The retail market for pet food and supplies amounted to 225.4 billion won in 2020, 205.9 billion won in 2021, and 223.9 billion won in 2022. (Image courtesy of KCCI)
SEOUL, Oct. 11 (Korea Bizwire) – The pet snack market, with a focus on nutritional supplements, is experiencing significant growth thanks to the increasing trend of pet ownership stemming from the rise in single-person households, declining birth rates, and an aging population.
According to ‘Retail Talk,’ a newsletter from the Korea Chamber of Commerce and Industry dedicated to the retail industry, market research firm MarketLink has compiled and analyzed data on pet product sales across distribution channels nationwide.
The analysis revealed that the retail market for pet food and supplies amounted to 225.4 billion won in 2020, 205.9 billion won in 2021, and 223.9 billion won in 2022.
In 2021, amidst the impact of the COVID-19 pandemic on the pet supply retail market, all three categories – pet feeds, pet snacks, and pet supplies – experienced a decline in sales, resulting in an overall market size reduction of 8.6 percent. However, in 2022, the market rebounded by 8.7 percent, recovering to 2020 levels.
Breaking the data down by category, the pet feed and snack markets saw growth of 10.9 percent and 11.5 percent, respectively, last year, while the pet supply market grew by a modest 0.3 percent.
Of note, the pet snack market exhibited remarkable growth. In contrast to the pet feed and supply market, which experienced a decline or stagnant growth compared to 2020 figures, the pet snack market saw a notable 7.9 percent growth compared to 2020.
This surge in the pet snack market was propelled by the growth of the pet nutritional supplement market, which reached 22.4 billion won in 2022, marking a 15 percent increase from 2021.
MarketLink predicts that the nation’s pet nutritional supplement market will reach 25 billion won this year, reflecting an increase of more than 10 percent from the previous year.
Kim Sang-woo, the head of MarketLink, remarked, “A wide array of pet nutritional supplement products have been introduced, including lactic acid, omega-3, and joint nutritional supplements. The market is gaining increasing attention, especially since major pharmaceutical companies in the nation have entered the pet nutritional supplement market.”
J. S. Shin (js_shin@koreabizwire.com)
