BANGKOK: Vet Products Group (VPG), one of Thailand’s top three animal food supplementary and pharmaceuticals producers, expects its revenue to jump fivefold to 10 billion baht by 2021, up from 2 billion in 2016. A local producer of feed products for swine, ruminant species, poultry and aquatic animals said the huge revenue growth would be from new markets abroad such as South Asia, Indonesia and Malaysia.
Those new markets are intended to be penetrated this year, on top of its current markets in the Greater Mekong Subregion, China and the Philippines.
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Managing director Dr Tanin Sheewapalaboon said the big jump in revenue would stem from the company’s research and development (R&D) efforts over the past two years to produce new animal feed products.
Last year, it set up a wholly-owned subsidiary, VET Product Research and Innovation Center Co (VRI), by spinning off its R&D department from its production and sales department in order to facilitate more research. Budget for R&D was increased to 2-3% of total revenue. The number of researchers and technicians was also increased for its in-house R&D department. The company has also created a network of researchers among state universities and the National Science and Technology Development Agency (NSTDA).
