In the first quarter of this year, Thai Union Group, a Thailand-based producer of seafood-based food products for people and pets, saw significant growth propelled by its pet food segment. With brands like Red Lobster and Chicken of the Sea under its umbrella, the company’s pet care sales surged by 13.2% to THB4.0 billion, driven by increased sales of premium products and price adjustments. This surge resulted in a gross profit margin of 25.7%, marking the highest level since the second quarter of 2022. Overall, Thai Union Group reported a 53.9% increase in net profit to THB1.2 billion, showcasing a healthier operating profit and improved gross profit margin across various categories. Furthermore, Thailand’s position as the world’s third-largest producer and exporter of pet food underscores its significance in the global pet food market, with exports valued at US$2.05 billion in 2021.
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