Market Information > Food News Clipping
Food News Clipping
January 9 - 14, 2022
FAS/Seoul Monitoring of Media Reporting on Agricultural Issues
Today's Date: Friday, January 14, 2022
For Coverage: January 9 ~ 14, 2022
Pulmuone Starts a Customized Food Service
Summary: Pulmuone started a Direct to Customer (D2C) project that recommends food and diet plans matched to customers¡¯ individual life cycle. Along with the customized food service brand ¡®Design Meal¡¯, Pulmuone sells nutrition-balanced, eco-friendly food products for infants, adolescents, adults, and the elderly. There are also some products designed for managing diabetes.
GS Retail Acquires Food Startup Cookat ¡¦ Targets MZ Generation
Summary: GS Retail will reportedly acquire a food startup called Cookat, investing 5.5 billion won. GS Retail plans to attract more MZ generation customers to their existing platforms (GS25, GS The Fresh, Home Shopping GS Shop). GS Retail previously collaborated with Cookat, which was a big hit among MZ generation customers. Customers were satisfied with the convenience of buying Cookat products at a nearby GS25 store. A more powerful synergy is expected between GS Retail and Cookat products after the acquisition.
Imported Whisky is More Widely Consumed
Summary: Pernord Rica Korea and Korea Wines & Spirits Importers Association reported on January 12th that the market for imported whisky increased by 58% for the last two years. This growth was mainly due to increased sales of newly introduced single-malt whisky (up 59%) and premium whisky (up 64%). Also, a wider range of consumers are drinking whiskey. Whisky consumption has increased 7% among women and 3% among people in their twenties.
Starbucks Most Sold Seasonal Beverage was ¡®Pink Chamomile Relaxer¡¯
Summary: Starbucks Korea sold 5.2 million cups of ¡®Pink Chamomile Relaxer¡¯ during the last three months. It was a Christmas season drink which was sold only throughout October - December 2021. It recorded the highest sales volume among seasonal drinks at Starbucks Korea. The drink was so popular that it was out of stock around lunch time at some branches. Since it¡¯s no longer available at Starbucks, people are purchasing ingredients to make it at home. ¡®Pink Chamomile Relaxer¡¯ is a mixture of chamomile, youth berry, lemongrass, lychee, rosemary and red currant.
Summary: The Fair Trade Commission will reportedly announce mandatory labeling of calories for alcoholic beverages next month. This administrative measure will be applied to all alcoholic drinks sold domestically, such as soju, beer, makgeolli and wine. This was based on concern that the labeling policy was not sufficient despite the increased consumption of alcoholic drinks.
Price is Becoming More Important in Purchasing Processed Food
Summary: The Ministry of Agriculture, Food and Rural Affairs (MAFRA) and Korea Rural Economic Institute (KREI) announced the results of the ¡®Consumer attitude on processed food products survey 2021¡¯ conducted with 2,193 households. There was a notable change in consumer priorities on decision factors such as ¡®taste¡¯ and ¡®price¡¯. The share of respondents that prioritized ¡®taste¡¯ when purchasing processed food dropped 5.7% over the past 2 years to 23.2%. Meanwhile, the share of respondents that first considered ¡®price¡¯ has risen 8.6% to 21.4%. These results show that consumers are becoming increasingly sensitive to the prices of processed food.
Food Delivery Companies are Passing on Pressure to Restaurant Owners and Customers
Summary: Active competition between the three major food delivery companies (Baemin, Yogiyo, and Coupang Eats) led to increased advertisement and brokerage charges for restaurant owners. As a result, despite the food delivery market surpassing 23 trillion won last year, restaurant owners are suffering financially. This pressure was again passed on to the customers. According to the Consumers Union of Korea, customers using delivery applications had to order more food than they wanted to meet the minimum price limit for delivery.
Lotte Department Store Restructures, Focuses on Fresh Food
Summary: Jeong Jun-ho, CEO of ¡®Lotte Department Store¡¯ announced a large-scale reorganization on January 10th. He divided existing departments, placing professionals in each part to strengthen product competitiveness. Additional focus was placed on food products, which were put under direct control of the CEO. This measure was based on his strong belief that the competitive power of fresh food products will determine the overall competitiveness of the department store. Lotte has explained that they are expecting a positive outcome with the renewed organizational structure which is in tune with current trends.
Korean Ramen Achieved Record Exports in 2021
Summary: According to the Korea Customs Service, exports of Korean ramen for the first eleven months in 2021 have reached a new record, growing 10.6% compared to 2020. Korean ramen started to be widely consumed by foreigners as a quick meal or emergency food supplies after the outbreak of COVID 19. It was recognized as a high quality food in China and the U.S., which also accounts for the growth. It is also notable that ¡®Jjapaguri¡¯ has gained popularity internationally after it was filmed in the movie Parasite (2019), a global hit.
Food Industry Focuses on Establishing High-Tech "Untact" Service Stores
Summary: Contact-free services have become a part of our daily lives during the pandemic, and the food industry is expanding related services. Major food service franchises are presenting a ¡®smart store¡¯ system equipped with advanced technology. Smart store ¡®Baskin Robbins Flow¡¯ run by SPC group applies the Internet of Things (IoT) unmanned solution. The store is capable of managing unexpected situations using smart sensors and voice recognition emergency bells. SPC group is also planning to start a local marketing service called ¡®Happy Real¡¯ applying extended reality (XR) technology to maximize positive brand experience for customers.
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