Woojin B&G, a company specializing in veterinary pharmaceuticals, will officially supply probiotics for companion animals to Phoenix Pharm Distributors Ltd in New Zealand.
On the 29th, Woojin B&G announced that it has signed an agreement to supply its self-developed companion animal probiotic, "Dr. Tummy," to Phoenix Pharm, a New Zealand-based company specializing in veterinary pharmaceuticals and health products.
Phoenix Pharm, established in 1983, is one of the oldest animal pharmaceutical companies in New Zealand with over 40 years of experience. The company currently supplies products to animal hospitals and farms throughout New Zealand.
The Dr. Tummy product, which is the subject of this supply agreement, is a companion animal probiotic developed by Woojin B&G using Korea's first technology for isolating strains derived from dogs.
Previously, Woojin B&G partnered with a Singaporean company last year to export Dr. Tummy, accelerating its entry into overseas markets.
On April 11, the company received official registration approval from the Ministry of Agriculture of Kazakhstan, enabling exports to Kazakhstan as well as other Commonwealth of Independent States (CIS) countries such as Russia, Belarus, Armenia, and Kyrgyzstan. Currently, Woojin B&G is in export discussions with a Russian veterinary pharmaceutical distributor and is preparing for delivery with the goal of completing it in the first half of this year.
Woojin B&G expects export sales from Dr. Tummy to reach around $100,000 this year, with the supply to Phoenix Pharm anticipated to account for about half of that amount.
Meanwhile, Woojin B&G's exports amounted to approximately 9 billion KRW out of last year's total sales of 26.3 billion KRW. The company expects that, with continued growth and diversification of overseas markets this year, export sales will exceed 10 billion KRW.
With the domestic population of companion animal owners reaching 15 million?meaning one out of every three people in Korea lives with a pet?the market for veterinary pharmaceuticals and nutritional supplements is expected to continue its strong growth trend.
A Woojin B&G representative said, "We believe this export deal is a significant achievement in terms of expanding our presence in overseas markets," and added, "We will continue to drive growth by expanding our export channels with competitive products such as Dr. Tummy."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
