Korean growing pet industry
“The pet care industry has grown at an average 14.1 percent annually for the past three years to reach 2.3 trillion won ($1.9 billion) at the end of 2017. It is expected to grow more than 10 percent a year to reach 6 trillion won by 2027,” according to a KB Research report.
The average household spending on pet dogs came in at 128,000 won per month in 2017 and 120,000 won in the case of cats, the study showed.
With more people willing to spend money for the betterment of their pet’s life, insurance, health care and nutrition are rising as new promising areas on top of conventional pet products and existing grooming and veterinary services.
Technology is also presenting a new way of pet parenting with internet of things-based smart gadgets allowing owners to feed, tidy up or entertain pets even when not at home.
The number of companies in pet breeding, pet sales and pet cremation and funerals rose to 6,078 in 2018, compared to 4,180 in 2016. There were over 4,000 independent service providers, such as grooming shops, pet day care centers and pet taxis. The number of jobs created by the pet economy is expected to top 41,000 in 2020, Korea Rural Economic Institute predicts.