Korea’s Development of Petconomy is Changing the Way Companion Animal Specialty Drug Manufacturers Operate

South Koreans are expected to spend US$ 3 billion on their pets in 2020 and more than US$ 3.5 billion in 2021, resulting in an increase in pet-related businesses in Korea. According to the Korea Rural Economic Institute, this figure is expected to reach US$ 5 billion by 2027, creating opportunities for Korea’s companion animal specialty drugs market.

The market for Companion Animal Specialty Drugs in South Korea is booming. People are increasingly providing human-like items and experiences for their pets. As a result, the term “pet humanization” is gaining currency around the world. As a result, the demand for companion animal specialty drugs is increasing.

In addition to traditional pet supplies and already established grooming and veterinary services, insurance, health care, and nutrition are rising as new promising areas since more people are prepared to spend money on the enrichment of their pet’s life. With the help of internet-of-things-based smart devices, pet parents can now provide for their animals’ needs even when they’re not at home.

Several new pet-related terms, such as Petfam and Petconomy, have evolved in the country. A pet-friendly household, or “Petfam,” is one in which pets are treated as members of the family, while “Petconomy,” a portmanteau of “pet” and “economy,” refers to businesses in which sales of companion animal specialty drugs and services are a primary focus.

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The low birth rate and greying population are to blame for this pet-centric society and development of the companion animal specialty drugs market. This has led to a rise in the number of one- or two-person households. To their owners, dogs are members of the family, deserving of the same level of love and attention as any other member of the family.

The need for companion animal specialty drugs market is expanding for a variety of reasons, including an uptick in the number of pets kept as pets in homes, an increase in the number of nuclear families, and the prevalence of cities, all of which contribute to the popularity of keeping pets. The companion animal specialty drugs market benefits from this development.

The rising prevalence of animal diseases and public concern about the potential for human infection are both factors driving the demand for companion animal specialty drugs. There are several factors that could have a negative impact on the companion animal specialty drugs market in the coming years, including the increasing frequency with which patents on approved drugs in the companion animal specialty drugs market expire, a lack of medications for certain diseases, and a lack of understanding of the behavioural symptoms of diseases.

Key Takeaways

• Korea’s dog and cat populations are expected to grow from their 2016 totals of 4.2 million and 1.6 million to 6 million and 2.6 million by 2020, as reported by the Korea Pet Food Association.
• A growing consumer companion animal specialty drugs market and greater product variety in the pet food industry are direct results of rising consumer interest in pet supplies and care.
• According to a survey by the Ministry of Agriculture, Food, and Rural Affairs, the number of homes with pets is expected to increase to 6.38 million in 2020, up from 5.91 million in 2019.
• A growing number of people in the country are keeping cats and dogs as pets as a result of urbanisation and other lifestyle shifts. In South Korea, one in four adults has pets.

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Competitive Landscape

One of the top startups operating in the South Korean companion animal specialty drugs market is PetPeoTalk. It uses artificial intelligence to keep track of your pet’s facial expressions, anxiety levels, and any signs of illness. The AI-powered tracker investigates whether a home-alone pet is suffering from separation anxiety by tracking the frequency of certain behaviours, such as wailing. These metrics are tracked in a near-constant fashion. The goal is to improve diagnostic tools so that abnormalities in the animal’s behaviour can be flagged at an early stage.

The Korean Kennel Club predicts a broadening of pet-care expertise beyond the traditional realms of grooming and veterinary medicine. There is a growing demand for pet nutritionists, pet product designers, and pet taxi drivers.

Some of the key companies proliferating in the market are:

• Merck Animal Health (Merck & Co., Inc.)
• Boehringer Ingelheim International GmbH.
• Elanco Animal Health Incorporated
• Virbac S.A.
• Biogenesis Bago SA
• Piramal Group
• Zoetis
• NEOGEN Corporation.
• Vetoquinol S.A.
• Ceva Santé Animale

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Key Segments in the Companion Animal Specialty Drugs Market

By Product:

• Antibiotics
• Anti-Inflammatory Drugs
• Parasiticides
• Heartworm
• Behavioral Products
• Nutritional Products
• Anti-Obesity Drugs
• Skin Care Products
• Vaccines

By Distribution Channel:

• Modern Trade
• Online Distribution
• Neighborhood Stores
• Other Retail Format

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