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Presentation on the Current Status and Outlook of the Pet Food Market at the ‘2024 Megaju K-Pet Fair’ Briefing Session
Online channel sales account for 78% of the entire market, driving the growth of the domestic pet food market.
The domestic pet food market is showing robust growth, achieving annual sales of 895.2 billion won based on NIQ (NielsenIQ) Korea data in February. It is estimated that if sales from channels not included in statistics, such as pet shops and animal hospitals, were added, the total sales would exceed 900 billion won. Of this, online channel sales accounted for 78%.
Global consumer intelligence company NIQ Korea participated in the ‘2024 Megaju K-Pet Fair’ held at KINTEX in Goyang, Gyeonggi Province from the 17th to the 19th, hosted by the Korea Pet Food Association, to present the latest trends and outlook of the domestic and international pet food market.
According to NIQ Korea's presentation that day, the annual sales of the domestic pet food market as of February increased by 11.1% year-on-year. This figure slightly exceeds the global pet food market growth rate of 8.2% (as of December 2023). Offline channels saw a slight increase in sales of about 0.9% year-on-year, but sales volume decreased by 1%. On the other hand, online channels drove overall market growth with increases in sales and sales volume of 14.3% and 9%, respectively.
The influence of online channels was also prominent in the sales share by channel. Over the past year, online channel sales reached 698.3 billion won, accounting for about four-fifths of the total sales of the domestic pet food market. While it already held a high proportion of 75.8% in 2023, it has continued to expand its market share to date. Compared to the online channel sales share of the global pet food market, which stood at only 39% during the same period, the reliance on online channels in Korea is even more pronounced.
While the domestic online pet food market is large and growing rapidly, the top 10 brands' market share fell to 26%, down 8% from two years ago, and the number of new brands increased by 17.4% over the same period, indicating intensifying competition within the market. NIQ Korea pointed out that there are differences in popular products by sales platform, such as ultra-low-priced bulk dry food or high-priced functional wet food, and that collaboration methods between distributors and manufacturers have diversified. Therefore, when entering the online pet food market, it is essential to develop more detailed strategies by considering the characteristics of the target channel, such as selecting product types (dry/wet/treats), price ranges, and items and quantities.
New products launched in the online market are generally securing market competitiveness through differentiation in raw materials from existing products. In particular, the launch of main meals that enhance palatability and functionality using vegetables and raw meat, and treats in the form of nutritional supplements that help with various diseases is actively taking place. As a result, the average price per weight of new dog food and treats increased by 104.4% and 14.1%, respectively, compared to existing products (as of February 2024). Meanwhile, in the cat treat category, bulk new products targeting multi-cat households or stray cat feeding gained popularity, and the average price per weight was also 8.8% lower than existing products.
Na-young Kim, Managing Director of NIQ Korea, said, “The pet humanization trend, where pets are considered as family members, is driving not only quantitative but also qualitative growth in the domestic pet food market.” She added, “With the intensifying competition due to the launch of various new products, it is crucial to identify the unique selling points of your company based on accurate analysis and understanding of channel opportunities and consumer selection criteria for different items, and to seize crucial opportunities to ride the market trend.”
Website: https://nielseniq.com/global/en/
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NIQ PR Agency
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Soobin Kim
02-3426-2281
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