South Korea Pet Care Market to Grow at a CAGR of 9.4% During 2024-2032, Aided by Increasing Pet Ownership and Rising Pet Insurance Services

The South Korea pet care market growth is driven by the growing trend of single-person households, as it boosts the adoption of pets or companion animals. The market is further supported by the increasing pet insurance services available in the country. South Korea's reputation for innovation extends to the pet industry, where the nation's technological prowess is poised to make significant strides. Known for leading in tech sectors like smartphones and semiconductors, South Korea is now applying its expertise to enhance pet care worldwide. Recognising the importance of pet health and well-being, pet owners must commit to providing essential care, including a proper diet, clean water, and a nurturing environment, to ensure their pets thrive.

Fig: Households with Pets, By Type of Pet, 2022

According to the 2020 Population and Housing Census conducted by Statistics Korea, approximately 15% of households in South Korea own pets, or about one in seven households.

The growth of South Korea's pet care market is being fueled by the expansion of pet insurance services, driven by high veterinary expenses. With nearly 15 million pet owners in the country, there is increasing demand for government-provided health insurance for animals. Proposed legislation in the National Assembly aims to establish a state-run insurance scheme to subsidise certain treatments, with the government contributing to insurance premiums. Local governments like Seoul and Namyangju have already begun offering financial aid for dog insurance, contributing to the rise in pet ownership in those areas.

The market benefits from increasing number of single-person households and low marriage and birth rates. The rise in nuclear families and one-person households has led to a significant increase in companion animals, particularly dogs and cats. By 2050, 40% of South Korean families are expected to be single-person households, further boosting the number of pet owners. This has encouraged companies in the pet care sector to provide innovative services including customised pet meals and premium photo sessions. Venture capital firms are increasingly investing in pet-related businesses, catering to millennial and Gen Z buyers who prioritize pet care products and services.

Increasing health issues such as pet obesity are driving the demand for nutritious pet meals and veterinary services in South Korea. The availability of numerous pet shops and hospitals near transportation hubs is contributing to the market growth. Additionally, the popularity of online recommendadtions by certified healthcare prefessionals allows pet owners to connect with experts like veterinarians through telehealth services. This convenient access to quality healthcare services has fueled the growth of the pet care market in recent years.

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Market Breakup by Animal Type, Product Type, and Distribution Channels:

• The market is segmented based on animal type into dogs, cats, and birds, among others.

• Based on product type, the market can be divided into pet food, veterinary care and supplies/OTC medications, and grooming care.

• By distribution channels, the market is segmented into hypermarkets and supermarkets, pet stores, and online, among others.

Key Findings of the Report:

• The South Korea pet care market is driven by the the rising trend of single-person households, which is boosting the ownership of companion animals.

• The growth of pet insurance services with easy availability for consumers due to high veterinary expenses is driving the market.

• The increasing demand for nutritious pet meals and veterinary services due to rising health issues in the pets in South Korea is driving the market.

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea pet care market for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the animal type, product type, and distribution channels of pet care products in South Korea.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the South Korea pet care market are Mars, Incorporated, CJ CheilJedang Corp., Sajo Group, Daehan feed Co., Ltd., Daeju Industrial Co., Ltd., and Setory Co.,Ltd, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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