Dogs rest on a table at an animal reasonable kept in southern Seoul on July 21, 2023. (Yonhap)
SEOUL, Aug. 9 (Korea Bizwire) – South Korea’s farming ministry said Wednesday it prepares to broaden the size of the animal market to 15 trillion won (US$11.47 billion) by 2027 amidst the growing variety of homes with dogs or cats.
The target marks a sharp increase from simply 8 trillion won tallied in 2022, according to the Ministry of Agriculture, Food and Rural Affairs.
The variety of homes with dogs or cats concerned 6.02 million in 2015, increasing dramatically from simply 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 declaration.
Pet humanization describes the pattern in which people see their animals as important members of their households.
In line with such efforts, South Korea prepares to come up with brand-new policies on the animal food market that satisfy worldwide requirements in regards to nutrition, product packaging and marketing, such as those from the United States and the European Union.
South Korea intends to export $500 million worth of animal food in 2027, up from $149 million tallied in 2022, the ministry said.
South Korea will likewise develop what it calls the “One-Welfare Valley,” in which business will be supplied centers that permit them to test their brand-new items on animals under stringent conditions that secure their wellness.
The nation prepares to provide low-interest loans to regional animal item designers and support their research study and advancement jobs.
The federal government will furthermore get rid of value-added taxes on important or often needed veterinary services for animals and need veterinary centers to transparently show rates for a more comprehensive variety of treatments.
(Yonhap)
