South Korea’s pet meals imports grew from US$239 million in 2018 to US$347 million in 2022, in accordance with a report from the United States Division of Agriculture’s Overseas Agricultural Service. China ranks as South Korea’s prime provider of pet meals with a 30% market share. The USA follows with 21%, and Thailand is available in 3rd with 13% of South Korea’s pet meals import market.
Cats outnumbered canine in South Korea final 12 months. The cat inhabitants was forecast to develop 4% in 2023. The canine inhabitants was anticipated to develop extra slowly. The South Korean pet canine inhabitants’s annual progress charge has been 3% or much less since 2019.
Moist cat meals, treats and mixers are projected to see the strongest progress charges. Whereas moist pet food continues to realize market share, inflation has pushed pet food retail costs up between 10% and 20%. Below inflationary stress, canine house owners have turn out to be extra price-aware.
Pet meals commerce settlement between US and South Korea
Canine and cat meals exports from america to South Korea initially had a 5% tariff charge. With the U.S.-Korea Free Commerce Settlement (KORUS), U.S. canine and cat meals exports enter South Korea duty-free.
South Korea is among the United States’ prime 10 items buying and selling companions, thanks partially to KORUS. The commerce pact entered into power on March 15, 2012. KORUS lowered or eradicated tariffs on a variety of items and companies, together with pet meals, facilitating smoother commerce flows.
South Korean pet meals export numbers
South Korea additionally produces its personal pet meals and exports them. In 2023, South Korea’s pet meals exports grew by 56% on-year by means of September to set a brand new report, in accordance with information from the Korea Customs Service reveals, reported Petfood Business’s Alma Buelva.
Customs reported that outbound shipments of pet merchandise reached US$116 million up till September 2022, surpassing US$111 million posted for all of 2021. The customs workplace mentioned cat and pet food merchandise accounted for US$61 million and US$47 million, respectively. Different items, together with leashes and garments, accounted for US$8 million.
South Korea’s pet meals exports primarily went to Japan which imported US$4.5 million (39%), adopted by Thailand with US$1.7 million and Australia with $1.5 million.
The customs workplace mentioned South Korea’s imports of different pet merchandise additionally grew from January to September 2022 with 17% on-year valued at US$291 million.
