Korean Pet Food Imports Show Dramatic Growth

South Korea has become one of the fastest growing pet food markets in the world.  Despite the sluggish economy, Korean pet owners spent an estimated $280 million on pet foods in 2004, a value that is expected to grow by 30 percent annually.  It is estimated that Korea imported $50 million worth of pet food in 2004 and 45 percent (or $21.2 million) was from the United States.

Growth in dog food purchases, mainly premium dog food, is increasing the fastest as dogs are by far the most popular pets and they are well loved by their owners.  Sales of pet food and pet products from traditional outlets, such as pet stores and veterinarian offices, are losing market share as hypermarkets and online shopping malls begin to focus on catering to pet owners by offering better value and convenient delivery options.