I-Tel Sets Target to Boost Innovative Pet Food Revenue to 15%

I-Tel Corporation Public Company Limited (ITC) is demonstrating its global leadership in the pet food industry by highlighting three innovation strategies: Collaboration, Longevity, and Palatability. The company aims to increase innovative product revenue to 15% of total revenue in 2024, building on its success in the first nine months of 2023 when innovative products accounted for 11% of the company's net sales. The strategy reflects global trends focusing on pet health and longevity, following pet population growth during COVID-19. Pet owners are now seeking health-beneficial food options with scientific research backing. This trend aligns with predictions that nutraceutical pet food markets will continue expanding at a 7.1% average annual growth rate, reaching $8.84 billion by 2031. To respond to these changes, I-Tel has accelerated product innovation, launching over 548 innovative products between 2023-2024. The company is committed to being a leading, innovation-driven pet food manufacturer. Paak Cheevaraksakul, Chief Commercial Officer, stated that consumers are seeking clearly beneficial, measurable health products that pets enjoy. I-Tel views innovation as crucial for long-term growth, focusing on science-led nutrition to promote pet health and longevity.