As of December, last year, over 15m people in Korea owned pets, nearly 30% of the country's population, according to a report released by KB Financial Group.
The report found that about 15.46m people in Korea were pet owners in 2024, accounting for 29.9% of the total population.
The report also found that in 2024, the average monthly spending on pet care for animals like dogs and cats rose to KRW194,000 (approximately $142), marking a 6.8% increase from KRW154,000 two years earlier.
Although 91.7% of pet owners were aware of pet insurance, only 12.8% were enrolled. The most common reasons for not subscribing were high premiums (50.6%), a belief that insurance is unnecessary (37.4%) and limited coverage (35.8%).