Vitamins group Blackmores is best known for selling pills and supplements to mums and dads, but the company has highlighted a key target market it hopes will help it rejuvenate its Australian operations and potentially lift its exports – pets.
After a difficult 12 months that included falling profits and a long-running search for a new chief executive, the company emphasised the opportunities that existed in the sale of pet supplements as it released the results of a strategic review of the business.
Blackmores sees huge potential for growth in the pet supplement and related product range in Australia and overseas.Credit:iStock
Blackmores said it intended to launch a series of pet supplements over the next 12 months, and was reviewing whether it should export the products to China and other key international markets.
It singled out China as a market with plenty of room for expansion.
“The pet supplement market in China is currently worth $US116 million ($175.6 million) and forecast to become $US260 million by 2024,” Blackmores said.
And it said the wider pet care market was predicted to be worth a massive $39 billion by 2024 in China.
Blackmores has a pet supplement brand known as PAW (Pure Animal Wellbeing), but said on Tuesday that it was "yet to fully capitalise on this asset with little to no investment in recent years".
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