"To Capture the 'Rapidly Growing' Pet Care Market... Strengthen Competitiveness with Trend-Aligned Strategies"

[Asia Economy Reporter Jeong Hyunjin] In the rapidly growing pet care market, domestic companies need to develop entry strategies that reflect trends such as pet humanization, pet tech, and innovative animal healthcare to strengthen their competitiveness.

The Korea International Trade Association's International Trade and Commerce Research Institute reported in its publication on the 19th, titled "Latest Trends in the Growing Pet Care Industry and Strategies to Strengthen Our Companies' Global Competitiveness," that the global pet care market reached $142.1 billion in 2020, a 6.9% increase from the previous year, and is expected to grow to $217.7 billion by 2026. The domestic pet care market size also grew at an average annual rate of 8.4% over five years since 2016, reaching $1.792 billion in 2020.

Recently, the pet care industry has been led by trends such as pet humanization, pet tech, and innovative animal healthcare. The pet humanization trend is most evident in the pet food sector, where human-grade food products made from ingredients safe for human consumption are gaining popularity among pet owners. Platforms offering pet walking, play, and care services are also increasing. In the animal healthcare field, various forms of animal medical services are gaining attention as real-time accumulation of pet-related data through wearable devices, disease prediction and diagnosis based on artificial intelligence (AI) and deep learning technologies, remote medical consultations, and counseling become possible.

The Korea International Trade Association's International Trade and Commerce Research Institute advised that to strengthen competitiveness in the rapidly growing pet care market, domestic companies need four strategies: creating new value by applying global trends, analyzing consumer pain points and providing solutions, integrating products and services, and preparing customized roadmaps for market entry by country.

Park Gahyeon, senior researcher at the Korea International Trade Association, said, "The pet care industry for pets who have become family members will continue to grow with higher added value. If domestic companies incorporate global trends into existing products, invest in research and development such as integrating innovative technologies and service convergence, they can develop into a promising new export industry."