Pet product industry thriving in Korea

By Cho Sung-min, ARIRANG NEWS, Jul.25,2017

With more and more people adopting animals to keep themselves company,... Korea's pet and pet-related product industries are thriving.

The market is expected to keep growing at least for the next three years...and some of Korea's biggest companies are jumping on the bandwagon.

Cho Sung-min reports. Korean firms are making huge investments in the pet product industry...as the number of households adopting companion animals is on a steep rise. According to a survey conducted by KB Financial Group's research center, around 5.9 million households own pets,...a jump of more than 1 million households compared to data collected in 2015. To meet the growing demand,…Korean companies have released plans to boost investment in the pet product industry. Food firms including CJ Cheil Jedang, Seoul Milk, and Dongwon F&B are expanding their pet food businesses…while Harim Group, which recently launched a new pet food brand promoting its "human-grade" products…has established a plant designed to make pet food. "Our pet foods are made with fresh and nurturing ingredients that we all can eat…and in terms of design and texture, we made them in a way that pets can have fun while enjoying their food." Korean retail brand E-mart has designated a section for pet products. Shelves are packed with more animal-friendly and healthier products, such as shampoo made without synthetic chemical compounds,...and premium pet foods made of Korean beef and ginseng. These items target pet owners who don't spare efforts nor cash when it comes to taking care of their beloved animal companions. One of the reasons that could explain the rise in the number of pet owners is the increasing number of single-person households, and the fact that Korea is rapidly turning into an aging society. With these trends expected to continue, Korea's pet-related product industry is forecasted to turn into a 5.8 trillion won…or around 5 billion dollar market by 2020. Cho Sung-min, Arirang News.

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#KoreanPetindustry #KoreaConsumerTrend #Koreabusiness