Market Information > Food News Clipping
Food News Clipping
July 25 - August 6, 2021
FAS/Seoul Monitoring of Media Reporting on Agricultural Issues
Today's Date: Monday, August 9, 2021
For Coverage: July 25 ~ August 6, 2021
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8 out of 10 Korean Consumers Drink at Home after the Pandemic
Summary: Lotte Members, a research arm under the leading Korean retailer Lotte Shopping Co., reported that 84 percent of Korean consumers surveyed in July 2021 said they now consume alcoholic beverages mostly at home. Only 7 percent and 5 percent of the consumers said that they drink mostly in restaurants or bars respectively. Lotte said that consumers switched to home drinking because of the COVID-19 pandemic. In the same survey carried out before the pandemic, consumers said that they were drinking mostly at home (40 percent), in bars (31 percent), and in restaurants (24 percent). The home drinking trend has brought a significant change in sales of alcoholic beverages in retail stores. Conventional retail stores, including hypermarket grocery stores, department stores, and convenience stores, saw their alcoholic beverage sales grow 14 percent this year through July 15. Wine (up 100 percent), distilled spirits (up 54 percent), and soju (up 25 percent) led the sales growth this year. Domestic beer sales increased 55 percent but imported beer sales declined 16 percent.
Shinsegae Food’s Second Quarter Profit Reaches 8.1 billion… 234% Higher than Last Year
Summary: Even though retailers are struggling due to the covid 19, Shinsegae Food has greatly increased its performance in the second half of the year. It achieved strong results in food production, distribution, and bakery, thanks in part to its ‘NO BRAND’ stores.
Watermelon Prices Rose 35% in a Month
Summary: According to AT, the price of the watermelon rose 34% from a month ago in a series of heatwaves. Consumer demand for watermelon has increased in this hot weather, but the supply of high-quality watermelon couldn’t meet demand due to the heat waves following the short rainy season.
U.S Soybean Export Council Holds a U.S High-Oleic Soybean Oil Recipe Contest for Nutritionists
Summary: According to the U.S Soybean Export Council, high oleic soybean oil is made from a variety of soybeans with higher levels of oleic acid. This soybean only grows in the U.S. and is produced in compliance with the U.N.’s sustainability development goals. Any nutritionist can participate in various menus under the theme of “group meal menu using high oleic soybean oil”. The online preliminary round is from August 2nd to 27th, and the results will be announced on September 17. The finalists will compete on October 2.
HMR Market Blooms in Covid 19…Every Company Jumps In
Summary: As the result of covid 19, teleworking continues and food and culture trends are changing to home-cooked meals. Consumption of home meal replacement kits (HMRs) have increased. CJ Cheil Jedang maintains the top position in the industry. Hotels and influencers are also jumping into the HMR market.
Continuing the Protein Food Craze in Korea
Bottled Water, Ice Cream etc... Global Food Companies Raise Prices
Summary: Raw material prices, logistics costs, and labor costs have risen. As a result, global companies are shifting the cost burden to consumers, increasing overall food prices. Nestle has already raised global product prices by 1.3 percent on average in the first half of this year. ABInbev is also considering raising prices. Korean companies such as Ottogi have decided to increase the price of its ramen for the first time in 13 years. Nongshim also announced plans to increase their ramen prices.
The Expiration Date on Food Labels is Being Replaced with Consumption Date
Summary: Food will be required to be labeled with a “consume by” date instead of a sell-by-date. Previously food had to be labeled with the date when the food could be sold to consumers. However, this created consumer confusion regarding how long they had to consume the food. The change is expected to reduce food waste. The consumption deadline system will be implemented from 2023 to allow food companies to prepare for the change, with a later deadline for milk.
Agricultural Trade Office, U.S. Embassy - Seoul
Tel: 82-2-6951-6848 Fax: 82-2-720-7921