South Korea Pet Food Market Analysis By Industry Growth, Size, Share, Demand, Trends and Research Report

Shibuya-ku, Tokyo, Japan, Japan, Feb 10, 2022, 03:21 /Comserve / -- South Korea Pet Food Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast

South Korea Pet Food market is projected to register a CAGR 8.9% during the forecast period (2021-2026). The global Covid-19 pandemic has resulted in supply chain disruptions across the world which led to low exports and imports of pet food. Online pet food sales increased as the consumers are forced to consolidate their shopping trips due to lockdown restrictions. The societal change towards animals is fostering the trend of pet humanization, wherein pets are cared for on human lines. These factors are driving the market higher as consumers now prefer specialized or commercial foods.

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The other important driver for the market is the increase in elderly, and single population who usually prefer pets for companionship, security, or as a healthy distraction for their kids. The increase in disposable incomes and the societal acceptance of pets into restaurants and apartments are the other important drivers for the market. Increasing the import of pet food from other countries is also driving the market growth. Mars, Incorporated, LG UNICHARM. ANF by Texas Farm Products Co. Inc., CJ CheilJedang Corp., and Nestle Purina SA are some of the leading companies in the studied market.

Key Market Trends

Changing Attitude Towards Pets

Rapid urbanization and changing lifestyles have brought about a renewed interest in pets, especially cats and dogs in the country. People are increasingly paying attention to pet food and pet care which has led to the increasing pet food spending and product differentiation in the market. According to the Korea Pet Food Association, in 2016 the dog and cat population was 4.2 million and 1.6 million respectively, which increased to 5.9 million and 2.4 million by 2019. It is observed that many consumers in the country consult with a specialist at specialty stores or vets about what type of pet food to buy for pets which indicates the growing health concern over pets and preference for quality food products. Pet humanization could also explain the rising incomes, changing demographic patterns, and changing consumer preferences which drive the pet food market.

Increasing Import of Pet Food

The growing pet humanization trend and shift in the way pets are being viewed has led to concern over the quality of the food given to the pets. According to the Korea ITC Trade, in 2020, United States was the largest exporter of pet food to Korea by volume, while China is the largest exporter by value. The United States supplied 22.5 % of Korea's dog and cat food products amounting to 17,560.0 metric tons followed by Thailand amounting to 8,755 metric tons. Consumers have strong brand loyalty towards the United States pet food brands thus making the United States remain a leading supplier. Nevertheless, the United States is facing increasing competition from other exporters, such as China, Thailand, and Canada. Pet food import from China expanded by 83.0% by 2018, the growth has been driven in part by rapid import growth in pet snacks from China brands.

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Competitive Landscape

The South Korea pet market is consolidated with the top players occupying a major share in the market. The competition in the market is driven by consumer loyalty. Since pets would crave for the same kind of food every time during any particular growth stage, gaining a market share of competitors is very tough in the market. Mars, Incorporated, LG UNICHARM. ANF by Texas Farm Products Co. Inc., CJ CheilJedang Corp., and Nestle Purina SA are some of the leading companies in the studied market. These players are product launch and merger & acquisition as their market strategy to strengthen their position in the market.

1 INTRODUCTION
1.1 Study Assumptions & Market definition
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

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