Thailand-based global pet food manufacturer i-Tail Corporation (ITC) saw its sales increase by 47.4% during 2022, according to its latest financial results.
The full-year sales were THB 21.4 billion (£517m), while net profits reached THB 4.4 billion (£106m), up 61.8% year-on-year. Gross profit was reported at THB 5.3 billion (£128m), an increase of 59.4%.
The sales increase was attributed to growing pet food demand in the US, European and Asian markets, higher selling prices, and Thai baht depreciation. The company also increased its focus on premium product categories.
I-Tail is Asia’s second-largest pet food company, and in the top 10 globally, with Cat food accounting for 73% of sales, dog food 12% and treats 15%. The company exports its pet food and treat products to more than 45 countries, with North America accounting for 55% of total sales, Europe 16%, and Asia and Oceania 29%. The company recently set up a European division to aid expansion in the Uk and Western Europe.
Chief executive Pichitchai Wongpiya said: “We delivered a terrific year, which underpinned our innovation strategy – leading to our offering of premium-quality new products. With the tailwind of higher demand from global markets, we expanded our customer base and improved operational efficiency thanks to diligent production and cost management.
“We have expanded our business to promising markets such as China and Europe. In China, we are setting up i-Tail Pet Food Shanghai, partnering with domestic players and focusing on leading e-commerce platforms. In Europe, we have set up i-Tail Europe earlier this month as we see growing opportunities especially in the UK, Germany, France and the Netherlands where consumers are demanding more sustainable pet food. Pet food has become more premium with innovation and humanization trends, which is where we play to our strengths. We’re able to supply major branded players, pet specialty wholesalers as well as larger supermarkets. Our production capabilities range from cans to pouches and treats with the finest ingredients and great flexibility around formats and quantities.
“Looking forward to 2025, we have prepared capital expenditure around THB 4.2 billion and we’re planning to increase our production capacity even further, building a new plant in Samut Sakhon, and an automated warehouse in Songkhla. The investment will also include corporate innovation programs to anticipate future market needs.”