Pet Food - South Korea

South Korea

Revenue in the Pet Food market amounts to US$1.18bn in 2024. The market is expected to grow annually by 5.19% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$59,740m in 2024).
In relation to total population figures, per person revenues of US$22.86 are generated in 2024.
In the Pet Food market, volume is expected to amount to 348.20m kg by 2029. The Pet Food market is expected to show a volume growth of 3.3% in 2025.
The average volume per person in the Pet Food market is expected to amount to 5.8kg in 2024.

Key regions: Russia, Spain, Philippines, United Kingdom, India

Market

Region

Region comparison

Currency

Analyst Opinion

The Pet Food Market in South Korea has seen minimal growth in recent years due to various factors such as low consumer awareness and limited availability of online services. Despite this, the market is expected to grow in the coming years as more people become health-conscious and demand for convenient pet food options increases.

Customer preferences: With the rise of single-person households and an aging population in South Korea, there has been a growing trend towards pet ownership for companionship and emotional support. This has resulted in an increased demand for high-quality and specialized pet food products, as consumers prioritize their pets' health and wellness. Additionally, there has been a shift towards natural and organic pet food options, as well as increased interest in homemade and raw diets for pets. This trend is driven by a desire for transparency and control over the ingredients in their pets' food.

Trends in the market: In South Korea, the Pet Food Market is experiencing a shift towards premium and natural pet food products, driven by the increasing pet ownership and humanization of pets. This trend is expected to continue, with consumers becoming more conscious about the ingredients and nutritional value of pet food. Industry stakeholders are also investing in research and development to cater to this demand. Moreover, there is a rise in online sales of pet food, as e-commerce platforms offer convenience and a wider range of options. This trend is expected to have a significant impact on the traditional brick-and-mortar pet food retail market. With the growing popularity of pet cafes and pet-friendly establishments, the pet food market is also witnessing a rise in specialized products and niche offerings. This trend presents opportunities for industry players to differentiate their products and capture a larger market share.

Local special circumstances: In South Korea, the Pet Food Market is heavily influenced by the country's strong cultural emphasis on pet ownership and animal welfare. This has led to a demand for high-quality and specialized pet food products, as well as a growing trend towards premium and natural pet food options. Additionally, strict regulations on pet food ingredients and labeling have been put in place to ensure the safety and health of pets, further shaping the market dynamics. The country's high urbanization rate and limited living space also contribute to the popularity of small dog breeds, leading to a higher demand for smaller-sized pet food products.

Underlying macroeconomic factors: The Pet Food Market in South Korea is greatly impacted by macroeconomic factors such as consumer spending, economic growth, and government policies. The overall health of the national economy, as well as global economic trends, play a significant role in the demand for pet food products. Fiscal policies, such as tax rates and subsidies, also influence the prices of pet food and ultimately affect consumer purchasing behavior. Additionally, as the South Korean population ages, there is a growing demand for pet food products that cater to the specific dietary needs of older pets, leading to an increase in the overall market size. Government investments in the pet food industry and favorable regulatory environments also contribute to the growth of the market in the country.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.