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Food News Clipping

March 8 - 14, 2024

2024.03.18

FAS/Seoul Monitoring of Media Reporting on Agricultural Issues 

Today's Date: Monday 18,  2024

For Coverage:  March 8 ~  14, 2024


O'fish'ially Unaffordable
https://www.foodnews.co.kr/news/articleView.html?idxno=107169
Summary:  Like many other agricultural products, seafood prices have also risen significantly.  In response to this, the Ministry of Oceans and Fisheries plans on supplying 600 tons of government stockpiles of the six most popular fish species: pollock, mackerel, squid, cutlassfish, cuttlefish and dried anchovies.  Additionally, the three largest supermarkets (E-Mart, Homeplus and Lotte Mart) will continue to hold the 'Government Stockpiled Squid and Reference Machine Half Price Special Exhibition' until April and more popular fish species will be supplied with 340 tons of the government's stockpile, sold at 30% lower.  The Ministry plans on supplying major seafood products until April to hopefully stabilize the market prices by then.

 

The Rise of Giants
https://www.koreatimes.co.kr/www/tech/2024/03/129_370456.html
Summary:  With the soaring inflation, consumers have been deliberately seeking out more cost-efficient products.  More and more customers can be seen in convenience stores, especially during lunchtime, where there are many low-cost options in substantial quantities.  Companies have recognized the increased number of customers and have attempted to attract more by introducing big-size food products.  These jumbo-sized packaged food products include hot dogs, triangular rice kimbaps, instant noodles and americanos, which have all become a wild sensation on social media.  Not only do these giant foods help consumers save money amid increased inflation and high-interest rates, but it also sets up companies to raise base prices and increase franchisees' sales.

Coupang Enters Japan
https://www.koreaherald.com/view.php?ud=20240311050557&ACE_SEARCH=1
Summary:  A Korean e-commerce giant - Coupang - plans on expanding Rocket Jikgu, an overseas direct purchase (ODP) service, to Japan.  Currently, Coupang offers ODP services from the United States, China and Hong Kong and with this expansion, the direct purchase of Japanese products in Korea will be allowed.  Although the demand for Japanese products among Korean consumers has been continuously rising, the domestically available services were limited, and their price competitiveness was quite low.  However, with this new service, many well-known food, beauty and kitchen brands such as Nissin, Meiji, Senka and many others will all be available with the addition of various promotions that include discount coupons for purchases over 45,000 won on Japanese direct purchase products.

 

A New Line of Korean Street Food
https://www.foodnews.co.kr/news/articleView.html?idxno=107100
Summary:  Daesang, a Korean food company, has introduced a new Korean Street Food product line through its international brand - O'food.  As O'food's previous ‘tteokbokki’ product has seen a 4.7-fold sales increase in the past year, their new product line aims to expand the company's offerings to match the consumer demand for Korean cuisine.  The new product line will feature 11 items that will be released in the North American and European markets that combine ready-made food and desserts such as gimbap, jeon, and more.  Daesang plans on releasing even more products that will fit the tastes of specific regions while expanding the K-food market.

Coupang’s New Threat
https://www.chosun.com/english/industry-en/2024/03/08/NZM4HWTWENBDHANZRP3DMRNEX4/

Summary:  In 2022, CJ CheilJedang discontinued its ties with Coupang due to disputes over the unit price of supplied items and delivery charges and has recently partnered up with the Chinese e-commerce company, AliExpress.  AliExpress held several advertising campaigns for CJ CheilJedang, offering up to 70% discounts on their most popular food products such as Hetbahn (instant rice), Bibigo Mandu (dumplings) and Spam.  They have also partnered with Lotte Chilsung Beverage and LG Household & Health Care, demonstrating the need to form alliances with conglomerates to strengthen their market positions.  This Chinese online shopping platform has rapidly expanded its user base in Korea, amounting to 8.18 million and plans to continue to expand its influence and attractiveness to Korean consumers.  The increased presence and partnerships have been causing tensions between Coupang and AliExpress as both platforms attempt to become the platform leader in the e-commerce sector.

 

 

Central Asia’s First K-Convenience Store
https://koreajoongangdaily.joins.com/news/2024-03-07/business/industry/CU-opens-first-store-in-Kazakhstan/1997110

Summary:  CU's first outlet launch in Kazakhstan has made it the first convenience store chain to operate in Central Asia.  This branch was a franchise agreement between BGF Retail, CU's parent company, and CU Central Asia where BGF Retail holds royalties while CU Central Asia is given brand, operations and opening rights.  As Korean lifestyle has become increasingly popular on a global scale, CU hopes to meet the demand for Korean-style convenience stores in Kazakhstan and make way for more Korean enterprises to join the Kazakh market.  CU plans on opening two additional stores within the next month and 500 stores within five years.

 


 

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