SEOUL — South Korea’s love for furry friends shows no signs of slowing down. According to a recent report by Euromonitor, the global market analyst company, the country’s pet care market will reach an incredible $2.45 billion in 2023, marking an increase of 5.6% from the previous year. This impressive growth comes amid a larger trend: the market has tripled in size since 2013, surpassing the global average of an increase of 1.9 times during the same period.
Several factors are contributing to this remarkable expansion. The COVID-19 pandemic, especially during its initial wave in 2020, has seen many single and remote working families welcoming pets into their homes. This trend is reflected in data from the Ministry of Agriculture, Food and Rural Affairs, which shows that about one in four South Koreans will own a pet by 2022, with dogs taking first place as and the most popular choice.
The increase in pet ownership is fueling a growth in pet-related businesses. From unique shops that offer pet care, training, and even boarding, to a prospective veterinary industry for animals, the market is booming. Data from the Korea Animal Health Products Association reveals that the pet drug market alone will reach 1.3 trillion won ($973 million) in 2021, representing a 10% year-on-year increase.
Euromonitor’s report, published earlier this month, also underlines South Korea’s position as a major player in the global pet care market. Ranked 14th in the world in 2023 and boasting an annual growth rate exceeding 10%, the country is witnessing rapid expansion in animal-related businesses. By February 2024, the number of such businesses exceeded 40,000, with pet pharmacies leading the pack at 11,154, closely followed by pet care stores at 9,610.
Recognizing the potential of the industry, South Korea’s Ministry of Agriculture unveiled a plan in August 2023 to propel the domestic pet industry to a value of 15 trillion won ($11 ,2 billion) by 2027, from 8 trillion twenty in 2022. This ambitious plan includes support projects. such as the development of public pet insurance programs, alongside a goal to increase pet food exports by 3.4 times, reaching $500 million in 2027 from $149 million in 2022.
With an increasing number of pet owners, a thriving pet care industry and government support fueling further growth, South Korea’s love affair with its furry companions looks set to continue for years to come. to come
jhkim123@ajunews.com
© Aju Business Daily & www.ajunews.com Copyright: All materials on this site may not be reproduced, distributed, transmitted, displayed, published or transmitted without the permission of Aju News Corporation.
