From Probiotics for Pets to Pet Tech, Unique Products Catch Attention
One in three people live with a pet, making the pet-related market a big market. Photo by Getty Images
[Asia Economy Reporter Kim Heeyoon] As the pet population exceeds 15 million, the pet product market is rapidly growing.
According to the industry on the 12th, one out of three people live with pets, making the pet-related market a big market. According to statistics from the Korea Rural Economic Institute, the domestic pet supplies market size grew 78.9% over five years, from 1.9 trillion KRW in 2015 to 3.4 trillion KRW last year. The institute forecasts the market will expand to 6 trillion KRW by 2027. Accordingly, related industries are introducing various products ranging from health products for pets to financial products.
Pet Care Products Responsible for Pet Health Gain Popularity
Pet care, such as giving pets probiotics, omega-3, or antioxidants, is becoming a natural lifestyle. For example, Jongkundang Bio’s pet probiotic ‘Rabivet’ is listed on Kakao’s subscription platform ‘GudokON’ and is receiving positive responses from pet families.
According to iHerb, the world’s largest wellness e-commerce company, sales of dog supplements in the Korean market have increased by at least 20% to more than double compared to the previous year, depending on the product. The best-selling supplements are multivitamins, omega-3 oil, and probiotics. On iHerb, not only supplements but also unique pet care products are showing an increasing trend in shopping.
Lee Juhyun, head of PR at iHerb Korea, said, "In the past year, sales of pet supplements and unique products have nearly doubled," adding, "Pet brands are launching various new products targeting pet families, and the pet market size is expected to grow further."
Financial Sector Focuses on Pets, Launches Various Platforms
According to the '2021 Korea Pet Report' published by KB Financial Group Management Research Institute, the pet population this year is estimated at about 14.48 million. Since August, Kookmin Bank has added a 'Pet Information Registration Screen' to its mobile app KB Star Banking, allowing users to register their pet’s species, birthday, weight, and more.
For registered customers, Kookmin Bank operated charter flights with the domestic airline 'Hi Air' to Jeju Island allowing pets on board, which gained popularity among pet families. Shinhan Bank also attracted attention by launching the platform 'SOL PET' within its 'Shinhan SOL' app, providing products and services for pets.
Cultural Life Enjoyed Together with Pets
Sharing cultural life with pets is no longer an unfamiliar scene. Recently, Lotte Hotel introduced a new package for pets. In collaboration with the pet brand ‘Francois Pet,’ they offered a welcome pet gift including a Francois Pet walking bag, toys, and waste bags, along with gift certificates as common benefits, drawing attention.
Pet centers for dogs are also gaining popularity. Cleanwrap operates 'Howlpot Care Club (HCC) Hannam Branch' in Hannam-dong, Yongsan-gu, Seoul, in partnership with the pet supplies brand Howlpot. The Howlpot Care Club decorates the entire building from the terrace floor to the third floor as a space for pets, allowing customers to enjoy pet lifestyle products and services all in one place.
An industry official explained, "As pet families who open their wallets generously for their pets increase, the pet market size is expected to grow continuously."
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