More people are treating their pets as family members, willing to spend extra on their care. (Photo: Somchai Poomlard)
Once regarded as household companions, pets are increasingly being treated as family members and that emotional bond is transforming into a major economic force.
From premium pet food and health supplements to insurance, luxury boarding services and even pet strollers, owners around the world are spending more than ever on their four-legged companions. The trend, known as the pet economy, is creating new business opportunities globally while positioning Thailand to become one of the world's leading producers of premium pet food.
According to Bnomics, a digital analysis platform under Bangkok Bank, Thailand is well-placed to capitalise on the industry's rapid expansion and strengthen its position as the "Kitchen of the World for Pet Food".
Family members
