The group, which is part of the Thai Union conglomerate, reported a 47.4% increase in full-year sales last year, to THB 21.4 billion (€580 million), driven by growing demand in US, European and Asian markets, higher selling prices, and Thai baht depreciation.
Net profit for the year stood at THB 4.4 billion (€120 million), up 61.8%.
The group recently established its new i-Tail Europe division, noting that it sees 'growing opportunities' in the UK, Germany, France and the Netherlands, where consumers are demanding more sustainable pet food.
Nestlé is another firm to see strong growth from pet food, as it revealed earlier this week.
'Innovation and Humanisation'
"Pet food has become more premium with innovation and humanisation trends, which is where we play to our strengths," commented Pichitchai Wongpiya, CEO of i-Tail Corporation (pictured).
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."
i-Tail has outperformed the industry in recent years, reporting 25% sales growth over the past four years, compared to a global pet food industry CAGR of 8.7% between 2019 and 2022, the group added.
It plans to double down on its growth, with a THB 4.2 billion (€110 million) capital expenditure programme up to 2025, which will include the development of a new facility in Samut Sakhon, and an automated warehouse in Songkhla.
“We delivered a terrific year, which underpinned our innovation strategy – leading to our offering of premium-quality new products," Wongpiya added.
"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.”