Although nearly 30 percent of South Korea’s population owns pets, demand for domestic consumption is slowing. In response to subdued growth at home, South Korean food companies are expanding their petfood businesses. This expansion is taking the form of broader product ranges, including petfood and nutritional supplements, as well as preparations for overseas growth, according to Maeil Business Newspaper.
Pulmuone has recently established a new Future Business Division reporting directly to Chief Executive Officer Lee Woo-bong, incorporating a dedicated Pet Business Division. The strategy is to position petfood as a future growth driver and expand its market presence. The company plans to gradually introduce additional staple and snack products for cats and to enter overseas markets, reports Sigyun Kim.
Target Pet Life, an affiliate, is focusing on health functional foods for companion animals. It currently operates the health functional food brand “Doctor Nuto” and the snack and goods brand “Posiraegi”. Sales rose by 25 per cent year-on-year last year.
Dongwon F&B promoted its in-house petfood organisation to its division last year, and is speeding up its efforts to tap into the global market this year. Dongwon F&B exports petfood products, including wet canned food, to more than 10 countries, including the United States, Vietnam and Hong Kong. Overall sales in its petfood division increased by more than 10 per cent year-on-year last year, with further double-digit growth expected this year.
According to market research firm Euromonitor, the domestic petfood market is estimated to have exceeded KRW 2 trillion for the first time, rising from KRW 1.761 trillion in 2022 to KRW 2.7 trillion in 2024, followed by KRW 2.2 trillion in 2025.
