South Korea: Dog food outpaces infant formula sales

Rising pet ownership and plummeting birth rates in South Korea are becoming more prominent by the year. Data from the e-commerce platform Gmarket reflects this change through shifting sales trends in pet food and baby formula products.

Between January and May 2024, 7 out of 10 survey respondents purchased dog food (69%) and 31% baby food. So far, 2024 has marked the fourth consecutive year of dog food purchases outpacing infant formula in the East Asian country.

According to the latest official data, there are 8 million pets in the country.

Pre-pandemic vs. post-pandemic

In 2019, as many as 59% of respondents bought baby food, followed by dog food (41%). In 2020, the split was almost equal, with 48% and 52% of sales, respectively.

In 2021, and with the continuation of the pandemic, dog food sales increased to 61%.

More than half of respondents (55%) bought dog food, and less than half (45%) bought baby food in 2023.

Preference for dog food

While it is worth noting that baby food is 3 times more expensive than dog food, the average buyer's unit price in the latter category is increasing significantly every year.

Korean Statistical Information Service (KOSIS) notes a declining fertility rate from 0.92 people in 2019 to 0.78 people in 2022, leading to the premiumization of baby products and a surge in prices.

According to Gmarket's data, the average unit price of baby food and infant formula increased 54% in the past 5 years, while dog food has increased 42% since 2019.

Source: GlobalPets