Nina Jobst
Research expert covering South Korea
Pet industry in South Korea - statistics & facts
The pet industry is growing in South Korea. The number of Koreans who own pets has continued to increase. Following this trend, a few pet-related new words including Petfam and Petconomy have emerged in the country. Petfam (pet+family) refers to a family that treats pets as a family and Petconomy (pet and economy) means economic activities in which the pet-related products or services generate profits. Behind this pet-loving culture, there lies an increased number of single households or two-person households due to the low birth rate and aging population. Pet owners usually take great care and investment because they accept pets as part of their family.
Pet ownership in the country
Pet ownership in South Korea is on the rise, with increasing percentages of households in the country owning a pet. Among pet owners, dogs are by far the most popular pet type. Generally, small-sized dogs such as Maltese dogs or Poodles are more popular since people often live in apartments without their own gardens or other open areas more suitable for larger breeds. While dogs are the most popular pet, cats, fish, and other pets have also stimulated industry growth. On average, one in two Korean pet owners spend up to 150 thousand won every month on pet-related costs, while close to 40 percent of pet owners spent more than 200 thousand won.Growing pet-related businesses
Together with the growing pet population in the country, the number of related businesses has greatly increased. As of 2021, the number of pet-related establishments stood at over 20 thousand. When broken down by category, pet beauty was the biggest pet-related business sector. It was followed by pet selling and pet management work. With the growing interest in animal health, the animal pharmaceuticals market has also seen continued growth in recent years. Domestic pharmaceutical companies and veterinary hospitals have also entered the pet health care market. Other industries, such as cosmetics and furniture, also saw the potential of the pet market and have begun developing pet-related products.
