Report Highlights:
Korea imported $112 million worth of pet food in 2012. This is an 11 percent increase compared to the $101 million imported in 2011. Pet food sales are expected to grow in 2013. South Korea imported $30 million worth of pet food from the United States in 2012, up from $27 million in 2011. This 11 percent change is predicted to continue to grow in 2013 due to the growing popularity of pets, especially dogs, in Korea.
General Information:
GENERAL INFORMATION:
SECTION I. MARKET OVERVIEW
Korea still has potential for growth in the pet food and pet care product market largely due to per capita income growth in recent years. 2012 per capita income in South Korea has reached a record high of $22,700, compared to $21,600 in 2007.
Among Korean pet food suppliers in 2012, China had the largest market share (27 percent), amounting to $30.2 million, followed by the United States (26 percent), France (17 percent), and Thailand (11 percent). The remaining 19 percent was divided among many countries.
Competition from Chinese suppliers has increased reportedly due to the influx of Japanese investment in Chinese pet food manufacturing companies and China has been the largest exporter of pet food to Korea since 2011. Korea continues to import pet treats from China as well as pet food. There is expected to be a continued growth in demand for pet food resulting from increased income and popularity in pet ownership, especially dogs. Dog treats registered the fastest current value growth of 8 percent.
