Comparing the proportion of dog food, infant formula and baby food sales, dog food accounted for 69% of the total in the January-May period this year, more than double the 31% share for infant formula and baby food. (Yonhap)
SEOUL, Jun. 3 (Korea Bizwire) – The confluence of declining birthrates and rising pet ownership in South Korea has led to sales of dog food outpacing those of infant formula and baby food, reflecting a broader shift toward premium childcare products.
According to the e-commerce platform Gmarket, comparing the proportion of dog food, infant formula and baby food sales, dog food accounted for 69% of the total in the January-May period this year, more than double the 31% share for infant formula and baby food.
Until 2020, the formula/baby food segment held a higher share, but that flipped in 2021 as the pet food proportion surged to 61% from 41% in 2019 and 48% in 2020. This over 10 percentage point gap persisted at 54% in 2022 and 55% last year.
The changing consumption patterns mirror South Korea’s plummeting birthrates. Official statistics show the total fertility rate, the expected number of children per woman, dropped from 0.92 in 2019 to 0.72 last year, with the first quarter of 2023 marking a record low of 0.76 for that period. Projections forecast this year’s rate dipping to 0.68, the first time below 0.7.
Conversely, registered dog ownership surged 44.6% from 2.09 million in 2019 to 3.03 million in 2022 nationwide. In Seoul alone, over 610,000 dogs reside, with one in 10 households raising a pet.
As birthrates decline, the premiumization of baby products has intensified. The average customer spend on formula and baby food jumped 54% from 2019 levels in the January-May period, outpacing the 42% rise for pet food.
Gmarket noted per-customer spending on baby products is triple that of pet food and continues rising yearly, reflecting parents lavishing resources on fewer children – the “gold kid” trend of doting on only children.
The sales divide extends to snacks, with the pet segment’s share growing from 53% in 2019 to 63% in the first five months of 2023, the highest level yet.
“For infant products like formula and baby food, the ‘precious only child’ trend is driving premium demand higher over time,” a Gmarket official analyzed.
M. H. Lee (mhlee@koreabizwire.com)
