SEOUL, March 23 (AJP) — South Korean pet food companies are increasingly targeting Vietnam as a key growth market, capitalizing on the Southeast Asian country’s rapidly expanding pet economy and rising demand for premium pet care.
Vietnam has quickly emerged as a strategic destination for Korean exporters. Korean-made pet food already accounts for an estimated 30-40 percent of purchases in some segments, underscoring strong brand recognition and consumer trust.
South Korea’s animal feed exports to Vietnam have reached $27.2 million, highlighting the country’s growing importance as an overseas market for Korean firms seeking new revenue streams beyond a maturing domestic industry.
The push into Vietnam comes as the country’s pet economy undergoes rapid expansion. Pet population in Vietnam estimated at 31.4 million in 2024 is expected to exceed 33 million this year, according to Euromonitor International. The market itself is projected to grow from around $500 million in 2023 to more than $700 million by 2027, representing an annual growth rate of about 11 percent.
This growth is being driven not only by rising pet ownership but also by a shift toward higher-value spending.
In cities such as Hanoi, demand for pet services is surging. Dog training centers charge roughly 3 million VND (about $170) per month and report dozens of monthly inquiries, with steady enrollment. Pet hotels and daycare centers are frequently fully booked during peak travel seasons, reflecting a broader willingness among owners to spend on convenience and quality care.
Spending is also diversifying beyond basic pet food into services such as grooming, veterinary care and training, areas where Korean companies see opportunities to introduce higher-end products and specialized offerings.
For Korean firms, Vietnam’s growth contrasts with more mature conditions at home. Data from the KB Financial Group Research Institute shows that 5.91 million households in Korea — 26.7 percent of the total — owned pets as of 2024, with the overall pet population estimated at 15.5 million.
The domestic pet food market is likewise sizable, reaching around 2.2 trillion won ($1.7 billion) in 2025, but growth is gradually stabilizing. While consumer spending continues to rise — with KB Kookmin Card data showing a roughly 30 percent increase in pet-related spending between 2021 and 2024 — companies are increasingly looking abroad to sustain momentum.
Major food companies have been expanding their pet food portfolios as part of this outward push. Pulmuone recorded a 35 percent year-on-year increase in pet food sales, with some products posting explosive growth. HY reported a 34.6 percent rise, while Dongwon F&B achieved double-digit growth and expanded exports to more than 10 countries, including Vietnam. Daesang PetLife also posted a 25 percent increase in revenue.
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