On March 21, South Korea’s KB Financial Holdings Management Research Institute released a research report on various industries in South Korea, including the "Korea Pet Report 2021". The report announced that the institute began to conduct research on 2000 South Korean households from December 18, 2020. Families (including at least 1,000 pet-raising families) conducted a three-week questionnaire survey. The results of the survey are as follows:
In 2020, the rate of domestic pets in Korean families is about 25%. Half of them live in the Korean capital economic circle. South Korea’s current increase in single families and the elderly population has led to an increasing demand for pets and pet-related services. According to the report, the proportion of childless or single families in South Korea is close to 40%, while the birth rate in South Korea is 0.01%, which has also led to an increase in the demand for pets in South Korea. According to market estimates from 2017 to 2025. It shows that South Korea’s pet industry has grown at a rate of 10% every year.
In terms of pet owners, the report shows that as of the end of 2020, there are 6.04 million households in South Korea who have pets (14.48 million people have pets), which is equivalent to a quarter of Koreans who live directly or indirectly with pets. Among these pet families, there are nearly 3.27 million pet families living in the capital economic circle of South Korea. From the perspective of the types of pets, pet dogs accounted for 80.7%, pet cats accounted for 25.7%, ornamental fish 8.8%, hamsters 3.7%, birds accounted for 2.7%, and pet rabbits accounted for 1.4%.
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In terms of pet expenses, the report shows that raising pets will incur a lot of pet expenses such as feed expenses, snack expenses, treatment expenses, etc. The average monthly fixed expenditure of 130,000 won (750 yuan) for raising pets in South Korea’s households that only raise pet dogs. The raising fee for pet cats is relatively low, with an average of 100,000 won (575 won) per month, while households that raise pet dogs and cats at the same time spend an average of 250,000 won (1439 won) on raising fees per month. After calculation, the average monthly cost of raising a pet dog in South Korea is about 110,000 won (633 yuan), and the average cost of raising a pet cat is about 70,000 won (403 yuan).
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