SEOUL, KOREA - The pet market is growing at a fast clip. According to a report "Pet Industry: The Promising New Growth Area" published by the Nonghyup Economic Research Institute on May 16, the market, encompassing pet food, clothing, as well as pet funeral services and health insurance, surpassed 900 billion won last year and is expected to rise to 1 trillion won this year. The market will rise to 6 trillion won by 2020.
As of the end of 2012, the research institute said, 3.2 million households (16% of total households) have 4.4 million dogs while 680,000 households (3.4% of total) have 1.16 million cats.
The report also said, the average spending on pet items and pet-related services by household is 27,900 won and 16,764 won, respectively. The annual average growth rate since 2000 has been 14.3 and 7.8 percent. Given that people tend to spend more as their personal income rises, Korea's pet industry has a high growth potential. This is especially so because Koreans' expenditure on pet supplies and services is much lower than that for industrialized countries.
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