This is the plan of South Korea to expand the local pet industry

South Korea’s Ministry of Agriculture, Food and Rural Affairs (MAFRA) announced its latest plans to expand the country’s pet industry to ₩15 trillion ($11.4B/€10.3B) in 3 years’ time.  

In a ministry statement, the sharp increase seeks to “address the evolving market trends, such as pet humanization.” MAFRA also stressed that it is “necessary to nurture pet industries.” 

Korean officials valued the local pet industry at ₩8 trillion ($6B/€5.5B) in 2022.

GlobalPETS recently reported on Korea’s annual expenditure per capita on pets, which reached an average of ₩353,000 ($269/€244) per person last year. 

Packaging and advertising

Numerous national outlets quoted Korean officials saying that the country will create new policies to improve its pet food industry to help it meet global standards. 

Such policies will comply with international (especially US and EU) nutrition, packaging and advertising requirements. 

The country aims to export around $500 million (€453M) worth of pet food by 2027, a marked increase from the $149 million (€135M) in exports reported by MAFRA last year.

To help companies test new pet products humanely, South Korea will provide pet businesses with facilities in what it will call “One-Welfare Valley” to ensure their products are fit for the market. 

Furthermore, the country has suggested it will offer low-interest loans to local pet product developers. The media outlet Yonhap News reported that value-added tax would also be removed on essential or frequently required veterinary treatments.