South Korean pet products market expected to grow 10% by 412.8B won by end of 2011, due in part to purchases of high-value pet care products, pet humanization trend, research finds
November 8, 2011
– The South Korean pet products market is reporting record growth in 2011 due to the pet humanisation trend sweeping the country. In 2011, the pet product market in South Korea is expected to grow by 10 percent with the industry valued at Won 412.8 billion by the end of 2011. The propensity for consumers to purchase high value products in pet care is driving growth in the pet care market value in South Korea.
The market leaders in South Korea's pet products market are multinationals such as Nestle Purina Korea Ltd and Merial Ltd. During the period 2011 to 2016, the pet products market in South Korea is forecast to increase by 5 percent CAGR.
The pet product range expected to be one of the fastest growing is cat litter, increasing in value terms by 10 percent due to the growth in cat population in South Korea. In 2011, more niche brands were introduced to the market place to cater for the growing consumer demand for quality cat products. The trend towards pet humanisation is resulting in more high quality niche products being marketed and sold.
Pet healthcare in South Korea has expanded in 2011. Despite consumers in South Korea not bothering to treat their pets for fleas and ticks, there is an increasing concern for pet owners to take their pets to the vets for treatment. Pet owners prefer purchasing OTC healthcare products at the vets rather than at the supermarkets or pet shops.
The pet products market in South Korea is very fragmented with each company capturing less than 1 percent of the market in 2010. Merial Ltd remained the market leader in the pet product sector with the company's strength lying in healthcare. Nestle Purina Korea Ltd has a strong position in cat litter provision. The third ranked player in the pet product South Korean market is Virbac Korea Co Ltd with its popular easy-to-apply products such as the Preventic tick treatment.
Internet retailing for pet products in South Korea is becoming an increasingly popular distribution channel towards the end of 2011. Discounts and free shipping from Internet retailers are placing increasing pressure on the brick-and-mortar retailers. Veterinary clinics still dominate the pet healthcare products and pet dietary supplements sectors.
During the period 2011 to 2016, pet product sales are expected to increase at a CAGR of 5%. Pet humanisation trends is expected to increasingly drive growth in niche pet product sales and higher quality products.
For more information on the South Korean pet products market please click here: http://www.companiesandmarkets.com/Market-Report/pet-products-in-south-korea-market-report-714566.asp
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Pet Humanisation in South Korea Driving 10 Percent Record Revenue Growth in 2011
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