Polarisation in Korean pet foods
A rapid increase in online purchases of packaged foods for cats and dogs in South Korea has been described to the Pet Health & Nutrition seminar held during VIV Asia 2019. Sunny Moon, senior research analyst at market research provider Euromonitor International based in Seoul, reported that almost half of pet food sales by value on the Korean market today are made online. Ten years ago, the market share of webmarketing was less than 20%.
It is part of a wider trend, she remarked. At a time when many pet food manufacturers across the world are trying to make more premium brands in response to demand, in Asia the focus has remained until now mainly on whether the animals would be fed on prepared foods or on scraps.
Although the manufactured products are definitely winning in most Asian markets, for South Korea the next question concerned source: there was a time when animal feed companies were moving into the manufacture of dry pet foods. But production in specially designed factories is more the rule now, against a background of a general polarisation dividing Korea’s US$ 865 million/year pet food market into two segments. One customer group care for their pet as if it were a member of the family and will pay for a food type regarded as superior, regardless of the extra cost. This has been reflected especially in the sales rise of superpremium...
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