Republic of Korea: Market for Dog And Cat Food 2024

Market Size for Dog And Cat Food in Republic of Korea

The South Korean dog and cat food market declined notably to $X in 2023, dropping by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a buoyant increase. Dog and cat food consumption peaked at $X in 2022, and then dropped significantly in the following year.

Exports of Dog And Cat Food

Exports from Republic of Korea

In 2023, the amount of dog and cat food exported from South Korea surged to X tons, jumping by X% against 2022. Over the period under review, exports showed buoyant growth. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. The exports peaked at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, dog and cat food exports skyrocketed to $X in 2023. Overall, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. The exports peaked at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

Japan (X tons) was the main destination for dog and cat food exports from South Korea, accounting for a X% share of total exports. Moreover, dog and cat food exports to Japan exceeded the volume sent to the second major destination, Thailand (X tons), threefold. The third position in this ranking was taken by Australia (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to Japan amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (X% per year) and Australia (X% per year).

In value terms, Japan ($X) remains the key foreign market for dog and cat food exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Thailand ($X), with a X% share of total exports. It was followed by Australia, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (X% per year) and Australia (X% per year).

Export Prices by Country

The average dog and cat food export price stood at $X per ton in 2023, shrinking by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2023, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while the average price for exports to Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Imports of Dog And Cat Food

Imports into Republic of Korea

In 2023, overseas purchases of dog and cat food decreased by X% to X tons, falling for the second consecutive year after eight years of growth. Overall, imports, however, showed strong growth. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Imports peaked at X tons in 2021; however, from 2022 to 2023, imports remained at a lower figure.

In value terms, dog and cat food imports fell to $X in 2023. In general, imports, however, continue to indicate a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2022, and then declined in the following year.

Imports by Country

The United States (X tons), China (X tons) and Thailand (X tons) were the main suppliers of dog and cat food imports to South Korea, together accounting for X% of total imports. Canada, France, Australia, Austria and Japan lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest dog and cat food suppliers to South Korea were China ($X), the United States ($X) and Thailand ($X), with a combined X% share of total imports. Canada, Japan, France, Australia and Austria lagged somewhat behind, together accounting for a further X%.

Canada, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average dog and cat food import price amounted to $X per ton, rising by X% against the previous year. Overall, import price indicated a notable increase from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, dog and cat food import price increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2022 when the average import price increased by X%. Over the period under review, average import prices reached the peak figure in 2023 and is likely to see gradual growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Austria ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform