Japanese multinational enters Thai pet food market
Lion Corporation will import its dog food to the country as part of a pilot project.
Local media reported that the firm aims to target sales worth ฿100 million (€2.66/$2.88M) within three years.
After an initial 6-month phase of importing dog food from Japan, Lion Corporation plans to hire local equipment manufacturing equipment or invest in its own production facility.
“Lion has been in the Japanese pet food business for decades, and we believe it is the right time to enter the Thai pet market, which is substantial and continues to grow each year. People are willing to spend on pet products in Thailand, even with relatively high prices,” says Lion’s president Boonyarit Mahamontri.
Headquartered in Tokyo, Lion Corporation is primarily a producer of hygiene products and pharmaceuticals. The company’s consolidated net sales in 2022 were worth ¥389.8 billion (€2.5B/$2.7B).
Thailand’s Ministry of Commerce’s Department of Business Development estimates that the local pet industry is increasing at 8.4% per year and is expected to reach ฿66.7 billion (€1.7B/$1.9B) by 2026.
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