From a cosmetics company to a ginseng maker and mobile carrier, local enterprises are competing for a portion of the pet industry that is expected to soon grow to an annual 6 trillion won ($5.26 billion), retail market officials said Monday.
Aekyung, a leading producer of cosmetics and household care goods, is due to launch a specialized pet care brand "Whistle" in mid-May. Working with Irion, an already-established firm in the pet business, Aekyung will highlight its 60-year corporate experience in selling the new brand, company officials said.
(Yonhap)
"We will launch a variety of products made from natural ingredients, since pets have weaker skin than humans," an official said. "We will be developing professional products and hold cultural campaigns for pets."
Aekyung is due to start selling shampoos and mists from the middle of this month.
The Korea Ginseng (KGC) put its foot in the market late last year with pet food brand Ginipet, whose ingredients include red ginseng. Developed by its own research team, Ginipet comes in three different types, including organic products.
"It's been less than six months since Ginipet was launched, but it has been made available in 600 shopping malls and pet stores and sold over 25,000 sets as of the end of last month," a KGC official said.
Mobile carriers have entered the market by servicing pet owners through their smartphones. Pet Station, offered by LG Uplus, allows owners to control feeders from outside the home, allowing them to feed their pets who are alone in the house. Star Walk, a wearable for around the neck, measures the physical activity of pets.
SK Telecom's T Pet enables owners to monitor the whereabouts of their pets through a wearable worn on the neck.
Startups are also dabbing into the market.
For those too busy to give their pets a stroll, pet service firm Family sells coupons to hire "dog walkers" who are accredited pet trainers. The service started out at select parts of Seoul but is now available in the outskirts of the capital.
A local study has predicted that the pet industry, sized at 900 billion won in 2012, will grow to 6 trillion won by 2020.
"With the population aging and the increase in the number of one-person households, more homes are raising pets and more people are taking in pets as a member of the family," an industry official said. "The demand is growing for the diversity of available goods to other than pet food and grooming services, which is why the pet industry is regarded as a business of good growth potential." (Yonhap)