VetPlus secures £1.4m boost after govt changes trade deal
VetPlus said that it is now ‘well placed’ to meet demands for its products from the growth in global pet ownership
Lancashire-based VetPlus has reported that its sales in the Indian region have more than doubled following action from the Department of Business and Trade.
VetPlus’ pet feed supplements were able to continue being sold in India after a bureaucratic trade barrier blocking exports of British pet feed supplements to India was lifted.
The resolution of the barrier was estimated at £1.4m in sales to the company over the next five years in 2022.
VetPlus is a family-owned veterinary nutraceuticals business founded in 1995 in Lytham, Lancashire.
It has distributors in over 40 countries and a presence on every continent, with more than 90% of its products produced in-house at their facility in Lytham.
Market research firm Market Decipher estimated that the Indian pet food industry was worth $498m (£401m) in 2021 and is one of the “fastest-growing” markets globally, expected to grow by an average of 19% each year over the next decade.
VetPlus said that it is now “well placed” to meet demands for its products from the growth in global pet ownership.
According to Pet Secure, there are approximately 10.2 million pet dogs and an expected 2.4 million pet cats in India, so “ensuring that uninterrupted availability of VetPlus’ nutraceuticals – which form part of multi-modal treatment plans for a range of companion animal conditions – is important”.
The Business and Trade secretary has committed to unlocking 100 unnecessary barriers to trade to help businesses across the UK sell more, grow more, create new jobs and pay higher wages.
Additionally, the UK is currently in talks with India on a new Free Trade Agreement to boost our current trading relationship, already worth £36bn in 2022.
David Haythornthwaite, founder and chairman of VetPlus, said: “As an international business operating on every continent, it’s important that we can uphold the varied regulatory and compliance requirements in place across our markets.
“It has been great to work with the Department for Business and Trade to meet the change in requirements for the Indian market which meant that we could ensure the consistent supply and availability of our products for pet owners through their veterinary practices.”
