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Dedicated cat owners behind Korean pet market’s W1.8tr output: report
By Lim Jeong-yeoPublished : April 26, 2019 - 15:28
Dedicated cat owners are behind the boom in South Korea’s pet care market, market research firm Euromonitor International announced Friday.
The size of Korea’s pet care market is estimated to surpass 1.8 trillion won ($1.5 billion) in 2019, twice what it was eight years ago. For that, Euromonitor credited cat owners’ careful attention to their feline friends.
Spearheaded by squeezable packages of semi-liquid snack food, the cat snack market in Korea has seen explosive growth since 2017, the Euromonitor report said. In 2018, the market for cat snack products in Korea reached 52.3 billion won, about 6.7 times the 2015 figure of 7.8 billion won.
The size of Korea’s pet care market is estimated to surpass 1.8 trillion won ($1.5 billion) in 2019, twice what it was eight years ago. For that, Euromonitor credited cat owners’ careful attention to their feline friends.
Spearheaded by squeezable packages of semi-liquid snack food, the cat snack market in Korea has seen explosive growth since 2017, the Euromonitor report said. In 2018, the market for cat snack products in Korea reached 52.3 billion won, about 6.7 times the 2015 figure of 7.8 billion won.
As for the overall cat food market, Euromonitor anticipated that it would grow to 450 billion won by 2024, an increase of 150 percent from 2018’s 300 billion won.
For the global pet care market, which recorded approximately 142.5 trillion won in 2018, Euromonitor predicted 6 percent global growth this year to 151.4 trillion won.
By Lim Jeong-yeo (kaylalim@heraldcorp.com)
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