According to research firm Euromonitor, almost one in five South Koreans owned a cat or dog in 2017. And they’re spending plenty on their furry friends too: A July 2017 report by Korea Institute for Industrial Economics and Trade (KIET) forecast that the domestic pet care industry would grow to 5.8 trillion won by 2020, an increase of some 640 percent since 2012.
Tapping into South Koreans’ growing love of pets are a variety of innovative startups. Exploiting the country’s high mobile penetration rate and Internet-savvy population, the new businesses provide services ranging from pet-sitting to pet transportation to and even pet funerals. Below is an introduction to some of the pioneers of the growing pet care industry.
Euromonitor predicted that South Korea’s rapidly spreading culture of regarding dogs and cats as family members would continue until at least 2022, sustaining the pet care industry’s current growth.
KIET’s 2017 report claimed that the country’s growing pet ownership was driven by “an increasing number of single households, low birthrate and aging population.”
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