Global Pet Market Expected to Reach 678 Trillion KRW by 2030

Pet Business Trends and Surge in Investments
Pet Food Market and Premium Products in Spotlight
"Need to Explore Opportunities in New Growth Sectors"

The global pet market is projected to reach $493 billion (approximately 678 trillion KRW) by 2030, positioning the pet sector as a new growth industry.

Samjong KPMG published a report titled "The Upcoming Petconomy 2.0 Era: Pet Business Trends and New Opportunities" on the 14th. According to the report, global investment in pet companies reached $2.87 billion in 2023, a nearly ninefold increase compared to ten years ago.

In February this year, Blackstone acquired Rover Group for $2.35 billion. Apollo Global Management acquired PetSmart for $1.8 billion last year. In 2022, there were four mega deals exceeding $1 billion, along with mid-to-large scale investments ranging from $100 million to $500 million.

Post Holdings acquired some pet food brands from JM Smucker for $1.2 billion in 2023 and also acquired Perfection Pet Foods.

Samjong KPMG outlined key trends in the Petconomy 2.0 era. In the pet food market, premium products are gaining popularity, and alternative protein-based foods combined with food tech are being developed. Pet commerce is accelerating online and evolving into end-to-end (E2E) platforms. Pet tech solutions include smart devices utilizing IoT and AI, while pet health is focusing on telemedicine and digital healthcare platforms. In pet finance, pet savings, pet trusts, and pet cards are emerging, with pet insurance showing particularly high growth potential.

Younggeol Park, Executive Director at Samjong KPMG, emphasized, “We will expand the pet market ecosystem through bolt-on M&A strategies,” adding, “It is necessary to explore business opportunities in E2E services and fragmented new growth sectors.”