South Korea’s leading livestock and animal feeding company Harim Group has finally made an inroad into the pet food industry, throwing down the gauntlet to multinational companies that occupy nearly 70 percent of the local market for pet food and snacks estimated at about 600 billion won ($526.5 million).

The company on Thursday inaugurated its first pet food plant located in Gongju, Chungnam, south of Seoul, which is the country’s single largest pet food plant with 15,905 square meters in size. The pet food plant complex also houses an exhibition room, movie theater, doggy care center and cafeteria for visitors with their pets.

It is the first time for the Korean food processing and agriculture company to enter the pet food industry. The Korea’s market for companion animals has steadily grown from 900 billion won in 2012 to 2.3 trillion won in 2016 and is forecast to grow to 5.8 trillion won in 2020, according to market analysts. The country’s pet food market, about 70 percent of which is currently controlled by foreign companies, is estimated to make up about 30 percent of the overall pet market.

Harim’s new pet food plant dubbed Happy Dance Studio (HDS) will produce 100 percent human-grade pet food, according to the company. The entire value chain - from purchasing of raw materials to manufacturing to distribution - will be managed to a level that is applicable to human food production.

Harim Group Chairman Kim Hong-guk told reporters on Thursday that the content of natural ingredients will be maximized in pet food production to appeal to local consumers, adding competition with global players is unavoidable not only in general processed food but also in pet food.

By Baek Sang-kyung and Lee Hee-soo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]