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South Korea Pet Food Market

  • Published Date: 12 Apr 2018
  • Number of Pages: 138
  • Category: Agriculture
  • Country: South Korea
By 2022, the South Korea Pet Food Market is estimated to reach US$ XX Mn, up from US$ XX Mn in 2016, growing at a CAGR of XX% during the forecast period. The pet food market consists of packaged food intended for consumption by pets. The market covers packaged, prepared dry and wet food mainly for cats and dogs. These products fulfil the mineral, vitamin, protein and carbohydrate requirements of the pets. Most of these products are imported from the USand are thus believed to be of a higher quality as they have gone through rigorous quality-control tests during production in overseas facilities. Pet shops and superstores prominently feature these products as premium pet food marketed as natural and grain-free. Moreover, the internet is a major influencer for pet owners, leading to online purchases for convenience.

Market Dynamics

The South Korean cuisine is well accustomed to dog meat, a tradition being celebrated annually in the form of dog meat festivals. However, 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 led to the growth of South Korea as a dynamic and competitive market for pet food. The newly industrialized nature of the market, ever-increasing preference for western lifestyle, and a rising population of pets across the globe makes it ideal for future growth. Rising disposable income, growing nuclear family and an increasing old age population is responsible for the rise in the pet population, leading to a rise in the demand for packaged pet food. Furthermore, due to the increase in infections and allergies in pets, the frequency of visiting pet clinic has increased. This, in turn, has led to raise the sales of veterinary diets through specialized pet shops and vet clinics.

Market Segmentation

The South Korea pet food market is fragmented on the basis of product type, animal type, pricing and sales channels.

Product Type
> Wet meal
> Dry meal
Animal Type
> Dog
> Cat
Future Prospects

The premium specialty products focusing on non-science based benefits are expected to gain wider ground and become more popular in the forecast period. Customers are increasingly preferring premium-quality imported products that are largely aimed at avoiding allergies, maintaining a healthy condition and restoring a healthier diet in pets. On the other hand, science-bases brands are expected to compete within the premium category by introducing breed-specific, age-specific and customised products to suit different pets and their health needs.

Key Players

A major part of the Korean pet food market is dependent on multinationals such as Royal Canin, Mars Korea, and Nestle Purina. In the online domain Gmarket, Alibaba and Fillable are the prominent companies offering pet products.

Report Contents:

--> South Korea Pet Food Market Segments

--> South Korea Pet Food Market Drivers, Restraints and Opportunities

--> South Korea Pet Food Market Size & Forecast 2016 to 2022

--> Supply & Demand Value Chain

--> South Korea Pet Food Market Current Trends

--> Competition &Major Companies

--> Technology and R&D Status

--> Porters Five Force Analysis

--> Strategic and Critical Success Factor Analysis of Key Players

Regional Analysis:

> South Korea

This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides in-depth market segmentation that is derived from extensive product mapping exercises, macro-economic factors and other qualitative and quantitative insights. The impact of all such factors are delivered across multiple market segments and geographies.

Report Highlights:

--> Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)

--> Consumer and Pricing Analysis

--> Market dynamics of the industry

--> In-depth Market Segmentation

--> Historical and Projected Market Sizing in terms of volume and value

--> Recent market trends and Impact Factors

--> R&D Status and Technology Overview

--> Extensive Industry Structure Coverage

Publisher Name : Market Litmus

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