Korea pet food market grows to 2.5 trillion won; import share data missing
Version 2: Two additional outlets, Seoul Shinmun and a second Seoul Economic Daily item, have picked up the story, but they add no figures beyond the market size and the missing import-share data already reported, and the earlier disagreement over the year the export-promotion budget applies to remains unresolved.
In short
South Korea's pet food market grew 67.4% in five years to an estimated 2.5 trillion won, or $1.783 billion, last year, according to Agriculture Ministry data submitted to Rep. Kim Seon-gyo of the People Power Party. The ministry told the lawmaker's office it has “no related data” on the share of imported products, and Kim said the government lacks even the basic statistics to judge the industry's competitiveness. The pet food trade balance has been in deficit for 11 consecutive years since 2015, with last year's deficit at $182 million.
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South Korea's pet food market was estimated at $1.783 billion last year, up 67.4% from $1.0648 billion in 2020, or about 2.5 trillion won, according to Agriculture Ministry data submitted to Rep. Kim Seon-gyo of the People Power Party on the National Assembly's Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee. Yonhap and Seoul Economic Daily both reported the figures on Oct. 4, and Seoul Shinmun and a second Seoul Economic Daily item also reported the market had reached 2.5 trillion won. [ 1 , 2 , 3 , 4 ]
Despite that growth, the ministry said it had “no related data” on the share of imported pet food products in the domestic market, according to Yonhap and Seoul Economic Daily. Rep. Kim criticized the government for not having basic statistics, saying it could not judge the industry's competitiveness without market-share figures for domestic and imported products. [ 1 , 2 , 3 , 4 ]
Last year, pet food imports were $342.5 million while exports were $160.5 million, producing a trade deficit of $182 million, the documents said. The pet food trade balance has been in deficit for 11 consecutive years since 2015. [ 1 , 2 ]
The budget for the pet-related industry overseas export industrialization project rose from 1.84 billion won in 2024 to 90.95 billion won, a 4.9-fold increase in two years, according to both reports, though they differ on the year the larger figure applies to. Yonhap reported that pet food exports rose 7.1% from $149.8 million in 2023 to $160.5 million last year, and were essentially unchanged from $160.1 million in 2024. Seoul Economic Daily cited criticism that the budget increase had not succeeded in fostering exports. [ 1 , 2 ]
Kim called for a comprehensive fostering strategy that includes using domestic raw materials, research and development, product premiumization and expanding overseas sales channels, according to both reports. [ 1 , 2 ]
Why it matters
Without import-share data, the government cannot judge how competitive domestic pet food producers are in a market that has grown to about 2.5 trillion won, Kim said. Seoul Economic Daily presented the persistent trade deficit alongside a sharply larger export-promotion budget as criticism that the spending has not succeeded in fostering exports.
Key facts
- The domestic pet food market was estimated at $1.783 billion last year, up 67.4% from $1.0648 billion in 2020, or about 2.5 trillion won. [ 1 , 2 , 3 , 4 ]
- The Agriculture Ministry told Rep. Kim Seon-gyo's office it has no data on the share of imported products in the domestic pet food market. [ 1 , 2 , 3 , 4 ]
- Rep. Kim Seon-gyo of the People Power Party criticized the government for not having basic statistics to judge the industry's competitiveness. [ 1 , 2 ]
- Last year pet food imports were $342.5 million, compared with exports of $160.5 million, a trade deficit of $182 million. [ 1 , 2 ]
- The pet food trade balance has been in deficit for 11 consecutive years since 2015. [ 1 , 2 ]
- The budget for the pet-related industry overseas export industrialization project rose from 1.84 billion won in 2024 to 90.95 billion won. [ 1 , 2 ]
- Kim called for a comprehensive fostering strategy including domestic raw materials, research and development, product premiumization and overseas market expansion. [ 1 , 2 ]
Confirmed by several sources
- South Korea's pet food market was estimated at $1.783 billion last year, up 67.4% from $1.0648 billion in 2020, or about 2.5 trillion won. [ 1 , 2 , 3 , 4 ]
- The Agriculture Ministry told Rep. Kim Seon-gyo's office that it has no data on the share of imported products in the domestic pet food market. [ 1 , 2 , 3 , 4 ]
- Last year pet food imports were $342.5 million, compared with exports of $160.5 million, resulting in a trade deficit of $182 million. [ 1 , 2 ]
- The pet food trade balance has been in deficit for 11 consecutive years since 2015. [ 1 , 2 ]
- The budget for the pet-related industry overseas export industrialization project rose from 1.84 billion won in 2024 to 90.95 billion won. [ 1 , 2 ]
- Rep. Kim Seon-gyo called for basic statistics, industry competitiveness analysis and a comprehensive fostering strategy including domestic raw materials, R&D, product premiumization and overseas market expansion. [ 1 , 2 ]
Still unclear
- The share of imported pet food in the South Korean market. The Agriculture Ministry said there was no related data, so the figure is unknown.
- The year to which the 90.95 billion won export-promotion budget applies. Yonhap describes it as this year, while Seoul Economic Daily describes it as last year; both reports were published on Oct. 4.
- Pet food exports rose 7.1% from $149.8 million in 2023 to $160.5 million last year, and were roughly flat against $160.1 million in 2024. This detail appears only in the Yonhap report.
- Whether the export-promotion budget has been effective. Seoul Economic Daily cites criticism that it has not succeeded in fostering exports; neither document provides a direct assessment beyond the trade and export figures.
What local media are saying
Timeline, local time
- Yonhap publishes a report on the pet food market data and the ministry's missing import-share statistics. [ 1 ]
- Seoul Economic Daily publishes its report on the same market data, highlighting the trade deficit and the missing import-share figure. [ 2 ]
- Seoul Economic Daily publishes a second item saying the market grew to 2.5 trillion won while the government cannot determine the import share. [ 3 ]
- Seoul Shinmun publishes an item saying the market is worth 2.5 trillion won and that statistics on imported products are absent. [ 4 ]