South Korea Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

South Korea Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The South Korean pet food market is projected to register a CAGR of 8.9% during the forecast period (2021-2026). The COVID-19 pandemic resulted in supply chain disruptions across the world, which led to low exports and imports of pet food. Online pet food sales increased as consumers are forced to consolidate their shopping trips due to lockdown restrictions. The societal change toward animals is fostering the trend of pet humanization. These factors are driving the market higher, as consumers now prefer specialized or commercial foods. The other important 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 important drivers for the market. The increasing import of pet food from other countries is also driving the market growth. Mars Incorporated, LG UNICHARM. ANF by Texas Farm Products Co. Inc., CJ CheilJedang Corp., and Nestle Purina SA are some of the leading companies in the studied market.

Key Market TrendsChanging Attitude Toward Pets

Rapid urbanization and changing lifestyles have brought about a renewed interest in pets, especially cats and dogs, in the country. People are increasingly paying attention to pet food and pet care, which led to the increasing pet food spending and product differentiation in the market. According to the Korea Pet Food Association, in 2016, the dog and cat populations were 4.2 million and 1.6 million, respectively, which increased to 5.9 million and 2.4 million by 2019. It is observed that many consumers in the country consult with a specialist at specialty stores or vets about what type of pet food to buy for pets, which indicates the growing health concern over pets and preference for quality food products.

Increasing Import of Pet Food

The growing pet humanization trend and shift in the way pets are being viewed have led to concern over the quality of the food given to the pets. According to the Korea ITC Trade, in 2020, the United States was the largest exporter of pet food to Korea by volume, while China is the largest exporter by value. The United States supplied 22.5% of Korea’s dog and cat food products, amounting to 17,560.0 metric ton, followed by Thailand, amounting to 8,755 metric ton. Consumers have strong brand loyalty toward the US food brands. Nevertheless, the United States is facing increasing competition from other exporters, such as China, Thailand, and Canada. Pet food imports from China increased by 83.0% by 2018.

Competitive Landscape

The South Korean pet food market is consolidated, with the top players occupying a major share in the market. The competition in the market is driven by consumer loyalty. Mars Incorporated, LG UNICHARM. ANF by Texas Farm Products Co. Inc., CJ CheilJedang Corp., and Nestle Purina SA are some of the leading companies in the market. These players are using product launches and mergers and acquisitions as their market strategies to strengthen their position in the market.

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• The market estimate (ME) sheet in Excel format
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Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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