Market Information > Food News Clipping
Food News Clipping
October 26 - 30, 2020
FAS/Seoul Monitoring of Media Reporting on Agricultural Issues
Today's Date: Friday, October 30, 2020
For Coverage: October 26 ~ 30, 2020
EMART to Stage 50% Price Discount In-Store Promotion, Oct 31 - Nov 1
Summary: EMART, the leading hypermarket grocery store chain in South Korea, announced that it will stage an aggressive price discount promotion in its stores for two days, October 31 through November 1. EMART said that the 'SSG Day' promotion will offer 200 billion won ($174 million USD) of products either at 50 percent discounted prices or 1+1 deals. Products offered will include key grocery foods such as beef and fruit.
Lotte Mart to Add 29 'Semi Dark Stores' that Service On-line Home Delivery Orders
Summary: Lotte Mart, a leading hypermarket grocery store chain in South Korea, reported that it will add 29 'Semi Dark Stores' by the end of next year. 'Semi Dark Stores' are part of Lotte Mart's reorganization project to strengthen on-line shopping capacity by restructuring some of its stores into on-line distribution centers. 'Semi Dark Stores' will continue to operate as regular grocery stores but will have packing and delivery facility in the back of the store. Lotte Mart has been pilot testing the new platform in its JungGye branch.
Price of Korean Cabbages and Radishes Plunge due to Good Harvests ... Kimchi Making Season Approaches
Summary: The Korea Agricultural Price Index (KAPI), which tracks consumer prices of 22 key agricultural products, was 128 on October 28, down 2.2 percent from the previous week (131). Local agricultural products in general have reported good harvests this fall and prices are declining. In particular, Korean cabbages and radishes, the key ingredients for kimchi, have declined significantly (72 percent and 54 percent respectively from last month). Koreans make kimchi around November for yearly consumption.
CJ CheilJedang Reports Sharp Sales Growth in Dadam Seasoning Products
Summary: CJ CheilJedang, the leading food processor in Korea, reported that its seasoning brand Dadam generated 50 billion won sales (44 million USD) this year through October, up 17 percent from last year. CJ explained that the outcome was mainly due to increased consumer demand for home meal cooking during the COVID-19 pandemic. According to CJ, Dadam seasoning products enable consumers to cook quality dishes with minimum effort.
Korean Consumer Sentiment Index Reaches 91.6 in October, Up 12.2 Points
Summary: The Korea National Statistics Office (NSO) reported on October 28 that its Consumer Composite Sentiment Index (CCSI) was 91.6 in October, up 12.2 points from the previous month. NSO explained that the sharp improvement in the index was due to reduced COVID-19 infections during the month. NSO added that the monthly increase, 12.2 points, was the highest since April 2009 when Korea recovered from the global financial crisis.
Shinsegae Department Store Offers Year-end Wine Sales Promotion
Summary: Shinsegae Department Store, a leading department store chain in Korea, reported that it would stage its last 2020 wine sales promotion from October 29 through November 5. Shinsegae said that the event would provide up to a 92 percent price discount for some 500,000 bottles in collaboration with eight import distributors. Shinsegae added that the event would focus on value-price wines between 30,000 to 70,000 won (26 to 62 USD) a bottle while offering some premium wines such as Chateau Mouton Rothschild and Chateau Petrus.
OB Brewing Launches Non-alcoholic Beer ... The Market Likely to Expand Rapidly
Summayr: OB Brewing, a leading brewery in South Korea, announced on October 25 that it launched 'Cass 0.0', a non-alcoholic beer. OB Brewing said that 'Cass 0.0' targets to compete against 'Hite Zero' by Hite-Jinro, current leader in the non-alcoholic beer market. OB Brewing added that the size of the non-alcoholic beer market in South Korea will likely expand more than ten times within the next 5 years to generate 200 billion won ($174 million USD) of sales in 2025.
Beer Imports and Exports Decline This Year
Summary: According to the Korea Agro-Fisheries & Food Trade Corporation (aT), overall Korean beer exports and imports have both declined this year. The Korean beer exports during January through September declined 46.1 percent compared to the same same period last year. Korean beer imports also declined 20.4 percent during the period. It is notable that while imports from Belgium, China, and Japan declined 32.4%, 22.2%, and 89.7% respectively, imports from the United States and Netherlands increased 22.2% and 39.6% respectively.