South Korea to Increase Pet Product Market to 15 Trillion Won by 2027


The Ministry of Agriculture, Food and Rural Affairs in South Korea reported on Wednesday that it plans to raise the pet industry to 15 trillion won (US$11.47 billion) by 2027. This number is a considerable jump from the 8 trillion won recorded in 2022. The number of households with dogs or cats has grown from 3.64 million in 2012 to 6.02 million last year.

The ministry said in a statement that there is a need to nurture pet industries that can generate new production and create increased demand due to the changing market trends, such as pet humanization, technological innovation and demographic shifts. Pet humanization is the trend in which individuals view their pets as part of their families.

South Korea plans to create new policies on the pet food industry that meet global standards in terms of nutrition, packaging and advertising, such as those from the United States and the European Union. The goal is to export $500 million worth of pet food in 2027, up from $149 million in 2022.

The government also intends to set up the “One-Welfare Valley,” to provide companies with facilities to test their products on pets in a secure environment. Low-interest loans will be available to local pet product developers and support their research and development projects. Additionally, value-added taxes on essential or frequently required veterinary services for pets will be eliminated and veterinary clinics must transparently display prices for a broader range of treatments.

Dogs rest on a table at a pet fair held in southern Seoul on July 21, 2023. (Yonhap)

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