South Korea aims to double the pet care industry’s size to 15 trillion won (11.4 billion dollars) by 2027, according to a Korea JoongAn Daily report. The Ministry of Agriculture, Food, and Rural Affairs introduced the “Everywhere K-pet Care Industry” initiative, aiming to elevate the pet food, healthcare, service, and tech markets to premium status. Recognizing the pet industry as a burgeoning sector generating jobs, the ministry emphasized the surge in pet owners and heightened focus on animal rights.

Households with pets surged by 65.4% from 2012 to 2022, totaling 6.02 million. The domestic pet market, contributing 1.6% to the global share, stood at 6.2 billion dollars in 2022, as per Seoul National University. A pet-food-specialized system, aligning with global standards by 2024, will distinguish pet food from livestock feed, regulating categorization, advertising, and nutritional requirements.

With an eye on international markets, the government targets a fivefold increase in pet food exports, aiming for 5 million dollars by 2027, compared to the 2022 figure of 1.49 million dollars

Build EurAsian partnerships ❤️ on people and then on businesses. 💵