Market Information   >   한국 농식품 시장뉴스

한국 농식품 시장뉴스

February 15 - 21, 2-24


FAS/Seoul Monitoring of Media Reporting on Agricultural Issues 

Today's Date: Friday 23,  2024

For Coverage:  February 15 ~  21, 2024


The Ministry’s Plan on Globalizing K-Food

Summary:  The Ministry of Agriculture and Food announced the 'K-Food+ Export Innovation Strategy' in support of exports of agricultural goods and processed foods by setting a goal of achieving $13.5 billion in K-Food+ Exports by 2024 and $23 billion by 2027.  The ministry has doubled the number of export organizations for fresh agricultural products and increased their overseas cold chains from 6 countries to 12.  In addition to agriculture, the ministry plans to promote exports of veterinary medicines by introducing a Good Manufacturing Practice (GMP) certification system.  The Minister of Agriculture and Food, Song Mi-ryung has emphasized the ministry's plan to take advantage of the K-food craze and recovery of the global trade volume to further develop K-food+ as a major export industry.


Baskin Robbin’s New ChatGPT Workshop

Summary:  SPC Baskin Robbins opened a research lab that showcases their experimental and manufactured products, utilizing consumer sentiments, opinions and previous knowledge on franchises.  Their AI New Product Development (NPD) System generates new product ideas through ChatGPT and draws the product that can only be found in the workshop store.  By introducing this AI-generated interactive experience, the workshop will function as their R&D center that serves to incorporate AI, big data analysis, consumer behaviors and preferences to create new innovative products.

Nongshim’s Alaskan Pollack Variety Pack
Summary:  After Nongshim released its first Alaskan pollack-flavored snack - Meoktaekkang - it became an immediate success, selling over 15 million bags since June of last year.  Since then, Nongshim has continued to release its new meoktae-flavored products such as potato chips and cup noodles, that also have become major successes.  Within the first five weeks, they have sold approximately 4.2 million bags of potato chips, surpassing the sales of their first fish-flavored snack, Meoktaekkang.  Due to their product's instant popularity, Nongshim plans on launching a large range of meoktae snacks in collaboration with influencers and popular bars to take hold of both online and offline platforms.

Who Made My Kimbap?
Summary:  Due to the recent inflation in lunch prices, many workers have turned to convenience store foods as a cheaper alternative.  Since the 19th, CU, a convenience store chain in Korea that is operated and owned by BGF Retail, has implemented a system where the name of the general managers in charge of the production of every convenience store food is to be written on the packaging to ensure its quality and food safety.  By imposing this new regulation, manufacturers will now have to take full accountability by ensuring that all convenience store products are safe for consumption.


The Power of “Sweet” Localization
Summary:  Korean sweets manufacturers such as Orion, Lotte and several others are currently targeting markets of foreign countries with large populations.  These companies have had much success in China, India, and Vietnam by localizing their products to match the consumers’ appetites and cultural norms.  For instance, Lotte Wellfood produced a 100% vegetarian Choco Pie for the Indian population who abstain from consuming beef or pork.  As Korea has become an aging society, snacks are not well sought out, unlike populous countries like India where children are the main consumers of the snack industry.  As a matter of fact, Orion recorded 1.854 trillion won in overseas sales, accounting for 63.4% of their total gross sales.  With this visible success, Korean confectionaries are continuing to invest in R&D specifically tailored to foreign countries and market more of its products to Southeast Asian countries or potentially Europe while setting up production facilities in those populous areas.


Vietnam’s First Korean Fried Chicken
Summary:  One of Korea's biggest fried chicken franchises, BBQ Chicken, has entered the Southeast Asian market by opening its first BBQ Smart Kitchen store that specializes in solely takeout and delivery orders in Vietnam.  Over the past year, Vietnam's food delivery transactions have increased by 30 percent, amounting to $1.4 billion while 70% of the population own motorcycles, making Vietnam an attractive market for delivery and takeout services.  BBQ plans on opening more Korean fried chicken stores as well as cafe-style venues featuring Korean dishes to position themselves as the leading enterprise to represent K-food within the Southeast Asian market.


A New Protein Alternative: Rice?
Summary:  Through the use of cow's stem cells, Korean researchers have successfully developed "meat rice" which contains 8% more protein and 7% more fat than regular rice.  They plan on commercializing cultured meat rice as a means of providing a cheaper yet nutritious alternative to meat.  Additionally, the substances in
the crafted grains have a low risk for allergies and have the potential to reduce carbon dioxide emissions incurred from livestock breeding.  Despite its multiple benefits, there is no guarantee for the success of this innovation as it possesses a distinctive odor.  The researchers are continuing to explore meat rice's potential as a new hybrid food that is both affordable and eco-friendly.


Starbucks Korea’s Annual Sales Approaching 3 Trillion KRW Last Year
Summary:  Starbucks Korea’s annual sales and operating profit in 2023 reached 2.9295 trillion KRW ($2.2 billion) and 139.8 billion KRW ($105 million), a 12.9% and 14.2% year-on-year increase, respectively, according to Starbucks Korea’s parent company E-mart.  Starbucks Korea, which marks the 25th anniversary of domestic operation in Korea this year, increased 116 stores last year to a total of 1,893 stores in Korea as of the end of last year.  This is the 4th largest number in the world, following the United States (16,446 stores), China (6,975 stores), and Japan (1,901 stores).  The Korean coffee market has ranked first among Asian countries in terms of single-person coffee consumption, estimating that an average of 400 cups of coffee were consumed by a Korean last year.

Five Guys Opens Its Third Store in Seoul
Summary:  According to Five Guys Korea, it will open its third store, at the Shinsegae Department Store Gangnam branch on February 15.  Its location is at Sweet Park, a largest dessert-selling area in Korea, on the first basement floor of the Shinsegae Gangnam branch.  In addition to Five Guys, Sweet Park also houses globally recognized dessert brands such as the New York sandwich Lenwich, Pierre Marcolini, a distinguished Belgium chocolatier, a Parisian bakery Mille & Un, and the Japanese pastry pie specialty shop Gariguette.  Five Guys opened its first store at Gangnam in June and its second store at Hyundai Seoul in October last year.  The fourth store will open at Seoul Station in June this year.  Since opening its first store in Korea last year, more than 700,000 customers have reportedly visited so far.


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