South Korea Pet Food Market-Growth, Trends and Forecast (2017-2022)

South Korea Pet Food Market-Growth, Trends and Forecast (2017-2022)

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The South Korean pet market showed revenue of $361.12 million in 2016 and is expected to touch $ 573.04 million by 2022 with an estimated CAGR of 8.3% during the forecasted period (2017-2022). Korean dog population was numbered at around 2.82 million in 2016 and that of cats at around 0.5 million. Owing to the fast growth of the market, these numbers are on an increasing trend and are expected to rise further.

The South Korean cuisine is well accustomed to the idea of dog meat, a tradition celebrated annually in the form of dog meat festivals. The incessant pressure from public forced the Korean government to adopt a more animal-friendly stance thereby leading to increased pet adoptions across the nation. This societal change towards animals is fostering the trend of pet humanization, wherein pets are cared for on human lines. These both factors are driving the market higher as consumers now prefer specialized or commercial foods to leftovers. The other important driver for the market is the increase in elderly, single, and recently married populations. These people usually prefer pets for companionship, security, or as a healthy distraction for their kids. The increase in disposable incomes and the societal acceptance of pets into restaurants and apartments are the other important drivers for the market. The increasing complexity of product preparation is leading to the presence of many allergens in pet foods; this is an important constraint for the market. This has also led to increased government regulations concerning food labeling and ingredient content.

The South Korean market is witnessing a rapid surge in the e-commerce sector as is one of the global leaders in internet sales in 2016. The quick market penetration, ease of access and flexibility offered by the Internet is helping both the established players as well as the new comers. The hectic lifestyle of the Koreans and the high discounts offered by most sites are favoring the move towards online sales. The sale of pet food via internet is expected to be around USD180 million in 2022, accounting to over 22% of the overall pet food market and surpassing various other sales channels.

The market is segmented based on product type, animal type, price segment, and sales channel. Over 70% of the pet food are dry foods, while wet food accounts for around 12%. Availability of grain-free products is limited in Korea. Regular carbohydrate and grain rich foods constitute over 80% of the market. Digestive issues faced by pets spiked the popularity for grain-free foods, in turn driving the market towards a faster 6.7% CAGR for the coming 5 years. ‘Organic products’ is the one of the fastest growing sectors due to increased health awareness among the pet owners. 

Based on the animal type, Dog food is the major market with around 60% market share, followed by cat food. Although economic foods occupy the major market share, the increase in income levels is enabling many consumers to go for high end, premium foods. On the basis of sales channels, internet sales are expected to outgrow other channels.

Majority of the Korean pet food market is dependent on Multinationals, with the major players being Royal Canin, Mars Korea, and Nestle Purina. In the online domain Gmarket, Alibaba and Fillable dog food offer a variety of pet products.

In this report we offer,

  • Market Definition for the specified topic along with identification of key drivers and restraints for the market.
  • Market analysis for the South Korea Pet Food Market, with region specific assessments and competition analysis on a global and regional scale.
  • Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies, which can influence the market on a global and regional scale.
  • Extensively researched competitive landscape section with profiles of major companies along with their share of markets.
  • Identification and analysis of the Macro and Micro factors that affect the South Korea Pet Food Market on both global and regional scale.
  • A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.

Why should you buy this report?

  • For getting a comprehensive overview of the South Korea Pet Food Market
  • To gain wide-ranging information about the major players in this industry and the strategies adopted by them.
  • To gain an insight about the major countries/regions in which this industry is blooming and also identify the regions, which are untapped.

1. INTRODUCTION

                1.1 Study Deliverables

                1.2 General Study Assumptions

2. RESEARCH METHODOLOGY

                2.1 Introduction

                2.2 Analysis Methodology

                2.3 Study Phases

                2.4 Econometric Forecast Model

3. EXECUTIVE SUMMARY

4. INDUSTRY OVERVIEW AND TECHNOLOGY TRENDS

                4.1 Market Trends

                4.2 Porter's Five Forces Framework

                                4.2.1 Bargaining Power of Suppliers

                                4.2.2 Bargaining Power of Consumers

                                4.2.3 Threat of New Entrants

                                4.2.4 Threat of Substitute Products and Services

                                4.2.5 Competitive Rivalry within the Industry

5. MARKET DYNAMICS

                5.1 Drivers

                5.2 Restraints

                5.3 Opportunities

                5.4 Value Chain Analysis- Distribution Chain

                5.5 Purchasing Behaviour-Evolution

6. MARKET SEGMENTATION

                6.1 By Product (Market Volume, Market Value, Market Share, Market Dynamics and Trends,

               Future Analysis)

                                6.1.1  Dry Pet Foods

                                6.1.2  Wet Pet Foods

                                6.1.3  Veterinary Diets

                                6.1.4  Treats and Snacks

                                6.1.5  Organic Products

                6.2 By Pricing (Overview, Market Dynamics And Trends, Future Analysis)

                                6.2.1 Economic Segment

                                6.2.2 Premium Segment

                                6.2.3 Super Premium Segment

                6.3 By Animal Type (Overview, Market Dynamics And Trends, Future Analysis)

                                6.3.1 Dog

                                6.3.2 Cat

                                6.3.3 Other Animals

                6.4 By Sales Channels (Overview, Market Dynamics And Trends, Future Analysis)

                                6.4.1  Specialized Pet Shops

                                6.4.2  Internet Sales

                                6.4.3  Hypermarkets

                                6.4.4  Others (Grocery, Non-Grocery Stores)

7. COMPETITIVE LANDSCAPE

                7.1 Introduction

                7.2 Market Share Analysis

8. COMPANY PROFILES (OVERVIEW, PRODUCTS AND SERVICES, STRATEGIES AND DEVELOPMENTS)       

                8.1 Mars Inc

                8.2 Cargill

                8.3 Wellness Pet Food

                8.4 Hills Pet Nutrition

                8.5 Nestle Purina

                8.6 Texas Farm Products

                8.7 CJ Cheiljedang

                8.8 Woosung Feed

                8.9 Connex

                8.10 Perfect Companion Group

                8.11 Orijen

                8.12 Akvatera

9. DISCLAIMER

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