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Monday, April 22, 2024

Thonglor Pet Hospital Embarks on Exotic Venture with Animal Space

In a strategic move to meet the surging demand for exotic pet care, Thonglor Pet Hospital has joined forces with Animal Space Exotic Pet Hospital, forming a joint venture named An X Tl Co. The collaboration, with registered capital of 1 million baht, positions Thonglor Pet Hospital Co and Animal Space as majority and minority stakeholders, holding 51% and 49% respectively.

Scheduled to commence operations on April 1, the exotic pet hospital will occupy the third floor of Thonglor Pet Hospital’s Rama IX branch. The facility aims to cater to the diverse needs of exotic pets, offering specialized clinics, dental care, acupuncture, ophthalmology, as well as advanced surgical and imaging services, including CT scans and ultrasounds.

Mr. Chaowaphan Yinharnmingmongkol, Chief Executive of Animal Space Exotic Pet Hospital, highlighted the enduring popularity of exotic pets, attributing their widespread appeal to their accessibility and alignment with modern lifestyles. The growth in demand, he emphasized, has been fueled by an aging society and urbanization trends.

Market data from Euromonitor indicates a consistent increase in the value of the pet care and pet food industry. Starting at 31 billion baht in 2018, the sector surged to 38 billion, 43 billion, and 50 billion during the pandemic years of 2020, 2021, and 2022. Mr. Chaowaphan predicts continued resilience, forecasting the Thai pet market to reach 55 billion baht this year.

Anticipating a promising growth trajectory, especially in exotic pet food, Mr. Chaowaphan projects an average growth rate of 7% from 2024 to 2026. The broader pet care business is expected to grow by 8.4% during the same period.

Highlighting the collaboration’s objectives, Mr. Chaowaphan emphasized its aim to enhance pet healthcare effectiveness while bolstering the prospects of both companies. Animal Space Exotic Pet Hospital, already operating on Phutthamonthon Sai 2, plans further expansion with new outlets at other Thonglor Pet Hospital branches.

Thonglor Pet Hospital, known for its strategic partnerships, ventured into exotic pet care in 2018 through a collaboration with Chalong Pet Hospital in Phuket. This year, the hospital diversified its portfolio by entering the cat litter market through a partnership with Wealthy Moggie Innovation Co and collaborated with Pattaya Food Group to introduce the Remy brand of pet food.

In pursuit of an ambitious growth plan, Thonglor Pet Hospital is set to unite with seven partners in the pet hospital business to expand next year. By 2026, the company envisions establishing 30 pet hospitals nationwide under a joint venture model.

As part of this expansion, Thonglor Pet Hospital is gearing up to inaugurate its second facility in Chiang Mai in April, an investment valued at 100 million baht. Kitika Chaisupatanakul, Chief Executive of Thonglor Pet Hospital, expressed confidence in the company’s nearly three decades of expertise, asserting their commitment to providing effective healthcare for pets on an even larger scale.

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