Market Information > Reports
Retail Foods | Seoul ATO | July 5, 2023
Korea was the 5th largest country importer of U.S. agricultural and related products in 2022. The United States is the leading supplier of imported consumer-oriented agricultural products for Korean retail industry, shipping $5.9 billion in 2022. The outlook for U.S. products in the Korean retail industry is excellent for a wide range of products, including beef, food preparations under HS2106, pork, dairy products, wine, high-volume alcohols, chocolate & food preparations under HS1806, nuts, frozen vegetables, and citrus.
Food Processing Ingredients | Seoul ATO | May 3, 2023
Korea has a strong food processing industry that manufactures a wide variety of food and beverage products. It also relies heavily on imports to fulfill its food and agricultural needs. As a result, the Korean food processing industry offers an outstanding opportunity for imported agricultural products for processing use, including basic commodities such as wheat and soybean, intermediate ingredients such as vegetable oils and fruit juice concentrates, and food additives such as flavors and coloring agents. The food processing industry generated 79.1 trillion Korean Won ($69.1 billion) in sales in 2021, up 5.3 percent from 2020.
Exporter Guide | Seoul ATO | January 5, 2023
As the 5th largest country export market for the United States, Korea provides a promising market for U.S. agricultural products. In 2021, Korea imported about $43 billion agricultural & food products from all over the world and the U.S. supplied a quarter of it, ranking number one. Other key suppliers were China, Australia, Brazil, and Vietnam. Korea's overall agricultural imports this year are forecast to top the 2021 value by 20 percent partly due to increased demand from both the retail and processing sectors. From January to October this year, the U.S. exports already surpassed its last year’s record for the same period. U.S. food and agricultural products will continue to be competitive in the market long-term considering ongoing socio-economic shifts with extended consumer concerns over quality, value, and sustainability.
Dairy and Products Annual | Seoul ATO | October 31, 2022
Domestic milk production is forecast to decrease to 2 million tons in 2023. 2022 milk production is projected to drop to 2.01 million tons after reaching 2.34 million tons in 2021. Milk production is expected to show a decreasing trend due to the decreasing number of dairy farms and falling demand for milk. Cheese consumption, in contrast, is gradually increasing. However, imports in 2022 may experience an unusual drop due to the weakening Won exchange rate, particularly against the U.S. dollar.
Food Service - Hotel Restaurant Institutional | Seoul ATO l October 5, 2022
In 2020, sales of the HRI food service sector reached 140 trillion KRW (122.2 billion USD), a decrease of 3.1 percent from 2019. The pandemic affected the sector harshly and most of its subsectors experienced decreases in sales. The government measures attempting to contain the spread of the virus and dropped traffic of domestic and international consumers damaged the sector's business performance. However, it is forecast to recover, though at a slow pace, as businesses are coming up with innovative strategies and consumer spending on dining out is on the gradual rise which will lead to growth of employment and sales in relevant industries.
Agricultural Trade Office, U.S. Embassy - Seoul
Tel: 82-2-6951-6848 Fax: 82-2-720-7921