SEOUL, May 28 (Korea Bizwire) — Large Korean conglomerates such as Shinsegae, Lotte and CJ are expanding their offerings in the pet industry by catering to growing market demand.
The companies have opened professional pet shops that provide a comprehensive array of products and services, from pet food and grooming services to even lodging for pets.
The same companies are also launching their own product lines produced under their very own pet brands.
According to industry sources, Shinsegae International’s household goods brand Jaju launched its pet product line Jaju Pet earlier this month.
Jaju Pet plans to sell innovative pet products such as its “slow round bowl,” designed to help pets eat their food slowly, and plastic dog waste bags that can be connected to a dog collar.
E-Mart, Korea’s first discount retailer operated by Shinsegae, is currently operating Molly’s Pet Shop, a comprehensive pet store that offers products and grooming services.
Molly’s even has its own pet hotel. Having opened in December 2010, E-Mart is currently managing 35 Molly’s stores nation-wide.
Lotte Department store opened its own pet consulting service dubbed Zipsa in Gangnam last January.
Zipsa has four professionally trained pet consultants who recommend pet products that suit each pet type and personality.
The store also offers unique services such as dog-walking or pet food delivery.
Online shopping malls are also trying to cash in on the expanding pet industry. GS Shop launched a “pet zone” on its mobile platform and is providing comprehensive services that cater to various stages of a pet’s life cycle.
CJ Mall, another online shopping platform, is currently running All Pet Club, offering food and clothing products as well as services such as lodging and funerals for pets.
Major food companies such as Binggrae, Harim, KGC, Dongwon F&B and Pulmuwon are also launching their version of pet brands with South Koreans increasingly willing to spend big bucks on their pets.
According to the Ministry of Agriculture, Food and Rural Affairs, the pet industry has grown over 14 percent on average per year since 2014.
The market size was tabulated at 1.8 trillion won in 2015, 2.3 trillion in 2017 and is expected to surpass the 3 trillion won mark this year. By 2020, experts forecast that the market would be worth 6 trillion won a year.
The pet-loving population is estimated to be around 10 million individuals in 4.57 million households.
Analysts say that as single or two-person households increase and as the aging population grows, society will see more people raising pets in the future.
Lina Jang (email@example.com)