Korean Pet Food Companies Eye Global Expansion Amidst Booming Market, government Support
Seoul, south Korea – South Korea’s pet food industry is experiencing rapid growth, fueled by a burgeoning domestic market and increasing export opportunities, with government initiatives aimed at bolstering the sector’s global reach. The global pet market, estimated at 453 trillion won, is driving Korean companies to innovate and expand their product lines, particularly in premium and specialized nutrition.
Nongshim, known for its ramen products, entered the pet food market in July 2023 with its ‘Carriage’ brand. The company, along with We and Korea, a pet food subsidiary, has demonstrated export success, exceeding 7 billion won in exports for two consecutive years to countries including Taiwan, Vietnam, and Indonesia. Both were recently recognized for their achievements; We and korea as a pet food company, and Nongshim as a recipient of the Win-Win Growth Committee’s ‘Small Business Strengthening Project’ in June.
Several domestic companies are actively developing their pet food businesses, focusing on high-quality ingredients and catering to specific pet needs. Target Pet Life, founded in February 2023, operates brands including Dr. Newto,a pet health functional food brand,and is prioritizing customized nutritional solutions for aging pets. Pulmuone has reorganized its pet food business following the integration of Pulmuone Amio into Pulmuone Foods in January 2023, expanding its snack offerings utilizing core pulmuone products like tofu, eggs, and naps.
The government is actively supporting the industry’s export efforts. An official from AT (Korea Agro-Fisheries & Food Trade Corporation) stated, “Exports of Korean pets have high growth rates, but the global market expansion strategy thru diversification of exporting countries is urgent due to the high concentration of exports.” This support aims to address the need for broader market penetration and sustained growth within the competitive global pet food landscape.
