South Korea’s pet food imports grew from US$239 million in 2018 to US$347 million in 2022, according to a report from the Foreign Agricultural Service of the United States Department of Agriculture. China ranks as South Korea’s top pet food supplier with a 30% market share. The United States followed with 21%, and Thailand at 3street with 13% of South Korea’s pet food import market.
There were more cats than dogs in South Korea last year. The cat population is projected to increase by 4% by 2023. The dog population is expected to grow more slowly. The annual growth rate of the pet dog population in South Korea is 3% or less as of 2019.
Wet cat food, treats and mixers are expected to see the strongest growth rates. While wet dog food continues to gain market share, inflation has pushed dog food retail prices up between 10% and 20%. Under inflationary pressure, dog owners have become more price conscious.
Pet food trade agreement between the US and South Korea
Exports of dog and cat food from the United States to South Korea originally had a 5% tariff rate. Through the US-Korea Free Trade Agreement (KORUS), US dog and cat food exports enter South Korea duty-free.
South Korea is one of the top 10 goods trading partners of the United States, thanks to KORUS. The trade pact entered into force on March 15, 2012. KORUS has reduced or eliminated tariffs on a wide range of goods and services, including pet food, facilitating smoother trade flows.
South Korea pet food export figures
South Korea also produces its own pet foods and exports them. In 2023, South Korea’s pet food exports grew 56% in the year to September to set a new record, according to data from the Korea Customs Service shows, Petfood Industry’s Alma Buelva reported.
Customs reported that outbound shipments of pet products reached US$116 million through September 2022, surpassing the US$111 million posted for all of 2021. The customs office said cat food products and dog is worth US$61 million and US$47 million, respectively. Other goods, including ties and clothing, were valued at US$8 million.
South Korea’s pet food exports mainly went to Japan which imported US$4.5 million (39%), followed by Thailand with US$1.7 million and Australia with $1.5 million.
The customs office said South Korea’s imports of other pet products also grew from January to September 2022 with 17% on-year worth US$291 million.
