The domestic pet industry is expected to be valued at six trillion won by 2020.
SEOUL, May 2 (Korea Bizwire) — Korean conglomerates are entering the fast-increasing market for domestic animals.
Aekyung is teaming up with Irion to launch a new pet-care brand called WHISTLE.
WHISTLE was developed after careful consideration and research into domestic animals, which are often vulnerable to bacterial skin diseases, and have thin layers of skin.
Aekyung explained that its 60-year background in cosmetics and health care products and Irion’s expertise in the domestic pet industry would give their new brand a competitive advantage.
KGC also stepped into the industry last year with its new pet food brand, GINIPET, with products containing ingredients from red ginseng.
The KGC research team developed multiple products making use of red ginseng dregs. As of April, GINIPET has sold 25,000 units of the new products.
Telecommunications companies are also making inroads in the pet market.
LG Uplus launched ‘pet STATION’, a smartphone-controlled pet-feeding device, and StarWalk, which measures a dog’s activity levels.
SK Telecom released T-pet, a wearable device that tracks the real-time location of pets.
Startup companies are also targeting the market.
A domestic animal service company called ‘Family’ launched an intermediary website that helps users to find dog walkers with professional licenses. The company is fast expanding its services in Seoul and nearby areas.
The domestic pet industry is expected to be valued at six trillion won by 2020.
By Kevin Lee (kevinlee@koreabizwire.com)
