Pet industry evolves as number of pet owners in S. Korea increases

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With more than 15 million people raising pets in South Korea, demand for pet-related services are also peaking at record highs.
These range from pet hotels to pet beauty services.
Lee Rae-hyun has more on the evolution of the so-called petconomy.
Pets are more than just animals.
They are companions and even seen as family members by many people in South Korea.

"As a cat owner... I'm glad that more people are perceiving pets as family members."

"It's interesting how pet-related services are becoming more diverse."

Data released by South Korea's KB financial group research institute shows... that there were more than 6 million households with a pet in 2020.
In line with that trend... the Korea Rural Economic Institute reported that
the value of the pet industry was over 2-point-7 billion dollars in 2020,... up 1-point-1 billion U.S. dollars compared to five years before.
It also expected that the market will expand to more than 4-point-7 billion dollars in 2027.

And with this surge... the pet industry is also evolving in many ways... as more businesses release products and services targeting pets.
Hotels and resorts are introducing pet rooms... which allow guests to bring their pets and enjoy vacations with them.
One resort even provides a variety of pet services,... such as a pet school.

"With the number of single-person households increasing in South Korea... more pet owners are looking for pet schools like this one... where their pets can be looked after when they're not around."

By attending pet schools, pets can learn how to socialize with other animals and people... while enjoying regular physical activities with professional trainers.

Pet beauty shops are also getting a lot of attention from pet owners.
Experts carefully examine the animals' skin and fur in order to provide them with the best-styling and even spa care services.

Some cosmetic companies are also expanding their businesses to pet industry.
One company has developed a range of products for pets... including a body mist, a facial mask pack, and even an ear cleaner.

"We listen to consumers' needs, like what they want for pet products. Our priority is safety, so that's why we focus on ingredients when making beauty products for pets."

Dubbed the "petconomy"... a combination of the word pet and economy... experts say this trend is likely to continue.

"Pet humanization is a new phenomenon in South Korea. As more people tend to perceive pets as family members, the pet industry is forecasted to develop further."

He added... more services like nursing homes for pets could be introduced as well... as the life expectancy of animals rises.
Lee Rae-hyun, Arirang News.

#Pet_industry #evolve #SouthKorea

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2022-05-04, 22:00 (KST)