The country in East Asia has introduced detailed plans to bring its pet industry up to global standards by 2027. South Korea’s Ministry of Agriculture, Food and Rural Affairs (MAFRA) has shared its latest goals to grow the nation’s pet sector to be worth ₩15 trillion ($11.4 billion/€10.3 billion) in the next three years.
According to a statement from the ministry, this big increase aims to “adapt to the changing trends in the market, like treating pets more like humans.” MAFRA also emphasized the importance of supporting the pet-related businesses.
Korean officials evaluated the local pet industry’s value at ₩8 trillion ($6 billion/€5.5 billion) in 2022.
A recent report from GlobalPETS mentioned that Koreans spent an average of ₩353,000 ($269/€244) per person on their pets last year.
Many local news sources quoted Korean officials as saying that the country will create new rules to improve its pet food industry in oder to bring it to global standards.
These rules will follow worldwide guidelines for nutrition, packaging, and advertising, especially those from the US and the EU.
The country’s target is to export about $500 million (€453 million) worth of pet food by 2027, a significant rise from the $149 million (€135 million) in exports reported by MAFRA the previous year.
In order to push product testing South Korea plans to offer pet businesses facilities in an area they’re calling the “One-Welfare Valley,” where they can ensure their products are suitable for the market.
In addition, the country has proposed it will provide low-interest loans to local pet product makers. Yonhap News, a news outlet, has reported that value-added tax would be eliminated on main veterinary treatments.
Read the original article here – globalpetindustry.com