“It’s not baby formula, I came to buy dog food” … Pet food sales surpass baby formula.

Analysis of the Sales Proportion of Pet Food and Baby Formula and Baby Food on Gmarket, “[Herald Economy=Reporter Kwon Nam-geun] With the increasing population of pets, the sales volume of pet food has surpassed that of baby formula and baby food. This trend is accelerating in conjunction with the low birth rate. It is similar to the context where the sales volume of ‘dog strollers’ is increasing compared to baby strollers.”,
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View of a pet industry exhibition held at COEX in Seoul last year [Yonhap],
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, “According to Gmarket, an e-commerce platform affiliated with the Shinsegae Group, when comparing the sales proportions of pet food and baby formula and baby food from January to May this year, there was a difference of more than two-fold, with 69% for pet food and 31% for baby formula and baby food.”,
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, “Until 2020, the sales proportion of baby formula and baby food was higher, but from 2021, the figures reversed.”,
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, “Looking at the sales proportion of pet food compared to baby formula and baby food by year, in 2019 and 2020, they were 41% and 48% respectively, falling below 50%. However, this proportion significantly increased to 61% in 2021, showing a consistent gap of more than 10 percentage points in 2022 at 54%, last year at 55%, and so on.”,
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, “Snack items for pets have also continued to dominate the sales proportion for pet snacks over the past 5 years.”,
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, “Compared to baby products, the sales proportion of pet snacks has been on the rise, with trends showing 53% in 2019, 54% in 2020, 53% in 2021, 57% in 2022, and 61% last year.”,
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, “The sales proportion of pet snacks from January to May this year was at 63%, reaching the highest figure in recent years.”,
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, “This is seen as a trend in consumer behavior reflecting the sharp decline in birth rates.”,
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, “According to data from Statistics Korea, the total fertility rate, which is the number of children a woman is expected to have in her lifetime, dropped sharply from 0.92 in 2019 to 0.72 last year (preliminary figure).”,
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, “The population raising pet dogs is steadily increasing. The number of registered pet dogs nationwide, as compiled by the Ministry of Agriculture, Food and Rural Affairs, increased by 44.6% from 2,092,000 in 2019 to 3,026,000 in 2022.”,
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