Market Information > Food News Clipping
Food News Clipping
November 16 - 26, 2021
FAS/Seoul Monitoring of Media Reporting on Agricultural Issues
Today's Date: Monday, November 29, 2021
For Coverage: November 16 ~ 26, 2021
Food Startups are Also into Alternative Meat ... the Technology Rush has Begun
Summary: The technology of alternative meat and cultured meat is still in the development stage in Korea. However, with the recent popularity of vegetarianism worldwide and government support, startups are looking for opportunities. According to the startup industry, the Korean government's investment in alternative meat research quadrupled from 1.28 billion won in 2016 to 4.571 billion won last year. In addition, large companies are investing in overseas food startups.
Next Year Competition for Convenience Food will Intensify and Fancy Restaurants for One Person will Spread
Summary: According to the Korea Agro-Fisheries and Distribution Corporation, competition for simple meals among restaurants will intensify next year, and expensive honbab (eating alone) restaurants will spread. He explained that as competition for convenience food intensifies, new markets such as restaurant home meal replacement (HMR) food will emerge. Famous restaurants are launching HMR products in collaboration with retailers. In the case of expensive honbap, pasta omakase and Korean beef omakase are both on the rise.
Goheung-gun, Jeollanam-do, will Push for a Project to Create a Fishery Food Processing Complex in Southern Goheung from 2022 to 2025
Summary: The processing complex aims to attract companies for the processing, distribution, and sale of fishery resources rich in Goheung-gu. In particular, some marine products in Goheung-gun have been marked as marine products in other regions so far. They will take this opportunity to mark them as marine products in Goheung-gun.
E-Mart will Increase Their Eco-friendly Brand "Naturalism" and Launch HMR Products
Summary: According to E-Mart, E-Mart's eco-friendly food sales increased 13 percent compared to last year. E-Mart rebranded their eco-friendly products and will increase product categories. They already had eco-friendly products such as organic and pesticide-free. However, E-Mart will also launch products related to value consumption, such as low carbon and animal welfare products. They aim to launch new products in January.
COEX Food Week: Where People can See the Current Trend of the Food has Opened
Summary: From the 24th at COEX, an exhibition (COEX Food Week 2021) was held to check the latest domestic and foreign food industries trends. This exhibition is celebrating its 16th year with the largest exhibition introducing domestic and foreign food industry trends. 632 companies from 8 countries participated, with 886 booths. In particular, the theme of this exhibition is "Future Food: Embracing the Environment," looking at foods and technologies that are developing in an eco-friendly way. It also hosts a food tech conference. According to the host of COEX Food Week, the pace of future food development has accelerated as Corona has significantly influenced food culture. Accordingly, they hope this will allow people to know the latest trends through this exhibition.
CJ Cheil Jedang to Split Its Health Business into ‘CJ Wellcare’
in January 2022
Summary: CJ Cheil Jedang will spin off its health business CIC (Company In Company) with a 100% in-kind investment. The new corporate name will be ‘CJ Wellcare’, and the spin-off date is January 1, 2022. Since entering the health functional food market with the ‘CJ Nutra’ brand in 2002, CJ Cheil Jedang has been actively introducing functional foods using hibiscus, hyaluronic acid, and saw palmetto among other ingredients to the Korean market.
Coffee Prices Rise Due to Abnormal Global Weather
Summary: Coffee, an essential drink for Koreans, is also likely to increase in price. According to the distribution industry on the 21st, coffee beans have nearly doubled recently compared to last year. This is because it was affected by the abnormal climate that appeared worldwide and was further aggravated by logistics difficulties. Due to climate change, beans are in bad condition. Especially in Brazil, where produces 40% of the world's coffee beans, the crop is not suitable due to drought and cold waves throughout this year. According to the Brazilian government, coffee bean yields are expected to be the lowest in 12 years. In addition, Vietnam blocked the port to prevent the spread of COVID-19, raising logistics freight costs. As a result, Starbucks is also considering raising prices, and small and medium-sized cafes are also planning to raise prices soon. In particular, the problem is that Korea is most vulnerable to raising the price of imported raw materials, increasing the burden on consumers.
Bread, Ramen, Snacks, Tuna, and Chicken Prices Rise. Other Companies Will Raise Prices If the No. 1 Company Raises Prices
Summary: Following instant rice, ramen, and bread snacks, the price of chicken and tuna cans has also risen. According to Dongwon F&B, they will raise the price of tuna cans for the first time in five years. Dongwon said they had handled price pressures through cost reductions and productivity improvements, but a price increase is inevitable due to a continued deterioration in profitability. In addition, Kyochon Chicken will also raise prices by 8.1 percent from the 22nd. Usually, if a company raises prices the overall industry will raise prices as well, increasing the burden on consumers. The continuous increase in food prices has led to inflation. Rising agricultural prices have boosted overall prices since the second half of last year. Korea, which relies on overseas supply, is more vulnerable to food price inflation.
The American Soybean Association Held a Soy Food Online Cooking Class
Summary: The American Soybean Association held a virtual Soy Food Cooking Class from the 3rd to the 5th. One hundred and fifty nutritionists participated in the online cooking class. Through the event, nutritionists created meal menus using beans. The Korea office of the American Soybean Association said that nutritionists should use bean dishes a lot in their menus. The American Soybean Association plans to hold a Soy Food Master Program next year.
The Global Alternative Meat Market is Increasing by 13%, and Korea is Entering a Growth Period of 35%
Summary: This year, the global alternative meat market (excluding tofu) is expected to grow 13.1% to $5.5877 billion from last year. The Korean alternative meat market also entered a growth period, reaching $10.3 million in 2020. It is expected to reach $13.9 million this year, up 35% from the previous year. Consumer interest in vegetarian products has increased since COVID-19 and there is a growing range of vegetarian products on the market. Asian consumers have been the main consumers of tofu, but new tofu products have recently become popular with global consumers, such as tofu noodles and tofu lasagna.
13 Different Kinds of Steak Provides
‘Fun to Choose’ for Korean Customers
Summary: Despite the growing number of restaurants closing during the COVID-19 pandemic, ‘Texas Roadhouse’ has been successfully opening new restaurants. ‘Texas Roadhouse’, the No. 1 steak restaurant in the United States, opened its first store in Korea November 2020 in partnership with Hyundai Green Food. The restaurant exceeded its annual sales target by 30% despite the spread of COVID-19. Thanks to its popularity, Hyundai Green Food opened a brand new store at Gimpo Hyundai Premium Outlet on November 15th, the third Texas Roadhouse in Korea.
Agricultural Trade Office, U.S. Embassy - Seoul
Tel: 82-2-6951-6848 Fax: 82-2-720-7921