Pharmaceutical Industry Accelerates Entry into Pet Drug Market...Addition of business objectives at shareholders' meetings in succession
Mar 11, 2025
|
According to a survey conducted by the Ministry of Agriculture, Food and Rural Affairs '2023 Animal Welfare National Consciousness Survey', the domestic pet rearing population amounts to 28.2% of the total population. There is also a strong will to stay healthy together. According to the KB Management Research Institute's '2023 Korea Pet Report', 55% of households with pets cited issues related to 'health care' as their concerns.
Accordingly, the market for medicines and nutritional supplements for companion animals is also expanding. According to the Korea Zoological and Drug Association, the size of the domestic animal drug market in 2022 was KRW 1.4313 trillion, up 5.1% from the previous year. The size of the global animal medicine market is expected to surge from 39 trillion won in 2021 to 103 trillion won, 2.6 times by 2031.
In response to such market expansion, the pharmaceutical and bio industries have started to expand their scope by paying attention to pet-related medicines as new food.
According to related industries, Yuyu Pharmaceutical will present a revision to its articles of incorporation to add manufacturing and selling of animal drugs (animal drugs, animal health functional foods, and animal products) to its business purposes at its regular general shareholders' meeting on the 27th. Currently, Yuyu Pharmaceutical is conducting research to develop the vitamin product 'Yupanseed' as a product for companion animals and has applied for trademark registration of 'Mungpanseed' for dogs and 'Nyangpanseed' for cats. Choi Kang-seok, head of the disease diagnosis center at Seoul National University's Veterinary College, who has been an infectious disease expert at the World Organization for Animal Health (WOAH) for 10 years, will be appointed as an outside director at the Ando shareholders' meeting.
Anguk Pharmaceutical, which adds feed manufacturing, import, and sales to its business purposes at the general shareholders' meeting on the 28th, is also expected to diversify its business by manufacturing and selling pet food.
Green Bet, a pet healthcare company of GC Green Cross Holdings, established a 'Betcomers Team' that provides veterinarians with animal healthcare solutions in January and is seeking agreements with companies in various fields such as animal medicines, nutritional supplements, feed, and medical supplies.
Cho-A Pharmaceutical, which added items such as 「"Manufacturing and sales business of animal medicines, sweet rice, and blended feed" to its business purposes at last year's general shareholders' meeting, will register trademarks related to animal medicines and nutritional supplements such as"Jalkgo","Jalk Myo", and"Jalk Dog", and will release animal medicines in the second quarter of this year.
Daewoong Pharmaceutical and Dong-A Pharmaceutical entered the healthcare business for companion animals such as pharmaceuticals through 'Daeung Pet' and 'Betple', while Dongguk Pharmaceutical, Ildong Pharmaceutical, and Chong Kun Dang Bio also challenged the development and sale of health functional foods and medicines for companion animals.
However, some point out that it is difficult to achieve results in the animal drug market in a short period of time, so it is necessary to be cautious about expanding the business.
This article was translated by Naver AI translator.
