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ATTB Exporter
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19 ส.ค. เวลา 05:51 • ธุรกิจ

The Rise of South Korea's Pet Food Import from 2018-2022 | ATTB Exporter

South Korea's pet food industry has experienced remarkable growth in recent years, reflecting shifting trends in pet ownership, trade agreements, and consumer preferences. With a surge in imports, a dynamic pet population landscape, and expanding exports, the South Korean pet food market presents both challenges and opportunities for stakeholders.
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    South Korea's Pet Food Imports
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    Pet food imports in South Korea surged from US$239 million in 2018 to US$347 million in 2022.
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    China leads as South Korea’s main supplier of pet food with a 30% market share, followed by the United States at 21% and Thailand at 13%.
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    South Korea's imports of other pet products, apart from pet food also increased by 17% in the first nine months of 2022, valued at US$291 million.
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    Pet Population Trends
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    Cats outnumbered dogs in South Korea in the past year, with a forecasted 4% growth in the cat population for 2023.
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    Dog population growth has been slower, with an annual rate of 3% or less since 2019.
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    Growth Categories and Price Awareness
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    Wet cat food, treats, and mixers are expected to experience the most significant growth rates.
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    Inflation has led to retail price increases of dog food by 10% to 20%, prompting dog owners to become more price-conscious.
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    Pet Food Trade Agreement
Under the U.S.-Korea Free Trade Agreement (KORUS), U.S. exports of dog and cat food to South Korea enter duty-free, originally having a 5% tariff rate.
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    South Korean Pet Food Exports
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    In 2023, South Korea's pet food exports increased by 56% compared to the previous year, reaching a record high.
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    Outbound shipments included cat and dog food products, with exports totaling US$61 million and US$47 million, respectively.
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    The majority of South Korea's pet food exports went to Japan, followed by Thailand and Australia.
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    Conclusion
In summary, South Korea's pet food market is experiencing rapid growth fueled by increasing pet ownership and favorable trade agreements. With rising imports and expanding exports, the industry presents promising opportunities for stakeholders. As the market evolves, staying updated on trends and trade dynamics will be crucial for businesses aiming to thrive in this burgeoning sector.
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