- Veterinary business VetPlus double sales one year after rule preventing sales to India removed by government
- Win estimated last year to be worth £1.4 million in sales to VetPlus over the following 5 years
- Removing obstacles to trade a top priority for the Business and Trade Secretary, with £2.2 billion worth removed in her first 200 days.
Lancashire-based VetPlus are celebrating news that its sales in the Indian region have more than doubled following action from the Department of Business and Trade.
VetPlus is a family-owned business founded in 1995 in Lytham, Lancashire. A global leader in veterinary nutraceuticals, they have distributors in over 40 countries and a presence on every continent, with more than 90% of their products produced in-house at their facility in Lytham.
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 £1.4 million in sales to the company over the next five years in 2022.
Market research firm Market Decipher estimate that the Indian pet food industry was worth $498 million 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 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.
Removing obstacles to UK companies selling their products around the world is a top priority for Business and Trade Secretary Kemi Badenoch, with recent analysis revealing barriers to markets worth more than £2.2 billion to UK businesses were knocked down in her first 200 days in the job - equivalent to over £11 million every day.
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.
Business and Trade Secretary Kemi Badenoch said:
India is a massive market for UK companies and I am delighted to see VetPlus reaping the rewards after decisive action from the Department meant their pet feed supplements could be stocked on Indian shelves.
As we remove barriers to trade around the world, we create more opportunities for British businesses to export their excellent products, create more jobs, and unlock billions for the UK economy.
Founder and Chairman of VetPlus David Haythornthwaite 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.
The UK is currently in talks with India on a new Free Trade Agreement to boost our current trading relationship, already worth £36 billion in 2022.
UK businesses sold goods and services worth around £15 billion to India in 2022. A trade deal could bring down even more barriers to trading with India, like high tariffs and red tape, and make it easier for UK companies such as VetPlus to sell into India's market of 1.4 billion people.
Background
- A trade barrier is something that slows down, limits or prevents a UK business exporting to or investing in an overseas market.
- Business can report any trade barriers they face to the Department here: https://www.great.gov.uk/report-trade-barrier/
- Market Decipher - Indian pet food industry worth $498 million in 2021 and is expected to grow by an average of 19% each year over the next decade.
