Opportunities for Finnish companies in South Korea’s growing pet industry
In South Korea, the number of single households is growing. Simultaneously, having a pet as a life companion is becoming more and more popular among Koreans. The growing pet industry in South Korea offers a great business potential for companies offering innovative and unique pet products and services.
In many countries, pet animals are often seen as important family members. Today, this is the case also in South Korea, where about 20% of the people are pet owners. Koreans see their pets as important life companions and are willing to invest in their wellbeing. The turnover of pet goods sold online in South Korea increased 38% from the previous year. The pet market in total reached 2 trillion South Korean Won in 2016. According to World Future Society, the nonprofit organization making annual future predictions, the pet industry is regarded as a ‘future prospect’ globally.
Demand for European pet products on the rise
Pet-related products and services offered currently in the Korean market are quite basic and traditional. More and more pet owners are however looking for more unique, high-quality products that represent the European lifestyle trend. As a result, the demand for lifestyle pet products with European flair is on the rise.
Korean pet owners are especially interested in premium pet food, fashion and lifestyle products. To seize this business opportunity, various companies are currently entering the growing pet market in Korea. Business potential is also available for Finnish companies with innovative products or services for pets.
Market match for Finnish companies
For Finnish companies, business potential is available in pet-related products areas, such as:
- Premium pet food (especially with Finnish ingredients)
- Pet toys (especially made of Finnish wood)
- Pet ‘tableware’
- Clothing & textiles
- Pet accessories
- Pet care products
- Tools for training pets
Finpro Korea is aiming to showcase Finnish brands in a local pet exhibition to widely reach both consumers and B2B decision makers in Korea. Finnish companies can also seize the opportunity by taking part in Finpro’s Lifestyle Finland program events in the Korean market.
If you are a Finnish lifestyle company interested in this business opportunity, please contact us for further information.