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SOUTH KOREA PET FOOD MARKET FORECAST 2023-2030

SCOPE OF THE REPORT

South Korea Pet Food Market by Food Type (Market by Food Type (Dry Food, Wet Food, Other Food Types), Market by Food Type (Dog Pet Food, Cat Pet Food)) Market by Animal Type (Dog, Cat, Other Animal Types) Market by Distribution Channel (Store-based, Veterinary, E-commerce, Other Distribution Channels)


MARKET OVERVIEW

The South Korea pet food market is projected to register a CAGR of 10.79% during the forecast period, 2023-2030, and is expected to reach a revenue of $2172.67 million by 2030.

The pet food market growth in South Korea is mainly attributed to the increasing consumer focus on pet welfare and the rising pet population. Accordingly, the pet humanization trend has resulted in consumers preferring specialized foods. Additionally, consumers treating pets as family members and facilitating human-like experiences and products for them have originated terms like Pet-Me-Ers and Pet-Farmers. This has further led to consumers willingly spending more for high quality pet food and pet products.

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Further, companies are capitalizing on such trends through the launch of premium pet food and treat products made from protein-rich and organic ingredients without artificial flavors, pigments, or preservatives. Also, the South Korean pet food market is dominated by prominent brands. A large part of the population prefers US brands, given their long-standing history. At the same time, several domestic and foreign brands are launching their products in the market. 

Moreover, there is a growing preference for pets for security and companionship among the elderly population. In addition, the rising number of single-person households, nuclear families, and low marriage & birth rates are augmenting companion animals’ ownership. Besides, the rising disposable incomes and the societal acceptance of pets offer growth opportunities. 

The South Korea pet food market scope includes distribution channel, food type, and animal type. The food type segment includes division on the basis of content and animal. The food type segment by content includes wet food, dry food, and other food types. 

Dry foods contain ingredients that provide energy to the diet, protein for muscle growth, and aid in skin & coat maintenance. These can be either complete or complementary. For instance, dry food for dogs can benefit their dental health. The texture encourages more chewing before swallowing, which enhances their digestion and helps clean their teeth. Whereas dry foods for cats are additional supplements that offer various health benefits.  

Wet pet foods contain 70%-85% water mixed with ‘dry’ ingredients. Therefore, the product weighs more than dry foods. As a result, their transporting and shipping are expensive. Also, they have higher amounts of protein and fat sources that offer components for metabolism and building blocks for hair, skin, and muscles. In addition, wet foods have a rich, meaty aroma making them enticing among pets like cats. Cats need a high-protein diet. Thus, wet foods are necessary. Moreover, wet foods offer additional hydration, given their high moisture content. 

Furthermore, a range of commercially produced raw products is available in freeze-dried or frozen formats in addition to dry and wet pet foods. These products also contain vegetables, fruits, and herbs. They have a natural moisture content (around 65%). With regard to preparation, meat and edible bone are minced, mixed, and frozen at low temperatures. Their benefits include smaller stools, increased energy, improved dental health, healthier skin, and shinier coats for pets. Overall, the most important attributes of pet foods are aroma, texture, and shape for attracting a cat’s or dog’s appetite. 

Some of the eminent companies operating in the South Korea pet food market are Nestle Purina Petcare Ltd, Inaba Foods Co Ltd, Mars Petcare Ltd, J M Smucker Company, etc.

Nestle Purina PetCare has been advancing pet nutrition for more than 20 years and develops products that deliver comprehensive nutrition to ensure longevity in pets. It is a subsidiary of Nestle SA, a multinational food and drink processing corporation that offers a vast portfolio of food & beverage products and services.

The cat pet food product list of the company includes Cat Chow, Fancy Feast, Deli-Cat, Beyond, Breeze, DentaLife, etc.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2023-2030
Base Year2022
Market Historical Years2018-2021
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Food Type, Distribution Channel, Animal Type
Countries AnalyzedSouth Korea
Companies AnalyzedAffinity Petcare SA, Blue Buffalo Pet Products Inc, Champion Petfoods LP, Diamond Pet Foods, Farmina Pet Foods, Freshpet Inc, Hill’s Pet Nutrition Inc, Inaba Foods Co Ltd, J M Smucker Company, Mars Petcare Ltd, Nestle Purina Petcare Ltd, Spectrum Brand Holdings Inc, Unicharm Corporation, Vitakraft Pet Care GmbH & Co KG, Wellness Pet Company

TABLE OF CONTENT

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. SCOPE OF STUDY
    5. CRISIS SCENARIO ANALYSIS
    6. MAJOR MARKET FINDINGS
      1. GROWTH OF ORGANIC PET FOOD
      2. SUSTAINABILITY ISSUE ADDRESSED BY LEADING PLAYERS
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. HIGH DEMAND FOR PREMIUM AND ORGANIC PET FOOD
      2. RISING DEMAND FOR THERAPEUTIC PET FOOD
      3. GROWING CONSUMER SPENDING ON PET FOOD
    2. KEY RESTRAINTS
      1. PRODUCTION AND SUPPLY CHAIN THREATS
      2. SHIFTING CONSUMER PERCEPTION REGARDING PET FOOD AND PET OBESITY
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
    2. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    3. MARKET MATURITY ANALYSIS
    4. MARKET CONCENTRATION ANALYSIS
    5. VALUE CHAIN ANALYSIS
      1. RAW MATERIAL SUPPLIER
      2. MANUFACTURER
      3. DISTRIBUTION CHANNELS
      4. END-USERS
    6. KEY BUYING CRITERIA
      1. PRODUCT TYPE
      2. PRODUCT QUALITY
      3. PRICE
      4. BRAND
      5. PACKAGING
  5. MARKET BY FOOD TYPE
    1. MARKET BY FOOD TYPE (BY CONTENT)
      1. DRY FOOD
      2. WET FOOD
      3. OTHER FOOD TYPES
    2. MARKET BY FOOD TYPE (BY ANIMAL)
      1. DOG PET FOOD
        1. WET DOG FOOD
        2. DRY DOG FOOD
        3. TREAT & MIXES FOR DOGS
      2. CAT PET FOOD
        1. WET CAT FOOD
        2. DRY CAT FOOD
        3. TREAT & MIXES FOR CATS
  6. MARKET BY ANIMAL TYPE
    1. DOG
    2. CAT
    3. OTHER ANIMAL TYPES
  7. MARKET BY DISTRIBUTION CHANNEL
    1. STORE-BASED
    2. VETERINARY
    3. E-COMMERCE
    4. OTHER DISTRIBUTION CHANNELS
  8. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
    2. COMPANY PROFILES
      1. AFFINITY PETCARE SA
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      2. BLUE BUFFALO PET PRODUCTS INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      3. CHAMPION PETFOODS LP
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      4. DIAMOND PET FOODS
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      5. FARMINA PET FOODS
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      6. FRESHPET INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      7. HILL’S PET NUTRITION INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      8. INABA FOODS CO LTD
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      9. J M SMUCKER COMPANY
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      10. MARS PETCARE LTD
        1. COMPANY OVERVIEW
        2. FINANCIAL ANALYSIS
        3. PRODUCTS LIST
        4. STRENGTHS & CHALLENGES ANALYSIS
      11. NESTLE PURINA PETCARE LTD
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      12. SPECTRUM BRAND HOLDINGS INC
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      13. UNICHARM CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS
      14. VITAKRAFT PET CARE GMBH & CO KG
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
      15. WELLNESS PET COMPANY
        1. COMPANY OVERVIEW
        2. PRODUCTS LIST
        3. STRENGTHS & CHALLENGES ANALYSIS

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – PET FOOD

TABLE 2: SOUTH KOREA PET FOOD MARKET, BY FOOD TYPE (BY CONTENT), HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

TABLE 3: SOUTH KOREA PET FOOD MARKET, BY FOOD TYPE (BY CONTENT), FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 4: SOUTH KOREA PET FOOD MARKET, BY DOG PET FOOD, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

TABLE 5: SOUTH KOREA PET FOOD MARKET, BY DOG PET FOOD, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 6: SOUTH KOREA PET FOOD MARKET, BY CAT PET FOOD, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

TABLE 7: SOUTH KOREA PET FOOD MARKET, BY CAT PET FOOD, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 8: SOUTH KOREA PET FOOD MARKET, BY ANIMAL TYPE, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

TABLE 9: SOUTH KOREA PET FOOD MARKET, BY ANIMAL TYPE, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 10: SOUTH KOREA PET FOOD MARKET, BY DISTRIBUTION CHANNEL, HISTORICAL YEARS, 2018-2021 (IN $ MILLION)

TABLE 11: SOUTH KOREA PET FOOD MARKET, BY DISTRIBUTION CHANNEL, FORECAST YEARS, 2023-2030 (IN $ MILLION)

TABLE 12: LIST OF ACQUISITIONS

TABLE 13: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: MARKET CONCENTRATION ANALYSIS

FIGURE 4: VALUE CHAIN ANALYSIS

FIGURE 5: KEY BUYING CRITERIA

FIGURE 6: SOUTH KOREA PET FOOD MARKET, GROWTH POTENTIAL, BY FOOD TYPE (BY CONTENT), IN 2022

FIGURE 7: SOUTH KOREA PET FOOD MARKET, BY DRY FOOD, 2023-2030 (IN $ MILLION)

FIGURE 8: SOUTH KOREA PET FOOD MARKET, BY WET FOOD, 2023-2030 (IN $ MILLION)

FIGURE 9: SOUTH KOREA PET FOOD MARKET, BY OTHER FOOD TYPES, 2023-2030 (IN $ MILLION)

FIGURE 10: SOUTH KOREA PET FOOD MARKET, GROWTH POTENTIAL, BY DOG PET FOOD, IN 2022

FIGURE 11: SOUTH KOREA PET FOOD MARKET, BY WET DOG FOOD, 2023-2030 (IN $ MILLION)

FIGURE 12: SOUTH KOREA PET FOOD MARKET, BY DRY DOG FOOD, 2023-2030 (IN $ MILLION)

FIGURE 13: SOUTH KOREA PET FOOD MARKET, BY TREAT & MIXES FOR DOGS, 2023-2030 (IN $ MILLION)

FIGURE 14: SOUTH KOREA PET FOOD MARKET, GROWTH POTENTIAL, BY CAT PET FOOD, IN 2022

FIGURE 15: SOUTH KOREA PET FOOD MARKET, BY WET CAT FOOD, 2023-2030 (IN $ MILLION)

FIGURE 16: SOUTH KOREA PET FOOD MARKET, BY DRY CAT FOOD, 2023-2030 (IN $ MILLION)

FIGURE 17: SOUTH KOREA PET FOOD MARKET, BY TREAT & MIXES FOR CATS, 2023-2030 (IN $ MILLION)

FIGURE 18: SOUTH KOREA PET FOOD MARKET, GROWTH POTENTIAL, BY ANIMAL TYPE, IN 2022

FIGURE 19: SOUTH KOREA PET FOOD MARKET, BY DOG, 2023-2030 (IN $ MILLION)

FIGURE 20: SOUTH KOREA PET FOOD MARKET, BY CAT, 2023-2030 (IN $ MILLION)

FIGURE 21: SOUTH KOREA PET FOOD MARKET, BY OTHER ANIMAL TYPES, 2023-2030 (IN $ MILLION)

FIGURE 22: SOUTH KOREA PET FOOD MARKET, GROWTH POTENTIAL, BY DISTRIBUTION CHANNEL, IN 2022

FIGURE 23: SOUTH KOREA PET FOOD MARKET, BY STORE-BASED, 2023-2030 (IN $ MILLION)

FIGURE 24: SOUTH KOREA PET FOOD MARKET, BY VETERINARY, 2023-2030 (IN $ MILLION)

FIGURE 25: SOUTH KOREA PET FOOD MARKET, BY E-COMMERCE, 2023-2030 (IN $ MILLION)

FIGURE 26: SOUTH KOREA PET FOOD MARKET, BY OTHER DISTRIBUTION CHANNELS, 2023-2030 (IN $ MILLION)

FIGURE 27: MARS PETCARE- COMPANY REVENUE, 2019-2021 (IN $ BILLION)

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