Thonglor Pet Hospital has forged a joint venture with Animal Space Exotic Pet Hospital to open an exotic pet hospital at Thonglor Pet Hospital Rama IX branch in April next year, aiming to cash in on growing demand.
Chaowaphan Yinharnmingmongkol, chief executive of Animal Space Exotic Pet Hospital, said the duo established a joint venture named An X Tl Co, with registered capital of 1 million baht. Thonglor Pet Hospital Co and Animal Space own stakes of 51% and 49%, respectively.
The exotic pet hospital is slated to open on the third floor of Thonglor Pet Hospital on April 1, providing services for exotic pets including specialised clinics, dental care, acupuncture and ophthalmology, as well as surgical and imaging facilities such as CT scans and ultrasounds.
Mr Chaowaphan said exotic pets have proved popular for decades, thanks to easy accessibility and their appeal to customers with modern lifestyles. The growth has been propelled by an ageing society and urbanisation, he said.
According to Euromonitor, the market value of pet care and pet food has consistently increased every year. In 2018, the pet business was valued at 31 billion baht, and it rose to 38 billion, 43 billion and 50 billion during the pandemic years of 2020, 2021 and 2022.
"The pet business is one of the few sectors that have proven resilient to the pandemic impact. We expect the market in Thailand to reach 55 billion baht this year," he said.
Exotic pet food has a promising growth trend, with a projected average growth rate of 7% from 2024-26, said Mr Chaowaphan.
The pet care business is projected to grow 8.4% for the period.
Last year the exotic pet market posted 16% growth, with small mammals constituting 64%, avian species 23%, reptiles 7% and the remaining 6% attributed to other categories.
"Our collaboration aims to enhance the effectiveness of pet healthcare, while strengthening the prospects of both companies," he said.
Animal Space operates an exotic pet hospital on Phutthamonthon Sai 2. In addition to the new outlet on Rama IX Road, the company plans to open new hospitals for exotic pets at other Thonglor Pet Hospital branches in the future.
Thonglor Pet Hospital's first joint venture was in 2018 through a partnership with Chalong Pet Hospital in Phuket.
This year Thonglor joined forces with Wealthy Moggie Innovation Co to produce cat litter, and collaborated with Pattaya Food Group to create the Remy brand of pet food.
In a strategic move to grow its pet hospital business, Thonglor Pet Hospital plans to unite with seven partners in the pet hospital business to expand next year.
By 2026, the company aims for 30 pet hospitals under a joint venture model across the country.
"With nearly three decades of expertise, we are poised to establish more effective healthcare for pets," said Kitika Chaisupatanakul, chief executive of Thonglor Pet Hospital.
The company plans to inaugurate its second Thonglor Pet Hospital, worth 100 million baht, in Chiang Mai in April.