Park Jin-hai primarily focuses on K-dramas, entertainment shows and actor interviews. Beyond that, she also pens articles covering the broader arts scene, with a particular emphasis on classical music, dance and various aspects of lifestyle. Since joining The Korea Times in 2013, she has made significant contributions in the realms of hallyu (Korean wave), industry news and international affairs.
Pet industry enjoying boom
A woman and her dog wait to take part in a dog show in Yangjae-dong, Seoul, in this file photo. / Korea Times
By Park Jin-hai
By Park Jin-hai
Kim Sun-ha, 27, says she spares no expense when it comes to caring for her two puppies ― a two year old Chihuahua and 14-year old Poodle.
“Opening up my purse for them is not an issue, because they are my family members,” she said. “As my Poodle has aged, my family decided to buy another puppy in the hope that the little one will buffer the grievance we will feel when we have to bid farewell to the first one.”
She admits that the average expenditure on her pets has dramatically increased over the years.
“When I had the first puppy, it was the norm to bring him to a vet to take shots. Now many other things have become the norm including grooming and regular health checkups that cost as much as checkups for a person,” she said.
Kim said she spends the most on buying dog treats. There are many varieties to choose from organic and handmade to cavity preventing dog bites.
Despite the dwindling domestic economy, the pet industry is enjoying a boom in Korea, registering double digit growth every year.
The pet industry is forecast grow 80 percent to 1.8 trillion won this year from 1 trillion in 2010, according to industry officials. In 2020, it is expected to grow to 6 trillion won.
Industry insiders say that the growth of people living alone and an aging society can explain the soaring pet industry.
“Because more people regard their pets as companions or children, they don’t hesitate to spend on pet related products,” said an official at Lotte Nestles Korea that imports Purina dog food.
Nearly 10 million people, a fifth of the national populace, currently has pets, according to the Korea Kennel Club.
The average monthly expenditure for each family reached 135,600 won last year, according to the Korea Consumer Agency data. Among them, pet treatment accounted for 54,800 won and other related pet products, 35,500 won.
As the pet market grows, new related businesses such as pet TV channels, pet funeral services and health insurance products have emerged as well.
The most notable and lucrative market is the pet food market.
The pet food industry that was 320 billion won in 2012 is forecast to grow to a 600 billion won market in 2020.
Currently, foreign pet food makers such as Nestle, Purina and Mars dominate the local market, amounting to 50 percent of the market.
Local conglomerates are jumping on the pet food bandwagon as well.
CJ CheilJedang, a food affiliate of CJ Group, launched pet food brand Ofresh in 2013, while Pulmuone Health & Living, a healthy food and dietary supplement unit of Pulmuone, also launched organic pet food brand Amio that year.
Last year canned food maker Dongwon F&B also joined the market by launching cat food brand Nutri Plan, following Sajo which launched Sajo Industries’ Sajo Low-High cat food five months earlier.