SEOUL — South Korea’s love of 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 a staggering $2.45 billion by 2023, marking a 5.6 percent increase 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 a 1.9-fold increase over the same period.
Many factors contribute to this remarkable expansion. The COVID-19 pandemic, especially during its first phase in 2020, has seen many single and remote-working households welcome pets into their homes. This trend is reflected in data from the Ministry of Agriculture, Food and Rural Affairs, which shows that roughly one in four South Koreans will own a pet by 2022, with dogs holding the top spot. ranks as the most popular choice.
Rising pet ownership is fueling an increase in pet-related businesses. From one-stop shops offering pet grooming, training, and even boarding, to a thriving pet veterinary industry, the market is booming. Data from the Korea Animal Health Products Association shows that the domestic animal drug market alone will reach 1.3 trillion won ($973 million) in 2021, representing a 10 percent year-on-year increase.
The Euromonitor report, released earlier this month, further underscores South Korea’s position as a major player in the global pet care market. Ranked 14th globally by 2023 and boasting an annual growth rate of over 10 percent, the country is witnessing rapid expansion in pet-related businesses. Data from the country’s interior ministry revealed that in February 2024, the number of such businesses exceeded 40,000, of which 11,154 were animal pharmacies and 9,610 were pet grooming shops.
Recognizing the industry’s potential, South Korea’s Ministry of Agriculture released a plan in August 2023 to boost the domestic pet industry to 15 trillion won ($11.2 billion) by 2027, up from 8 trillion won in 2022. Including this ambitious plan includes supporting projects such as the development of public pet insurance programs, along with the goal of increasing pet food exports by 3.4 times, reaching $500 million in 2027 from $149 million in 2022.
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