Market Size of South Korea Pet Food Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.22 Billion |
| Market Size (2029) | USD 1.83 Billion |
| CAGR (2024 - 2029) | 8.38 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Pet Food Market Analysis
The South Korea Pet Food Market size is estimated at USD 1.22 billion in 2024, and is expected to reach USD 1.83 billion by 2029, growing at a CAGR of 8.38% during the forecast period (2024-2029).
- The societal change toward animals is fostering the trend of pet humanization. These factors drive the market further, as consumers now prefer specialized or commercial foods. The other significant driver for the market is the increase in the elderly and single populations, who usually prefer pets for companionship and security. The increase in disposable incomes and the societal acceptance of pets in restaurants and apartments are the other drivers for the market.
- This rise has been significantly influenced by governmental regulation. The pet industry is one of the five promising areas to concentrate on in South Korea's quest to revive the economy. In the years that followed, Pet culture underwent extensive modification. According to the pet food industry, the South Korean pet business authority reportedly created a five-year strategy to enhance animal welfare and pet ownership at the beginning of 2020. This plan is thought to strengthen the regional pet industry further.
- The premium pet food category is interestingly showing steady growth in the South Korean pet food market. People are willing to spend more on quality pet products, including pet food, given better overall health and longevity of their pets.
South Korea Pet Food Industry Segmentation
Pet food includes pet food, like cats, dogs, birds, and other animals, typically sold in supermarkets, pet stores, etc. South Korea Pet Food Market is Segmented by Pet Type (Dogs, Cats, and Other Pet Types), Product Type (Dry Pet Foods, Wet Pet Foods, Veterinary Diets, Treats and Snacks, and Other Product Types), and Distribution Channel (Specialty Stores, Supermarkets/Hypermarkets, Online Channels, and Other Distribution Channels). The report offers market size and forecasts in terms of Value (USD Thousand)
| Pet Type | |
| Dogs | |
| Cats | |
| Other Pet Types |
| Product Type | |
| Dry Pet Foods | |
| Wet Pet Foods | |
| Veterinary Diets | |
| Treats and Snacks | |
| Other Product Types |
| Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Specialty Stores | |
| Online Channels | |
| Other Distribution Channels |
South Korea Pet Food Market Size Summary
The South Korean pet food market is experiencing significant growth, driven by trends such as pet humanization and increasing pet ownership among the elderly and single populations. As societal attitudes shift, consumers are increasingly opting for specialized and premium pet foods, reflecting a willingness to invest in high-quality products that enhance their pets' health and longevity. The market is further bolstered by rising disposable incomes and the growing acceptance of pets in urban settings, such as restaurants and apartments. Governmental support and strategic initiatives aimed at improving animal welfare and pet ownership have also played a crucial role in revitalizing the pet industry, positioning it as a key sector for economic growth.
The market is characterized by a strong demand for premium pet food products, with imports accounting for a significant portion of the market share. The United States and China are the leading suppliers, although European and Southern Asian producers are increasingly competitive. The preference for imported pet food is driven by its variety and nutritional benefits, with consumers showing low price sensitivity and high brand loyalty. The market is consolidated, with major players like Mars Incorporated, LG Unicharm, and Nestle Purina SA dominating through strategic acquisitions and product launches. These companies are focusing on expanding their offerings to include high-quality, natural ingredients and innovative products, such as probiotics and mealworm-based goods, to meet the evolving preferences of South Korean pet owners.
South Korea Pet Food Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Pet Type
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2.1.1 Dogs
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2.1.2 Cats
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2.1.3 Other Pet Types
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2.2 Product Type
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2.2.1 Dry Pet Foods
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2.2.2 Wet Pet Foods
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2.2.3 Veterinary Diets
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2.2.4 Treats and Snacks
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2.2.5 Other Product Types
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2.3 Distribution Channel
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2.3.1 Supermarkets/Hypermarkets
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2.3.2 Specialty Stores
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2.3.3 Online Channels
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2.3.4 Other Distribution Channels
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South Korea Pet Food Market Size FAQs
How big is the South Korea Pet Food Market?
The South Korea Pet Food Market size is expected to reach USD 1.22 billion in 2024 and grow at a CAGR of 8.38% to reach USD 1.83 billion by 2029.
What is the current South Korea Pet Food Market size?
In 2024, the South Korea Pet Food Market size is expected to reach USD 1.22 billion.
