With revised regulations regarding animal welfare, the number of breeders and dog factories in South Korea is decreasing. As a result, the total dog population saw growth slow during the review period, thus impacting sales for pet food.
Wooriwa became the top player in dog food in the last two years of the review period, after acquiring Daehan Feed Co Ltd and ANF Co Ltd in early-2019. Daehan was a leading player in economy pet food, offering diverse brands mainly distributed through dog farms and in rural areas.
The COVID-19 pandemic resulted in a slight economic contraction in 2020 and rising economic uncertainty, with an increase in the jobless rate. This resulted in many consumers seeking to economise towards the end of the review period, with growth rates for premium dry dog food being negatively impacted as a result.
In the forecast period, the government is set to enforce new regulations covering pet owners, in line with its five year plan announced in 2020. From 2022, prospective owners will only be able to acquire pets after completing a mandatory animal welfare course, with animal welfare also being added to the school curriculum.
Wet dog food is expected to see a strong performance in the forecast period as consumers seek to offer more indulgent meals to their dogs. A growing number are notably mixing wet food into dry food as they seek to offer more appealing meals.
Dog treats saw a strong performance during the review period, benefiting from manufacturers offering more premium products with functional or natural ingredients and owners become more aware of the benefits of such ingredients. Dental care, special care nutrition and freeze-dried soft chews became increasingly popular.
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This report originates from Passport, our Dog Food research and analysis database.
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