South Korean pharma company forays into pet nutrition sector
CMG Pharmaceutical will manufacture pet treats and snacks and gradually include pet medications in its portfolio.
The Seoul-based company, part of the CHA Biomedical Group, confirmed to GlobalPETS that it is looking at a “variety of possibilities” with a focus on technology and investments in the pet industry.
AJU Daily reported earlier in the year that the medical company acquired ING Medix, a South Korean animal nutrition supplement maker. According to local media, the company would make use of its own distribution network to market and supply soft, chewy supplements.
In a statement to the press, CMG CEO Lee Ju-hyung said that it completed a hazard analysis procedure and is in the process of constructing smart factories.
He also stated that by 2030 the company aims to post annual sales of ₩50 billion ($38.5M/ €36M) in its pet business.
Pet ownership in the Asian country currently stands at 19.6%, according to a recent report by Statista
