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.
