FAS/Seoul Monitoring of Media Reporting on Agricultural Issues
Today's Date: Wednesday, July 14, 2021
For Coverage: July 2 ~ 8, 2021
Coupang Launches 'Quick Commerce' Business … Micro Fulfillment Centers Offer 15 Minute Deliveries for On-line Orders
Summary: Coupang, the leading on-line retailer in South Korea, announced on July 6 that it launched “quick commerce” on-line shopping platform through its subsidiary Coupang Eats. Coupang Eats outlets in Songpagu, Seoul were converted into 'Micro Fulfillment Centers' and started offering fresh food and key household goods for on-line orders and 15 minute deliveries. Coupang said that its quick commerce platform delivers on-line orders much faster than competitors, such as B Mart (30 minutes) or Wudeal (50 minutes), as its delivery crews deliver one order at a time. Coupang plans to increase its Micro Fulfillment Centers in metropolitan areas to expand the quick commerce business. Marketers commented that quick commerce will be the fastest growing segment in the on-line shopping industry in coming years as consumers want quicker deliveries.
Record High Consumer Food Prices Likely to Rise Even Higher during Monsoon Season
Summary: The Korea Agricultural Price Index (KAPI) by Farm Air - Hankyung Economic Daily Newspaper reached 119.99 on July 6, 50 percent higher than the 2013-2019 seven year average. The index forecasts for August and September are 131 and 149 respectively, suggesting that the price of key food and agricultural products in Korea will rise even further in the coming months as supply from local farms will decline due to heavy rains during the summer.
Flavored Almonds by Murgurbon Expand "K-Almonds" Markets around the World
Summary: Murgurbon, a leading tree nut processor in South Korea, reported that its flavored almond snacks saw a strong growth in exports this year by entering into leading global retail chains, including COSTCO stores in the United States, Australia, and Japan, and Sam's Club and Wal-Mart stores in China. Murgurbon said that the almonds it processes are all from the United States, but the unique quality and flavor it adds in South Korea have established strong demand in foreign markets for "K-Almonds".
Korean Food Exports to the World Up 15% during the First Half of This Year
Summary: The Korea Ministry of Agriculture, Food and Rural Affairs (MAFRA) reported that Korean food exports during the first half of this year reached a record $4.2 billion, up 15 percent from the same period last year. Ginseng (up 25 percent), kimchi (20 percent), strawberries (25 percent), noodles (10 percent), snacks (15 percent), and sauces (26 percent) were key products that led the strong export growth.
"Refreshing Cherries for Hot Summer Days are Here", NWCG Stages 'Cherry Day' Promotion in Seoul
Summary: Northwest Cherry Growers (NWCG) staged a 'Cherry Day' promotion in PKM restaurant, Seoul on July 2. NWCG designated July 2 as 'Cherry Day' years ago as the date’s pronunciation in Korean is similar to 'cherry'. New crop cherries from NWCG regions are now offered in local retail stores.