SEOUL, Apr. 26 (Korea Bizwire) — South Korea’s pet care market is estimated at US$1.57 billion this year, industry data showed Friday, with cat food being one of the major contributors.
The estimate marks a 5.4 percent on-year rise from last year’s estimated $1.49 billion, and a twofold jump from 2011, industry tracker Euromonitor International said, highlighting South Korea is one of the fastest growing pet care markets in Asia.
The global pet care market is valued at $131 billion in 2019, up 6.3 percent from last year’s estimated $123 billion.
Euromonitor said the sharp growth observed in South Korea was mainly attributable to soaring demand for cat food.
The local cat food market, which include both regular meals and snacks, was estimated at 300 billion won ($259 million) last year but is likely to soar to 450 billion won in 2024, Euromonitor said.