The world’s second-largest pet-fiber producer, Petco, said it will boost the country’s economy by nearly $500 million a year in the years to 2022 and 2024, as its fibre manufacturing industry continues to boom.
The Australian Government announced the plan on Wednesday, with Petco chief executive Andrew Prentice telling a senate committee it would help the country create up to 1.8 million jobs in a matter of two years.
“This is a real opportunity for Australia and we’re taking it seriously,” Mr Prentice said.
The pet-plastics industry has seen a rapid expansion, with the market for pet-sized pet-fabricated fibres surging in the last three years, with sales of $3.4 billion last year, according to the Australian Pet Fibre Association.
Petco is the biggest pet-product manufacturer in Australia, but also manufactures a range of other products including furniture, clothes and footwear.
“The pet industry is growing very rapidly,” Petco’s chief executive officer Michael Bamber said.
“In the last four years we’ve seen the value of pet-to-fibre exports increase by $2 billion.”
Our fibre manufacturing business has grown by almost 100 per cent over the last 12 months.
“We have more than doubled our production capacity in the past four years.”
This has enabled us to produce more fibres and we expect that this will continue to continue over the next three years.””
Our industry has a long and proud history in Australia and it is the reason we are still able to compete globally.
“Petco has said it is working to diversify into the pet-technology market and is planning to open a new plant in the Western Australian city of Darwin to produce fibre for pet wearables.
Pendulum Fibre is another Australian pet-manufacturer.
It also plans to open an Australian manufacturing plant in Sydney in the coming years to produce pet-related products such as bedding, bedsheets and toys.
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