Vietnam's veterinary industry's growth potential has Increased

DNHN - Ms. Pham Thi To Loan, CEO of TPL Multi Invest Co.Ltd., stated, "As a result of the economic and cultural integration of Western countries, the pet-raising movement is expanding, and a growing number of people have pets as a serious hobby."

Despite the difficulties of the global economy, the pet industry continues to grow at a phenomenal rate of 18 to 20% per year. In 2022, the global market for pet-related consumer goods will be valued at $261 billion.

According to market research firm Global Market Insights (America), this amount is anticipated to surpass $350 billion by 2027, with the Asia-Pacific region experiencing the highest growth rate. In Southeast Asia, the Pet Care industry generates 4 billion US dollars in revenue, of which Vietnam accounts for 13% or 500 million US dollars; this indicates the market's potential. Pets are huge. Early in 2023, there were no indications of a slowing growth rate.

In Western nations, pets are regarded as equal family members. In the event of an accident, illness, etc., they are willing to cover all treatment costs.

In Vietnam, pet owners are increasingly willing to pay for their animals. Veterinary products, goods, and services for pets are proliferating. The quantity and size of stores selling pet food, accessories, toys,... and pet spa services increased significantly.

Ms. Pham Thi To Loan, CEO of TPL Multi Invest Co.Ltd, explained this by stating that the Vietnamese have always had a fondness for pets. Dogs and cats are household pets, indispensable companions in many households. The pet-raising movement is expanding rapidly due to the resonance of economic and cultural integration with Western nations. Particularly during and after the Covid-19 pandemic, many individuals have developed a serious passion for pets. They even consider pets to be close friends because pets are adorable, loyal, always listen, and alleviate stress after a stressful day of work. Numerous families and youths keep pets to develop love, care, and spiritual enrichment.

"Based on the needs of the pet market, the company's Board of Directors and I are also pet care enthusiasts. Pham Thi To Loan, CEO of TPL Multi Invest Co.Ltd, stated: "We hope, after initial successes in some fields, that this will encourage investment and resources into the pet market in Vietnam, to create jobs for workers, and also contribute to the growth of this potential economic industry."

In Vietnam, dogs, cats, ornamental fish, ornamental birds, rabbits, hamsters, and ornamental hedgehogs are the most popular and widely bred pets. These animals are quite easy to care for and suitable for the environment, i.e. household conditions.

Cong Hung