[Click eStock] "EgleVet, Pet Market Growth Due to 'Corona Blue'"

[Asia Economy Reporter Hyungsoo Park] Research Alom analyzed on the 7th that the pet business division of EagleVet is rapidly growing.

Choi Seonghwan, Chief Researcher at Research Alom, explained, "Due to the impact of the novel coronavirus infection (COVID-19), the time spent at home has increased and social distancing has prolonged, making 'corona blue' a social issue."

He continued, "The pet market is growing rapidly," adding, "The so-called 'Petkokjok,' who spend time with animals, are increasing, and consumption of related products is also rapidly rising."

Researcher Choi analyzed, "EagleVet's pet business division has grown at an average annual rate of 102% since 2012, achieving sales of 18.8 billion KRW last year," and "Feed sales in the first half of this year also increased by 18% compared to the same period last year."

He emphasized, "They import and sell premium feed from PPN, which ranks within the top 5 in domestic market share," and "Imported products are preferred in the pet feed market."

Researcher Choi said, "Since opening the directly operated online mall 'Eagle Pet Shop' in 2018, they have been expanding their sales network," and "They are developing natural-based bio feed and conducting clinical trials."

This content was produced with the assistance of AI translation services.