Pet Population Reaches 15 Million... Food Industry Turns Attention to 'Pet Food'

Pet Food Market Reaches 1.3329 Trillion Won... 78% Growth in 4 Years
Harim Turns Profit Last Year Through Entry into 'Harim Pet Food' Market

[Asia Economy Reporter Song Seung-yoon] As the population of pet owners continues to grow, the food industry is turning its attention to the 'pet food' business. Premium products such as functional pet food and pet food made with high-quality ingredients are being launched one after another, challenging the existing pet food market where overseas brands have a high market share.

According to market research firm Euromonitor on the 7th, the domestic pet food market size grew from 853.7 billion KRW in 2016 to 1.3329 trillion KRW last year, expanding by more than 78% in four years. This is analyzed as a result of the increase in the domestic pet-owning population. The number of pet owners is estimated to be about 15 million as of last year, meaning that 3 out of 10 people own pets. This trend is expected to continue, and the pet food market is forecasted to maintain steady growth.

The existing pet food market has a high share of overseas brands, and customers have strong loyalty to established brands. Among dog owners, distrust of domestic pet food was widespread. For these reasons, some companies that entered the market early eventually withdrew from the business. On the other hand, recently, as the overall market steadily grows and the quality and technology of domestic companies improve, the pet food business is being recognized as a 'market worth trying.'

A representative company is Harim. Harim entered the market in 2017 through 'Harim Pet Food' and succeeded in turning a profit last year. Harim Pet Food launched the premium food 'The Real Raw' in May and set a sales target of 2.3 billion KRW for this year. The Real Raw uses the same ingredients as food for human consumption. It is made using only boneless raw meat, including chicken, duck, pork, and salmon supplied directly by Harim. Fresh vegetables such as carrots, broccoli, blueberries, and kale are also included. It is freeze-dried pet food made by rapid freezing and vacuum drying to evaporate moisture.

KGC Ginseng Corporation is also offering pet food through Jeong Kwan Jang’s pet health specialist brand 'Genie Pet.' Recently, they have officially entered the cat food market with the 'Balance Up The Cat' series following their dog food products. Balance Up The Cat is formulated with ginseng components and high-quality ingredients to help boost cats' immunity. It contains no grains, eliminating allergy concerns, and includes organic ingredients such as salmon, chicken, duck, sweet potatoes, carrots, and pumpkin.

Dongwon F&B entered the pet food market in 2014 with its specialized pet food brand 'Nutri Plan.' Last year, in addition to existing cat food, they launched three types of 'Nutri Stick,' cat snacks made with ingredients safe for human consumption. Dongwon F&B also acquired the pet supplies brand 'Arreureu' through its subsidiary Dongwon Deer Food. They plan to strengthen their overall pet-related business, including pet food.

Pulmuone Health & Living also launched six types of special meals called 'Amio Natural Nutrition' last month, which allow pet owners to easily manage their pets' health, following functional snacks.

An industry insider said, "It is true that existing overseas pet food brands hold an advantage in the market," but added, "On the other hand, the government has also stepped up to foster the domestic pet food market, and with the pet-owning population continuing to increase, the future outlook is not bleak."

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