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National
2023-08-09 09:18
2023-08-09 09:18
Korea to expand market for pet products to $11.38 bil. by 2027
| Dogs rest on a table at a pet fair held in southern Seoul, July 21. Yonhap |
Korea’s agricultural ministry said Wednesday it plans to expand the size of the pet industry to 15 trillion won ($11.38 billion) by 2027 amid the growing number of households with dogs or cats.
The target marks a sharp rise from just 8 trillion won tallied in 2022, according to the Ministry of Agriculture, Food and Rural Affairs. The number of households with dogs or cats came to 6.02 million last year, rising sharply from just 3.64 million in 2012.
“To address the evolving market trends, such as pet humanization, technological innovation and demographic shifts, it is necessary to nurture pet industries that can generate new production and create increased demand,” the ministry said in a statement.
Pet humanization refers to the trend in which individuals view their pets as integral members of their families.
In line with such efforts, Korea plans to come up with new policies on the pet food industry that meet global standards in terms of nutrition, packaging and advertising, such as those from the United States and the European Union.
Korea aims to export $500 million worth of pet food in 2027, up from $149 million tallied in 2022, the ministry said.
Korea will also establish what it calls the “One-Welfare Valley,” in which companies will be provided facilities that allow them to test their new products on pets under strict conditions that protect their well-being.
The country plans to offer low-interest loans to local pet product developers and support their research and development projects.
The government will additionally eliminate value-added taxes on essential or frequently required veterinary services for pets and require veterinary clinics to transparently display prices for a broader range of treatments. (Yonhap)
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