASEAN and Japan.
However, there are challenges that related operators must closely monitor, including higher energy costs and persistent shortages of shipping containers, because they will drive up processing and logistics costs. Other challenges are increased competition from key rivals, especially Vietnam that has begun to bolster its pet food exports, and the fact that most Thai pet food producers continue to be OEMs for foreign brands.
To maintain the competitiveness of Thai pet food exports, we at KResearch are of the view that related operators may need to improve and accelerate their branding efforts while also focusing on premium pet food products in line with the future trend. Most importantly, they must brace for the need of key import markets to establish more environmentally-friendly production standards throughout the supply chain such as CO2 emission reduction and traceability. Moreover, emphasis must be placed on developing healthy pet food products as pet owners are increasingly paying more attention to the well-being of their pets to ensure that they live longer and do not have health problems.
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