Market Information > Food News Clipping
Food News Clipping
April 11 ~ 22, 2022
FAS/Seoul Monitoring of Media Reporting on Agricultural Issues
Today's Date: Friday, April 22, 2022
For Coverage: April 11 ~ 22, 2022
U.S. Sandwich Franchises are Entering the Korean Sandwich Market
Summary: ‘Earl of Sandwich’ and ‘Lenwich’, sandwich franchises based in the United States, are entering the Korean sandwich market which has been led by Subway in recent years. Earl of Sandwich will procure materials from the United States to maintain its original taste. Starting with the Apgujeong Rodeo Branch, it plans to open 20 stores this year. The New York sandwich brand Renwich opened its first store at the IFC Mall in Yeouido, Seoul this month. Since the Korean market for hamburgers has grown rapidly during the pandemic, demand for sandwiches, which are similar shape but healthier than hamburgers, is expected to increase as well.
‘White Meat’ is a New Trend
Summary: Food products using white meat are becoming popular among consumers looking for healthy and delicious food. White meat refers to poultry such as chicken, duck, turkey, and white fish such as flounder and cod. White meat with low calories and high protein content can be used to make various menu items, such as sandwiches, fish cakes, and cutlets. Subway's turkey sandwich is relatively low in calories (280 kcal) yet provides enough nutrition with turkey ham, various fresh vegetables, and cheese.
Milk Sales Surged During the Pandemic
Summary: According to CU, a convenience store chain, annual milk sales increased 8.6% in 2020 compared to 2.0% growth in 2019. Milk sales growth in 2021 is estimated to have reach 11.3%. Milk sales in the first quarter of 2022 were up 12.2% from the same period last year. CU launched a new series of milk priced lower than other milk products to respond to the increased demand for milk during the pandemic.
Sales of Frozen Dough Increase Due to International Grain Price Hikes
Summary: Bread prices are hiking as wheat production in the United States, the world’s second largest wheat exporter, has plummeted from last year. In addition, wheat flour prices soared as Ukraine, the fifth largest wheat exporter, was invaded. According to the Rural Economic Research Institute, the international wheat price has increased to $400 per ton as of April this year; it was $279 a ton earlier this year. Major bread franchises are upping their menu prices. More people are purchasing frozen dough to make bread at home. Shinsegae Food reported that its sales of frozen dough in the first quarter of this year increased 51% from the 4th quarter last year. Meanwhile online sales have increased 69%. Sales of frozen dough at SPC also increased by 40% last year compared to the year earlier.
E-commerce Platforms are Shutting Down Their Early Morning Delivery Services
Summary: Lotte On, an online grocery platform under Lotte Shopping, announced it will withdraw its early morning delivery service which was launched two years ago. A Lotte On official explained that they decided to focus on same-day delivery and pre-order delivery which are in higher demand. The number of same-day delivery orders at Lotte On increased 30% in the first quarter of this year compared to the same period of last year. Kakao Enterprise decided to stop offering its grocery shopping service as well. Kakao Enterprise introduced its grocery shopping service through Kakao Talk in collaboration with E-mart, a hypermarket chain. The early morning delivery market is forecast to reach 12 trillion won in 2023, but most of the companies offering early morning deliveries are experiencing losses. An retail industry insider pointed out that early morning deliveries have low efficiency as they require a lot of investment in logistics and delivery personnel.
Hyundai Green Food Opens a Flagship Store to Promote Care Food
Summary: Hyundai Green Food is opening an offline flagship store of its private brand Greeting, a specialized care food brand. Care food products that previously could only be ordered online are now available for offline purchase. The flagship store offers a total of 380 items including vegan products and health functional food products such as vitamins. Imported products include Daiya vegan cheese from Canada, Chobani Greek yogurt from the United States, and Orthomol vitamins from Germany. Three nutritionists will be at the flagship store to recommend products tailored to each individual’s health condition.
Our Home Food Empire Launches New Menu Items Using ‘Super Foods’
Summary: Food Empire, a food brand of Our Home, launched four new types of menu items using super foods ahead of the spring season. Super foods such as oats, almonds, spinach, tomatoes, and garlic, which are rich in nutrients, are used in making soup, curry, and pasta. These menus will be offered at six branches including the IFC Mall branch of Our Home.
Lotte Supermarket Launches a Smart Farm Brand
Summary: Lotte Supermarket is the first in the retail industry to launch a smart farm brand. In a smart farm, operations are monitored and automated through IT technologies such as big data, the cloud and the internet of things (IoT). Amid the Covid-19 pandemic and the recent Ukraine conflict, smart farms are rising as an alternative for safe production and stable supply of food products. After starting with antibiotic-free eggs, Lotte will expand its product range to various vegetable and fruit products in response to increasing consumer demand for healthy food.
Kooksoondang Introduces Cardinal Wine from the United States
Summary: Kooksoondang, a Korean traditional liquor manufacturer, will exclusively import Cardinal wine directly from the United States through cooperation with the Jackson Family, an American wine maker. Cardinal wine is a strong flavored wine made by blending quality Cabernet Sauvignon from the vineyards of Napa Valley. Kooksoondang has already introduced three wine brands in partnership with the Jackson Family.
Shinsegae Invests in a Beef Import and Distribution Company
Summary: Shinsegae Group announced that it will invest 25 billion won in OK Meat, a beef import and distribution company. E-mart, a hypermarket franchise operated by Shinsegae group, said the market for imported beef has great growth potential. As of this year, imported beef accounts for about 60% of the domestic beef market and it has been growing at an annual rate of 10% for the past three years. Shinsegae group is expecting that OK Meat sales will increase rapidly by utilizing Shinsegae’s online and offline distribution channels, such as E-mart and SSG.COM.
Agricultural Trade Office, U.S. Embassy - Seoul
Tel: 82-2-6951-6848 Fax: 82-2-720-7921