Insights into the Pet Industry Growth
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- Yongan Lee
- lee.yongan@mk.co.kr
- date:
- 2025-08-24 17:11:11
The NH Nonghyup Bank has conducted an in-depth analysis of the burgeoning pet industry, revealing notable trends and shifts in consumer behaviour.
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>As interest in pet ownership continues to surge, there has been a notable increase in consumers spending over 500,000 won annually on pet-related expenses, wiht an additional 50,000 customers recorded over the past four years. The demand for animal funeral services has also seen a remarkable rise, increasing by 1.5 times during this period.>
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>According to data from NH Nonghyup bank analyzing 27 million customer records within the pet sector as of August 24th,approximately 165,000 individuals utilized annual pet services last year—a ample increase of 41% compared to just four years prior when only 117,000 customers were reported.< p>>
<< p >>The variety and frequency of pet services have expanded significantly as well. The number of consumers engaging with these services more than ten times a year rose by 25%, climbing from around 120,000 users in 2020 to about150 ,000 last year . Analysts suggest that as offerings diversify ,both consumption scale and frequency naturally follow suit .< p >>
<< p >>The trend towards increased pet ownership is evident; last year marked a record high with28 %of households owning pets .< p >>
<< p >>With more pets comes heightened expenditure on veterinary care . In Seoul , cases where costs exceeded100 ,000 won per visit grew by8 percentage points from19 %in2020to27 %last year .Conversely , instances where costs were30 ,000 won or less decreased from37 %to30 %over the same timeframe.< p >>
<< p >>there is also a growing trend towards specialized services such as doggy daycares and boarding facilities ; usage rates for these establishments surged38 %over four years based on2019as100 . Additionally , average spending per visit saw significant growth from74 ,000won to125 ,000won.< p >>
<< p >>Moreover , there’s been an uptick in demand for animal funeral services ; average expenditures doubled from110 ,000wonin2020to260 ,00owonlastyear . The numberof providers offering these services increasedfrom57to83during this time frame.< p >>