S. Korean pet supplies companies offer discount events on Puppy Day

By Kim Joo-heon Posted : March 23, 2023, 17:42 Updated : March 23, 2023, 17:43

[Yonhap News Photo]

SEOUL -- South Korean pet supplies companies are hosting various events and offering discounts on Puppy Day to attract dog owners. The domestic pet market, which stood at about $1.4 billion in 2021, is projected to reach $3.5 billion in 2023. Dogs are currently the most owned pet type in South Korea.
Puppy Day, which is celebrated on March 23, was created by American pet expert Colin Page to raise awareness about abandoned dogs.
On March 23, LabiVet, a nutritional supplement brand affiliated with South Korea's pharmaceutical company Chong Kun Dang, offered a 30 percent discount on its items containing lactic acid bacteria. Another pet nutritional supplement brand "Labopet" is selling shampoos for dogs for 100 won ($0.08) through a live commerce show. A health food brand called Five Beans has opened a "pet staycation" event where owners could spend time with their puppies at a pet hotel.
According to data released by the Korea Rural Economic Institute, South Korea's pet market is It is expected to reach 6 trillion won ($4.6 billion) by 2027. When the first wave of the coronavirus pandemic swept across the country in 2020, many remote-working single households spent more time at home with their pets. The retail wings of major companies including CJ O Shopping, a TV home shopping channel operator, saw a sharp rise in pet product sales.
Many pet-related businesses in South Korea have launched a one-stop pet care store where pet owners can enjoy different facilities with their pets including a pet beauty salon, a pet academy, and a pet hotel. Dog Behavior Type Indicator (DBTI), a psychology test that classifies dogs' characters into 16 different types, is also gaining popularity. The platform created by mobile carrier LG Uplus provides 60 questions. After taking the test, dog owners can receive advice and educational programs from professional dog trainers.
The pet veterinary market is also gaining momentum. The Korea Animal Health Products Association's data showed that the domestic animal drug market in 2021 reached 1.3 trillion won, up 10 percent from a year ago. In January 2023, CMG Pharmaceutical, a unit of South Korea's CHA biomedical group, acquired ING Medix, a domestic animal nutritional supplement provider. The pharmaceutical company's distribution network will be used to sell various types of products such as softly chewable supplements.
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