Thailand's Pet Industry on the Rise: Booming Market and Trading Hub

According to a recent survey conducted by the College of Management Mahidol University (CMMU), the pet industry in Thailand has significant potential for exponential growth among "petsumers". The survey showed that over 49% of Thai people currently prefer to adopt pets instead of having children.

• Introduction to Thailand's pet industry and its growth potential
• Key findings from the survey conducted by the CMMU on Thailand's pet business trend
• Factors contributing to the growth of the pet industry in Thailand
• Future outlook for the Thai pet industry and its potential impact on the pet industry in Southeast Asia

Thailand's pet industry is on the rise, with a growing number of Thais opting for pets over having children. According to a recent survey conducted by the College of Management Mahidol University (CMMU), more than 49% of the sample group considered their pets to be surrogate children, a practice known as pet parenting, followed by pet prestige for social status (34%), and pet healing (18%). This trend is expected to have a significant impact on the Thai pet market, making it a new hub for the pet industry in ASEAN.

The CMMU survey also found that dogs continue to be the most popular pet, preferred by 40.4% of the respondents, followed by cats (37.1%) and other exotic animals (22.6%). Additionally, 39.3% of the respondents are willing to spend an average of 10,000 to 20,000 baht per pet annually, indicating a growing market for pet-related products and services in Thailand.

Several factors are contributing to the growth of the pet industry in Thailand. The Covid-19 pandemic has accelerated the trend of pet adoption, as more people spend time at home and seek companionship. Additionally, pets are increasingly seen as family members, with pet owners willing to spend more on their pets' health and wellbeing. This trend is reflected in the growth of pet grooming, pet daycare, and pet healthcare services in Thailand.

The Thai pet industry's growth potential is attracting the attention of both local and international businesses. The Ministry of Commerce's Department of Business Development estimates that the Thai pet market will grow at an average annual rate of 8.4% to 66.748 billion baht in 2026. This growth potential has led to the emergence of new businesses in the pet industry, including pet stores, pet food manufacturers, and pet-related e-commerce platforms.

The growth of the Thai pet industry is expected to have a significant impact on the pet industry in Southeast Asia. Thailand's strategic location and well-developed infrastructure make it an ideal gateway to other ASEAN countries. The Pet Fair South East Asia, held annually in Thailand, is becoming a new hub for the pet industry in ASEAN, attracting businesses from across the region.

In conclusion, Thailand's pet industry is a booming market with high potential. The trend of pet parenting and the growing demand for pet-related products and services are driving the growth of the Thai pet industry. With its strategic location and well-developed infrastructure, Thailand is well-positioned to become a new hub for the pet industry in Southeast Asia.