FAS/Seoul Monitoring of Media Reporting on Agricultural Issues 

Today's Date: Friday,  July 7,  2023

For Coverage:  June  28 ~ July  7, 2023

ROKG Plans Intense Management on the COO Labeling of Seafood Products for Upcoming 100 Days

 http://www.foodnews.co.kr/news/articleView.html?idxno=103347 

Summary:  To help consumers find domestic seafood easily, the government conducts country-of-origin checks on the seafood sold in the markets for upcoming 100 days.  At a daily briefing on the discharge of contaminated water from the Fukushima nuclear power plant held on July 5, MOMAF Vice Minister Park Seong-hoon explained the Ministry's plans to expand special inspections on the COO labeling for imported seafood products, including those from Japan. 

  
Special Inspection on Pet Food Selling Online 
https://www.khan.co.kr/economy/economy-general/article/202307051535001  
Summary:  The government will conduct a special inspection on pet food as increasing amount of pet food, including hand-made food and treats, are selling online.  On July 5, the National Agricultural Products Quality Management Service (NAQS) announced that it will conduct a hazardous substances test and check the packaging and labeling compliance on pet food selling online such as at open markets and online shopping malls, from July 6 to the end of August.  If violations are found in the hazardous substances test, it will be notified to the local government for administrative measures.  Minor violations, such as marking errors by simple mistakes, will be subject to administrative guidance in order to prevent similar cases from recurring.  
 
Inner Beauty Market is Expected to Reach 2 Trillion KRW by 2025 
https://news.kmib.co.kr/article/view.asp?arcid=0018412440&code=61171811&cp=kd  
Summary:  Inner beauty market, which is to take care of skin beauty and health by food intake, is growing as the healthy pleasure trend continues amongst consumers in their 20s and 30s.  Korea’s inner beauty market is expected to reach 2 trillion KRW by 2025 from 700 billion KRW in 2019 according to the research center of Shinhan Securities.  Distribution channels are also actively working on expanding product selection in the inner beauty section.  CJ Olive Young saw a 44% increase of sales in the 1^st quarter of this year compared to the same period of last year, and its product selection includes edible collagen and hyaluronic acid for skin beauty, and expands categories of protein snack, slimming items, enzyme items as well.  

Korea's Exports of Instant Noodles at Record in First Half

https://pulsenews.co.kr/view.php?sc=30800025&year=2023&no=505616

Summary:  Korea's export of instant noodles reached $446.2 million in the first 6 months of the year, up 16.4% from the same period the previous year.  This is the highest number for the first half of any year.  The increase in exports can be attributed to higher demand related to consumers' desire for convenience during the pandemic, and the increased interest in Korean food due to the spread of K-content around the world.

Ice Cream Prices in Korea Soar Amid Sultry Weather 

https://pulsenews.co.kr/view.php?sc=30800025&year=2023&no=501765

Summary:  Due to increased demand during the hot summer months, ice cream manufactures in Korea are raising prices, with the consumer price index for ice cream reaching 118 in May, which is an increase of 13% compared to May of last year.  Frozen dessert manufactures say that high price of raw materials, labor costs, higher utility bills, and logistics expenses are the cause of the increase.  This month, Lotte Wellfood increased the price of some of its frozen desserts by 25 percent.  Other frozen dessert producers have also raised prices, though other snack and confectionary companies have been cutting prices to align with the government's pressure to contain inflation.

Convenience Stores to Raise Prices of Imported Beer Bundles in July

https://pulsenews.co.kr/view.php?sc=30800025&year=2023&no=489219

Summary:  On July 1, prices of imported beer bundles are expected to rise by 9.1%, impacting roughly 13 varieties of beer including Heineken, Edelweiss, Desperado and others.  This increase is due to an increase in supply pricing by importers, caused by the increased cost of raw materials and logistics as well as unstable exchange rates.  The pricing on 11 different types of beer sold in cans ranging from 440-550 ml has been unified into one price - 4,500 won per can.