Creso Pharma Limited (ASX: CPH) has entered into an exclusive distribution agreement with the Virbac Group and the announcement for the same was made on November 14, 2018. Under this distribution agreement, expansion of the commercialization and distributional activities of Creso’s veterinary complementary food products will be focused upon. The food products will be marketed and distributed to additional 15 countries, following their successful launch in Switzerland and Liechtenstein.
After receiving a supportive and encouraging feedback from Veterinarians and pet owners, Creso and the Virbac Group have entered into an expansion agreement for the commercialization of the wide range of Creso’s veterinary food products across the global markets in 2018 and further.
The first phase of expansion will include the following participant countries: Austria, Belgium, Colombia, Cyprus, Denmark, Finland, France, Germany, Greece, Italy, Luxemburg, Netherlands, Norway, Portugal and Sweden. The global reach with this agreement will help Creso and Virbac to tap the strong market share from the growing pet industry.
Recently, Creso has introduced two new formulated products namely, anibdol Relax and anibdol Plus into the swiss markets. The introduction of these two products along with the already existing wide range of product basket will contribute to the behavioral balance of the pets and hence in the optimization and strengthening of the immune system of pets. In response to the requirements made by the customers, Creso has developed new line extensions.
Senior dogs and cats have more tendency to develop behavioral issues, on account of combinational health issues and natural ageing issues and also muscle and degeneration of the organs. Creso veterinary products are designed so well that immediate positive behavioral effects are noticed in pets by their applications and usage.
As per the recent data published, the estimated market size of the global pet care industry which was around USD 131.7m in the year 2016 is expected to grow at a CAGR of 4.9% by 2025.The global animal healthcare market was valued at USD 35.9 billion in 2017 and is projected to grow at a CAGR of 4.3% over a period of 2017-2027. Alone in the US, being the world’s largest market, 33% of dog owners and 20% of the cat owners are using food supplements for pets. As per the market reports, the global pet food market is estimated to touch USD 8.25 billion by 2023.
Co-Founder and Chief Executive officer of Creso Pharma, Dr. Miri Halperin Wernli has mentioned that this collaboration between Creso and the 7th largest animal health company in the world, Virbac (with its presence in more than 100 countries) will help Creso to establish its footprint in varied geographies.
Managing Director of Virbac, Rolf Heeb, mentioned that the recent agreement between Creso and Virbac is a right move as it was the right time to launch Creso’s veterinary products. Creso products launched in Switzerland and Liechtenstein, received full support and was accepted with great interest by pet owners as well as veterinarians.
The agreement between Creso and Virbac failed to show any positive trading move with Creso slipping from day high of $0.455 to the levels of $0.435.
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