Inspired by his love for his animal companions, Surachai Chetchotisak, founder of SET-listed RS Plc (RS), looks set to usher RS into Thailand's 40-billion-baht pet market.
Mr Surachai, the company's chief executive, said RS is set to introduce Lifemate, a new brand for pets under the concept of "holistic wellness for your life partners", to the market early next month.
Lifemate products come with a striking package designed by the world's leading design company, Pentagram, and will be distributed through pet shops, clinics and veterinary hospitals across the country, as well as online channels like RS Mall, Shopee and Lazada.
It will start with kibble food for dogs and cats and will extend to wet food and snacks in the second or third quarter of next year. The company projects a sales target of 320 million baht by 2022.
If Lifemate draws a good response from customers, RS will extend its business from food to pet shops or pet hospitals in the future, said Mr Surachai.
"My personal experience buying food, vitamins and shampoo for my three beloved dogs inspired the idea to do pet food business. I've gone to the pet shop every week and found that the pet food market is very big and continues to grow."
According to Mr Surachai, although the prices of pet products are relatively high, people are willing to pay for them.
"With seven years experience in healthcare for people and health innovations to improve health, it's time for RS to offer similar care for our pets," he said.
Pornpan Techarungchaikul, the company's chief commercial officer, said the pet market in Thailand has seen continuous growth every year, from 32.2 billion baht in 2018 to 35.4 billion baht and 39 billion baht in 2019 and 2020, respectively.
Of the total, 60% belongs to the mass market segment, with the standard segment and premium segment accounting for 30% and 10%, respectively.
There are over 100 brands of pet food in the market. Lifemate is positioned as a premium product in the standard segment.
According to Mrs Pornpan, of the 39 billion baht, dog and cat food represent 45%. Total spending per year on dry and wet food, snacks, vaccines, vitamins and toys for dogs and cats is estimated to be worth 14.2 billion baht.
"It's time for us to use our experience and innovations to improve the health and lives of our pets. Apart from our passion, the lucrative market offers a great opportunity for RS to make a foray into this new territory,'' Mr Surachai said.
Mrs Pornpan said Lifemate products were formulated by pet nutrition experts using premium raw materials to make Lifemate's food the best fit for the health of pets raised in most Asian environments and climates.