Market Information > Food News Clipping
Food News Clipping
February 6 - 9, 2023
FAS/Seoul Monitoring of Media Reporting on Agricultural Issues
Today's Date: Friday, February 10, 2023
For Coverage: February 6 ~ 9, 2023
Ministry of Food and Drug Safety Holds an
Online Food Testing and Inspection Policy Briefing
Summary: The Ministry of Food and Drug Safety (MFDS) held a 2023 food and drug testing and inspection policy briefing on Feb 9. The briefing focused on the 2023 test and inspection policy roadmap and the 2023 test and inspection organization quality management evaluation plans. MFDS especially announced technical support program for private inspecting facilities that are having difficulties in expanding their inspection categories. Additionally, MFDS explained major changes in food standard that testing and inspection organizations need to beware of as well as the new indication system ‘Consumption date’ which was originally called ‘Expiration date’ that will go into effect starting Jan 1, 2023.
Meat Consumption Exceeded Rice Consumption in Korea
Summary: The Korea Statistical Information Service showed that, according to the ‘2022 Grain Consumption Research Result’, 2022 grain consumption volume is 56.7kg per person which is 0.4% drop from 2021 (56.9kg). This result is the lowest rate ever since the statistic research started. On the other hand, meat consumption increased continuously. 2022 meat consumption per person recorded 58.4kg. Meat consumption exceeded rice consumption after growing 2.8% every year since 2002 (33.5kg). Among consumed meat, pork was the most meat consumed followed by chicken and beef.
Overseas Direct Product ‘Hazardous Food’,
Doubled in 5 Years
Summary: The Ministry of Food and Drug Safety (MFDS) reported that the direct purchase of “hazardous food” from overseas increased dramatically. Foods in the overseas direct purchase market, unlike officially imported products, do not go through the usual quarantine procedures, and often contain harmful ingredients. On Feb 7, according to MFDS, ‘Overseas direct product with hazardous substance’ which are distributed in Korea have doubled from 1,602 detections in 2018 to 3,203 detections in 2022. This statistic covers only random sample inspection in a random timing, MFDS is assuming that the actual amount of hazardous food product being distributed in Korea is much higher.
Increasing Prices of Food Products in Convenience Stores
Summary: Korea’s Consumer Price Index in 2022 reached the highest since 1998, and its annual inflation rate was 2.5% in 2021, soaring from 0.5% in 2020. Major food companies have also increased prices of some of their products from the beginning of the new year, explaining the price increase was inevitable due to increases in logistics and raw material costs. Therefore, it is now hard to find food products selling lower than 1,000 KRW in convenience stores. Just a few purchases from convenience stores easily exceed 10,000 KRW, becoming a burden for customers. Though the Ministry of Agriculture, Food and Rural Affairs held a meeting with 13 major food companies in December last year and requested companies’ cooperation concerning food price stabilization, companies raised prices. An industry official said companies tend to follow suit once a market leading company increases prices, but now it is time to conduct responsible management to help minimize consumer burdens.
TransBeverage Released, ‘Wild Turkey American Honey Exclusive Glass Package’
Summary: Liquor importing company TransBeverage announced to launch bourbon whiskey base honey liquor ‘Wild Turkey American Honey’. Wild Turkey Honey is ‘Wild Turkey’ bourbon whiskey blended with 100% natural honey. This package can be bought in GS25 convenient store.
Inducing’, Purine… Hite Jinro Launches ‘Filite Purine Cut’
Summary: Hite Jinro announced they will be launching ‘FiLite Purine Cut’, which is a Happoshu (beer-like alcoholic beverage) with significantly lower content of purine. ‘Filite Purine Cut’ contains 2mg of purine in a 355ml can which is 90% lower than the previous ‘FiLite Fresh’. Hite Jinro is following the well-being and healthy pleasure trend and hoping to dominate the new market in advance.
Shinsegae Food Gives
Impetus in Selling ‘Better Meat’
Summary: Shinsegae Food, which invented plant and soy-based protein ‘Better Meat’, is aggressively targeting the market. On February 6, celebrating the 1-year anniversary of ‘Better Meat’, Shinsegae Food have decided to sell ‘Better Meat Plant-based Canned Ham’ online. Better Meat is a plant-based meat substitute launched by Shinsegae Food in 2021. Shinsegae Food is hoping to give a better understanding of meat substitute products and widen their field of business.
FAO Food Price Index
Shows 10 Months of Continuous Decline
Summary: FAO food price index is showing ten months of continuous decline. According to UN, food price index for January 2023 scored 131.2 point which is 0.8% lower than the previous month. Grain price index showed a little incline whereas other categories of food price index all dropped.
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