Pet ownership in Korea hits 15 million

gettyimagesbank

More than 15 million people in Korea owned pets as of December last year, accounting for nearly 30 percent of the national population, according to a report released by KB Financial Group, Sunday.

Since 2017, the financial group has published a biannual report offering insights and guidelines based on analysis of the country's pet-owning households' experiences, aiming to foster a more mature pet ownership culture.

The report found that about 15.46 million people in Korea were pet owners in 2024, accounting for 29.9 percent of the total population.

Pet-owning households totaled 5.91 million, representing 26.7 percent of all households nationwide. This marked an increase of 60,000, or 1.1 percentage points, from 2023.

Pet owners reported higher levels of satisfaction, with 76 percent expressing contentment with raising pets, an increase of 8.7 percentage points.

The percentage of those intending to continue raising pets rose to 74 percent, up 11.4 percentage points, while those willing to recommend pet ownership to others increased by 7.5 percentage points to 49.4 percent.

With the growing number of pet owners and households, spending on their beloved friends has also been rising.

The average monthly spending on care for pets such as dogs and cats reached 194,000 won ($142) in 2024, which is a 6.8 percent increase from 154,000 won two years ago.

Pet medical expenses nearly doubled over the same period, rising from 577,000 won to 1.02 million won.

Adoption fees increased by 100,000 won to 380,000 won, while funeral costs rose by 83,000 won to 463,000 won.

Although spending on pets is increasing, only 26.6 percent of pet-owning households have dedicated separate funds for pet expenses.

While 91.7 percent of pet owners were aware of pet insurance, actual enrollment remained low at a 12.8 percent rate.

The main reasons cited for not subscribing include high insurance premiums at 50.6 percent, a perception that insurance is unnecessary at 37.4 percent and insufficient coverage at 35.8 percent.

"As more people view pets as family members, there is a growing focus on ensuring their health and happiness, along with increased lifetime spending on pets," a KB Financial Group official said. "We hope this report will play an important role in fostering a mature pet culture where both pet owners and non-owners can coexist happily, supported by institutional measures and greater social awareness."