According to data from FIS, the size of the domestic pet food market in 2019 decreased by 1.3% compared
to the previous year to 765.44 million dollars. In 2019, dog food and snacks decreased by 1.4% from the previous
year to 563.34 million dollars. This represents a 12.8% increase since 2015. Cat food and snacks decreased
by 0.5% from the previous year to 160.99 million dollars but increased by 18.0% in the four years since 2015.

The market share is 73.6% for dogs and 21.0% for cats. The domestic pet food market is expected to continue
to grow from 2020 to 2023. The production of mixed feed is increasing. In 2019, the production of pet
(excluding ornamental fish) mixed feed was 109,781 tons, a 16.4% increase from the previous year. Of this,
58.3% was for dog food and 41.7% was for cat food.

As of 2019, an estimated 5.91 million households, or 26.4% of all households in South Korea, are believed
to own pets. The number of pet dogs increased by 29.7% from 4.61 million in 2010 to 5.98 million in 2019,
while the number of pet cats increased more than fourfold from 630,000 to 2.58 million during the same

period. In terms of pet food purchasing, for pet dogs, the purchase rate for dry food was 60.2%, snacks were
13.8%, wet food was 13.3%, and semi-moist food was 12.7%, with a preference rate of 58.1%, 13.5%, 13.2%,
and 11.7%, respectively. For pet cats, the purchase rate for dry food was 57.1%, wet food was 17.8%,
snacks were 15.8%, and semi-moist food was 9.3%, with a preference rate of 52.6%, 19.8%, 14.6%, and
10.9%, respectively.

The total export volume of pet food in 2020 increased by 83.5% compared to the previous year.
The total export amount of formulated pet food for both dogs and cats was 67.49 million dollars, an 83.5%
increase from the previous year. The main countries for pet food exports in 2020 were Japan, Thailand,
and Vietnam. Japan accounted for 36.4% of the total pet food export value, with 24.55 million dollars, followed
by Thailand at 26.4%, Australia at 10.6%, Vietnam at 8.4%, and Hong Kong at 7.5%. The number of pet
food manufacturers increased from 1,633 in 2020 to 1,831 in 2021, a 12% increase from the previous year.