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The number of South Koreans who own pets have consistently increased. When the first wave of the coronavirus pandemic swept across the country in 2020, many remote-working single households spent more time at home with their pets. The pet industry valued at 1.9 trillion won ($1.5 billion) in 2015 is rapidly growing to reach six trillion won in 2027. The retail wings of major companies including CJ O Shopping, a TV home shopping channel operator, saw a sharp rise in pet product sales.
Due to the growing number of pet owners, the pet veterinary market is also gaining momentum. According to data released by the Korea Animal Health Products Association, the domestic animal drug market in 2021 reached 1.3 trillion won, up 10 percent from a year ago.
CMG said in a statement on January 17 that the company acquired ING Medix. CMG said the animal supplement provider has completed a state hazard analysis process and currently working to build smart factories. "We will achieve 50 billion won in annual sales in the pet market by 2030 by continuously developing new products and partnering with outstanding companies," CMG CEO Lee Ju-hyung said in a statement on January 17.
In December 2022, CMG established an animal medicine business division to expand its portfolio into the pet healthcare market. The company would differentiate products by using its oral dissolving film-making technique to develop easy-to-apply medicine films for pets.
Many pet-related businesses have launched a one-stop pet care store where pet owners can enjoy different facilities with their pets including a pet beauty salon, a pet academy, and a pet hotel. Dog Behavior Type Indicator (DBTI), a psychology test that classifies dogs' characters into 16 different types, is also gaining popularity. The platform created by mobile carrier LG Uplus provides 60 questions. After taking the test, dog owners can receive advice and educational programs from professional dog trainers.
reporter
Kim Joo-heon
jhkim123@ajunews.com
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