Thonglor International Pet Hospital plans to add branches in Thailand and other Asean countries as pet-related businesses are expected to continue to grow.
Kitika Chaisupattanakul, chief executive of Thonglor International Pet Hospital, said the company believes the pet care market looks promising and will continue to grow in Thailand due to the country's ageing demographics and the changing lifestyles of modern people, including growing populations of singles and childless couples known as "DINKS" (double income no kids).
Moreover, many people now treat their pets like members of the family, which is often referred to as the "humanisation of pets", with a growing focus on premium products for pets and pet health.
Ttb analytics, the research arm of TMBThanachart Bank (ttb), estimates that the cost of pet care per pet is typically around 7,745 baht per year, with 1,200 baht of this amount spent on pet health.
However, the report showed that when so-called pet parents adopt the pet humanisation trend, they tend to spend 41,100 baht per year, with 8,575 baht of this amount spent on pet health.
It is estimated that the pet market in Thailand will be worth 75 billion baht this year, up 12.4% from 2023, according to ttb analytics.
However, the company expects the pet business in Thailand to grow by only 7% this year due to the country's economic slowdown as people are now being more careful when spending their money, said Ms Kitika.
At present, the company has 19 branches in Thailand and one in Vietnam's Ho Chi Minh City.
The company plans to add one more branch in Asoke road, Bangkok in early October, and aims to open another branch in Vietnam next year, she said.
"We aim to be a pet hospital hub in Southeast Asia, and the company is considering entering new markets such as Indonesia and Malaysia," said Ms Kitika.
The aim is to partner with 10 pet hospitals to pass on relevant know-how in the area of pet care next year, she said.
Ms Kitika expects the company's revenues to grow by 7% this year in line with the pet care market.
