Japanese firm Lion Corporation will expand by importing its dog food to Thailand intending to hit sales of ฿100 million (€2.66/$2.88M) across three years.
After completing a 6-month beginning phase, Japanese company Lion Corporation also wants to either hire local manufacturing equipment or even build its own production site.
“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,” explains Lion’s president Boonyarit Mahamontri.
Lion Corporation is orginially located in Tokyo and mainly produces hygiene products and pharamceuticals. In 2022, the company reached net sales of ¥389.8 billion (€2.5B/$2.7B).
According to Thailand’s Ministry of Commerce’s Department of Business Development, the local pet industry will increase by 8.4% anually and hit ฿66.7 billion (€1.7B/$1.9B) by 2026.
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