South Korean petfood companies are increasingly targeting Vietnam as a key growth market, capitalising on the country’s rapidly expanding pet economy and rising demand for premium pet care, reports Ryu Yuna for AJU Press.
Vietnam has quickly become a strategic destination for Korean exporters. Korean-made petfood already accounts for an estimated 30–40 percent of purchases in some segments, reflecting strong brand recognition and consumer trust.
South Korea’s animal feed exports to Vietnam have reached US$27.2 million, underlining the market’s growing importance for companies seeking new revenue streams beyond a maturing domestic industry.
The move comes as Vietnam’s pet economy continues to expand rapidly. The pet population, estimated at 31.4 million in 2024, is expected to exceed 33 million this year, according to Euromonitor International. The market is projected to grow from around US$500 million in 2023 to more than US$700 million by 2027, representing annual growth of about 11 percent. This expansion is being driven not only by increasing pet ownership but also by a shift towards higher-value spending.
In cities such as Hanoi, demand for pet services is rising. Dog training centres charge approximately 3 million VND (around US$170) per month and report dozens of enquiries each month, with steady enrolment. Pet hotels and daycare centres are often fully booked during peak travel periods, reflecting a growing willingness among owners to pay for convenience and quality care.
Spending is also diversifying beyond basic petfood into services such as grooming, veterinary care and training—areas where Korean companies see opportunities to introduce premium products and specialised offerings.
For Korean firms, Vietnam’s growth contrasts with more mature conditions at home. Data from the KB Financial Group Research Institute shows that 5.91 million households in South Korea—26.7 percent of the total—owned pets in 2024, with the overall pet population estimated at 15.5 million.
The domestic petfood market is also substantial, reaching around 2.2 trillion won (US$1.7 billion) in 2025, but growth is gradually stabilising. While consumer spending continues to rise—with KB Kookmin Card data showing an approximately 30 percent increase in pet-related expenditure between 2021 and 2024—companies are increasingly looking overseas to maintain momentum.
Major food companies have been expanding their petfood portfolios as part of this outward strategy. Pulmuone recorded a 35 percent year-on-year increase in petfood sales, with some products showing particularly strong growth. HY reported a 34.6 percent rise, while Dongwon F&B achieved double-digit growth and expanded exports to more than 10 countries, including Vietnam. Daesang PetLife also posted a 25 percent increase in revenue.