MoaData (CEO Han Sang-jin) announced on the 6th that it has signed a supply contract for the ‘CocoSquare Pet O4O Service System’ related to pets with GPF Partners INC (CEO Ha Sung-dong), which owns the luxury pet brand CocoSquare.
Following the supply of PB products and strategic alliance with CocoSquare on August 12, MoaData plans to utilize its AI-based technology to design a service system reflecting CocoSquare’s luxury pet business, supplying various applications and the overall operation system.
Through a strategic alliance with GPF Partners INC, MoaData analyzed continuous business operation models and, after discussions, prepared a plan for supplying the ‘O4O Service System.’ With mutual agreement, the company has entered the pet care system market. The ‘O4O Service System’ to be supplied by MoaData consists of four major categories and will be developed and supplied over the course of one year.
In addition, MoaData plans to accelerate the development of a pet-related portal system. Han Sang-jin, CEO of MoaData, emphasized, “Through this ‘O4O Service System,’ based on a dedicated system encompassing both online and offline, we expect to integrate MoaData’s unique digital healthcare technology and expertise to continuously develop and supply systems. This will establish a differentiated care system and pet health management and disease prediction system in the rapidly growing pet market, securing a position in the global market and contributing to a healthy pet culture.”
According to Bloomberg, the global pet market in the U.S. is expected to grow from approximately $129 billion (about 178 trillion KRW) in 2022 to $196 billion (about 270 trillion KRW) in 2030, a 52% increase compared to 2022.
Europe, which accounts for one-third of the global pet market, is projected to grow at an average annual rate of 5% from 2022 to 2030, reaching about $160 billion by 2030. Other regions outside the U.S. and Europe currently hold only about one-quarter of the global pet market share but are expected to reach around 30% by 2030.
The domestic pet care market is expected to grow at an average annual rate of 7.4%, reaching $2.787 billion (approximately 3.7 trillion KRW) by 2026, driven by the increasing number of pet households centered in the metropolitan area and rising pet care expenses per household. Under these favorable macroeconomic conditions, the company anticipates expanding its business accordingly.
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