South Korea Wet Pet Food Market

South Korea Wet Pet Food Market Analysis Size, Share, Growth (2023-2028)

South Korea Wet Pet Food Market is estimated to experience moderate growth to record a CAGR of 8.9% throughout the forecast period (2023 - 2028).

Overview:

Wet pet food can meet the demand for water if your pet is hesitant to drink enough water in one day. The social change toward animals is fostering the trend toward the humanization of companion animals, in which animals are cared for along human lines. These factors are driving the market up as consumers now prefer commercial or specialty foods. The other big market driver is the increase in the number of seniors and singles who generally prefer pets for companionship, security, or as a healthy distraction for their children.

South Korea Wet Pet Food Market Drivers and Restraints:

As per capita income continues to rise, pet food sales are expected to increase. As the fastest-growing treat segment and premiumization trend are expected to continue, sales of mid-priced and affordable pet products are also supposed to increase. E- The increase in disposable income and the social acceptance of pets in restaurants and apartments are the other important drivers of the South Korean wet pet food market. Increased pet food imports from other countries is also driving the market growth. As pets eat healthier and have access to proper medical care, they live longer and the population of older animals increases. However, the products offered for the senior pet segment are insufficient. There is high potential for senior-specific pet food, including the potential for South Korea Wet Pet Food Market. Concerted efforts to save abandoned animals and the high demand from cat mothers and fathers will increase the number of households with cats and dogs, thus increasing the demand and potential for wet pet food. The demand for other pet foods has also increased as small mammals continue to gain popularity as pets in households with children.The USA exports to South Korea are currently limited to non-ruminant pet food, including retail packaged ingredients of beef and lamb. The dog population grew rapidly in the early 2000s. The benefits of including wet food in a pet's diet are not well known and the product is considered a treat due to its high price.

South Korea Wet Pet Food Market Segmentation:

• type

• application

• distribution channel

• geography

by type

• dog food

• cat food

• others

by application,

• residential

• commercial

Based on the sales channel,

• offline retailers

• online retailers

which are further divided into

• specialty pet stores

• digital sales

• grocery stores

• supermarkets

• department stores

South Korea Wet Pet Food Market Regional Analysis:

• The growing trend towards humanizing pets and the change in the way animals are viewed have raised concerns about the quality of the food they are offered. According to the Korea International Trade Association, in 2018, the United States was the largest exporter of pet food to Korea by volume, while China is the largest exporter by value.

• The United States supplied 28 percent of Korea's cat and dog food, or 17,736 metric tons, followed by France, 14,088 metric tons. Consumers are very loyal to American pet food brands, making the United States a leading supplier.

• However, the United States faces increasing competition from other exporters, such as France, China, and Canada. China's pet food imports increased by 83% in 2018, the growth was driven in part by the rapid growth of imports of Chinese-brand pet snacks.

South Korea Wet Pet Food Market Key Players

1. Nestle Purina SA

2. Mars, Incorporated

3. CJ CheilJedang Corp.

4. ANF by Texas Farm Products Co. Inc.

5. LG Unicharm