Growing Pet Market: Wadiz 'Pet Products' Funding Surges 89.6%
Growing Pet Market: Wadiz 'Pet Products' Funding Surges 89.6%
- Pet Product Funding Up 89.6% YoY, Average Achievement Rate of 4029% in Funding Goals
- Pet Healthcare Accounts for 62.5% of Funding by Category, Followed by Pet Food, PetTech, and Pet Services
- Recent Government Announcement of 'Pet Industry Development Initiative' Signals Explosive Future Market Growth
The Pet-Related Industry is Poised for Explosive Growth.
Wadiz, a Lifestyle Design Crowdfunding Platform, Announced on the 18th that the Number of 'Pet Product' Funding Openings Increased 89.6% Compared to the Same Month Last Year.
Based on January to July of This Year, the Growth Rate Was 55% Compared to the Same Period Last Year, with a 25% Increase from the Previous Month. 'Pet Product' Funding Continues to Show Steady Growth. By Category, ▲Pet Healthcare Products Accounted for the Largest Share at 62.5%, Followed by ▲Pet Food (19.6%), ▲PetTech (12.5%), and ▲Pet Services (5.4%).
Based on the Target Amount Set When Opening a Funding Project, an Average Achievement Rate of 4029% Was Recorded. In Particular, Health-Related Products Such as a Multi-Care Device That Reduces Hair Shedding When Brushing Pets and Features Air Purification, a Sterilization-Capable Pet-Specific Water Purifier, and Premium Pet Shampoo That Improves Coat Quality Showed High Achievement Rates.
According to the 'Pet Industry Development Initiative' Jointly Announced on the 9th by the Ministry of Agriculture, Food and Rural Affairs and Related Agencies, the Domestic Market Size of 8 Trillion Won as of Last Year Will Be Expanded to 15 Trillion Won by 2027, with Plans to More Than Double the Number of Companies with Valuations of 1 Billion Won or Above. With 6 Million Pet-Owning Households Coming of Age, the Related Market is Expected to Grow at an Even Faster Pace.
Meanwhile, Wadiz Plans to Recruit Makers Through a 'Pet Supplies Planned Event' in September and Actively Pursue Pet Product Funding Beyond Dogs and Cats, Including Products Related to Exotic Animals.
A Wadiz Official Stated, 'Tech-Focused Products That Care for Pet Health and Solve Problems Continue to Show Results,' and Added, 'Recently, with Increasing Participation in Pet Photography Studio Funding for Taking Photos with Pets, the Market is Expanding Beyond Pet Ownership to Cultural Enjoyment,' the Official Analyzed.