SEOUL, KOREA - According to Nonghyup Economic Research Institute on September 30, Korea's pet supply market has made a two-digit growth for the past several years despite the economy-wide recession. As of 2013, the pet market is estimated at 1.14 trillion won (US$1.08 billion), with the figure expected to rise further to 1.81 trillion won next year and 6.0 trillion won by 2020.
This is largely because of the rising number of aging population, with more and more single or two-person households adopting pets instead of children. According to data estimated by the Animal, Plant and Fisheries Quarantine and Inspection Agency, the percentage of households with dogs and cats as of 2012 was 16.0 percent and 3.4 percent, respectively. Including households with other pet animals such as birds and reptiles, the ratio may be in excess of 20 percent.
As more people live with pets, they tend to spend more for the animals. According to data provided by the National Statistical Office, per-household spending on pet supplies and services in 1990 was only 6,156 won. But the figure rapidly rose to 33,972 won in 2010 and 44,664 won in 2012.
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