According to data released by KB Financial Group, there are about 15 million people who live with pets including dogs, cats, and other kinds of animals such as birds and fish. Among the total, some 11 million people have a dog companion while about 3.7 million live with a cat. The average annual growth rate of pet owners is sluggish at one percent.
However, the pet-related product market is booming as ever. South Korea's pet products stood at 5.8 trillion won ($4.9 billion) in 2020, up 107 percent from 2018's 2.8 trillion won. The sudden growth of the pet product market was due to changes made to spending patterns of consumers suing a coronavirus pandemic. Market data showed that people who were grounded by COVID-19 spent more money to buy high-quality products for their pets.
Amore Pacific said in a statement on November 15 that the company released two types of non-fragrance pet shampoos. The company said that the hair care products were made to match the sensitive skins of animals using vegan-certified materials. It is safe for pets to lick their hair after washing with new shampoo products, the beauty product maker said.
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