FAS/Seoul Monitoring of Media Reporting on Agricultural Issues 

Today's Date: Friday,   November 22,  2024

For Coverage:  November 2  ~ 22, 2024

Half of Seafood Sales at Hypermarkets in Korea are Imported
https://zdnet.co.kr/view/?no=20241121162556&kakao_from=mainnews
Summary:  As the supply of domestic seafood in Korea is insufficient due to abnormal weather conditions, the sales of imported seafood at hypermarkets have increased.  Imported seafood sales at E-Mart from January to September this year accounted for 51% of its total seafood sales, and HomePlus also started selling Brazilian octopus and Chinese dried squid for the first time this year.  The main reason for the increase in imported seafood is the decline in domestic fisheries’ products.  According to the Ministry of Oceans and Fisheries, squid catches dropped from 163,000 tons in 2014 to 36,000 tons in 2022.  The catch of mackerel, which is considered a Korean typical side dish, also decreased by 11.6% from 19,610 tons in 2022 to 17,344 tons in 2023, and in January this year, it reached 1,886 tons, a 27.3% decrease compared to the same month last year.  During the same period, salmon was the top selling product, followed by mackerel, squid, and sole.

Korea Online Wholesale Market for Agricultural and Fishery Products Exceeds 400 Billion KRW in Transactions
https://view.asiae.co.kr/article/2024112110522771336
Summary:  The Ministry of Agriculture, Food and Rural Affairs announced on November 21^st that the Korea Online Wholesale Market for Agricultural and Fishery Products (KAFB2B) has surpassed 400 billion won in transactions this year.  The transaction amount of the KAFB2B has grown drastically in the second half of the year after reaching 100 billion won in June.  By item, various items were traded, such as onions (27.2 billion), apples (26.8 billion), garlic (21 billion), carrots (17.5 billion), rice (25.6 billion), and eggs (49.5 billion).  The KAFB2B is a platform, which is operated by Korea Agro-Fisheries & Food Trade Corporation, where various sellers and buyers with certain requirements can trade freely around the clock without time and space constraints.  It is characterized by reducing costs by simplifying the distribution process and lowering various fees.

Coca-Cola Opens Christmas Pop-up Store at Starfield Hanam
http://www.foodnews.co.kr/news/articleView.html?idxno=110798
Summary:  Coca-Cola is opening a Christmas pop-up store, Coca-Cola Christmas Village in Starfield, in Starfield Hanam until January 1^st next year.  The pop-up store features a village concept where visitors can see and experience various Christmas-themed exhibits of Coca-Cola.  The village includes the Coca-Cola Refreshment Store, where consumers can purchase a variety of Coca-Cola products including Coca-Cola special edition, a Giant Tree Village filled with colorful ornamented trees, a gift shop with Coca-Cola branded goods, and various photo zones.  A Coca-Cola official said, “We are excited to introduce a pop-up store with a variety of fun activities to help consumers experience a warm and joyful Christmas.”

Samyang Food ‘Buldak Topokki’ Enters into Walmart in the U.S.
http://www.foodnews.co.kr/news/articleView.html?idxno=110791
Summary:  Samyang Food’s Buldak Topokki has entered into Walmart in the United States.  Buldak Topokki, which was first launched in Korea in 2018, is characterized by its spicy and flavorful Buldak sauce.  It is a shelf-stable product that can be easily cooked in the microwave, making it easy for overseas consumers to enjoy.  According to Samyang Food, since Buldak Fried Noodles were introduced to Walmart stores across the United States last year, the consumers’ continued interest and popularity of K-food products has led to the introduction of Buldak Topokki products to Walmart this year.

Supermarkets in Central Seoul to Change Mandatory Closure Day to Wednesday
https://www.koreatimes.co.kr/www/tech/2024/11/419_386408.html
Summary:  The Industry Ministry announced that large supermarkets in a major tourist district of Seoul, the Jung district, will now close on Wednesdays instead of Sundays.  This follows the government measures announced in January to ease regulations related to people’s livelihood.  Previously, major supermarkets were required to close on the second and fourth Sunday every month.  The January measures included allowing the retailers to designate their closure days on weekdays if desired.

Korean Cuisine’s Popularity in Europe Sparks Wave of “Messy Imitations”
https://www.koreatimes.co.kr/www/culture/2024/11/199_386343.html
Summary:  With a surge in the global popularity of Korean food, there has been a growing number of Korean restaurants established worldwide.  According to the Korean Cultural Center in Germany, there are over 100 in Berlin alone.  This growth, while highlighting Korean cuisine globally, also comes with challenges.  The concern is that many restaurateurs don’t have proper knowledge of Korean cuisine and are serving inauthentic Korean food or inaccurately labeling menus.  In Germany specifically, to combat these issues, the Korean Cultural Center launched a Korean Food Awareness campaign, targeting Korean restaurants opened by foreigners.  The aim is to provide information on Korean cuisine, including basic preparation mentions and correct names.  The campaign has also expanded to included cooking classes. 

“World Food Tech Forum 2024” 18^th-19^th
http://www.foodnews.co.kr/news/articleView.html?idxno=110773
Summary:  From November 18-19^th, the World Food Tech Council will host the “World Food Tech Forum 2024” at Seoul National University.  It is co-hosted the Council, the Korea Chamber of Commerce and Industry, Seoul National University, and the Presidential Committee on Agriculture, Fisheries and Rural Areas.  The aim of this forum is to share innovative ideas and insights into food technologies and sustainability.  The forum will consist of eight sessions, featuring experts’ presentations and discussions on the following key topics: FoodTech Revolution, Digital Transition, Optimization Solutions, Personalized Healthcare, Eco-friendly, Blue FoodTech, Glocal (Global + Local) Convergence, and Emergent Ecosystems.

Rising Interest in Military Foodservice Businesses among Korean Foodservice Providers
https://www.edaily.co.kr/News/Read?newsId=01407126639086048&mediaCodeNo=257
Summary:  The military foodservice, of which operation was previously restricted to non-conglomerates, will be fully open to private meal service companies starting from 2025.  The government has been gradually shifting the procurement system from direct contracts to open bidding, expanding from 50% in 2023 and 70% this year to 100% open bidding next year.  As part of effort to improve the quality of foods served in the military, the government has decided to open the sector to private companies.  The military foodservice sector is becoming a new market for private companies struggling to find future growth opportunities amid sluggish domestic demand.  Although the military meal budget is set lower compared to typical private meal service costs, the military foodservice is seen positively by companies due to its stable demand and growth potential despite the lower profitability.  Companies such as Samsung Welstory, The Born Korea, Pulmuone, and Dongwon Home Food are competing to take the lead in this new market.

“Minimizing Winter Agricultural Damage”... Ministry of Agriculture, Food and Rural Affairs Establishes “Disaster Response Situation Room
https://news1.kr/economy/trend/5599982
Summary:  On November 14^th, MAFRA announced it will establish an agricultural disaster response center to minimize any damage to the agricultural sector due to winter cold waves and heavy snow.    This work will be in effect until March 15, 2025.  MAFRA, along with local governments and agricultural cooperatives have completed preliminary inspections and supplementary measures of greenhouses and livestock sheds to assess damage from heavy snowfall and reinforce facilities.  Additionally, they plan to provide prevention tips for each field to promote emergency recovery from possible damages.

Improvement of Broadcast Advertising Regulations for “High-Calorie, Low-Nutrition, High-Caffeine Foods”
http://www.foodnews.co.kr/news/articleView.html?idxno=110729
Summary:  The Ministry of Food and Drug Safety announced a revision to the Enforcement Decree of the Special Act on Children’s Food Safety Management.  The amendment adjusted the scope of the programs that can limit or prohibit advertising of high-calorie, low-nutrition foods and foods with high caffeine.  Now, these programs are limited to those before and after broadcast programs whose main viewers are children (mainly viewed from 5-7 pm).  Previously, it was broadly prohibited between 5-7 pm, so this adjustment reduces the prohibition.  Comments on the revision are open until December 23^rd.

2024 COEX Food Week’s Top 3 Food Industry Issues of the Year – Small Luxury, Vegan, and Loconomy
http://www.foodnews.co.kr/news/articleView.html?idxno=110628
Summary:  ‘2024 COEX Food Week’, which is co-hosted by COEX and the Ministry of Agriculture, Food and Rural Affairs and introduces the latest trends in the domestic and international food industry, will be held at COEX in Seoul from November 20^th through 23^rd.  Before the opening, the Food Week this year announced the top three issues in the food industry - ‘Small luxury’, ‘Vegan’, and ‘Loconomy’ - focusing on Generation MZ which is currently leading the trend.  Small luxury refers to the consumption style of Generation MZ who aims for items that can improve the quality of life at a relatively reasonable price, such as high-quality coffee and food using high-quality ingredients, rather than expensive luxury bags.  To this end, the Food Week will showcase premium gourmet foods made with high-quality ingredients and specialty foods that capture demanding consumers’ tastes.  In addition, Generation MZ is concerned about environmental protection and animal welfare and considers a vegan diet as part of their healthcare.  The Food Week will also introduce vegan foods utilizing plant-based ingredients and alternative foods through the Vegan Food Pavilion.  Lastly, “loconomy” is a combination of local and economy and refers to economic activity that produces and consumes local specialties and related goods and services.  The Food Week showcases local specialties, including meat, organic products, and local produce.  In this year’s Food Week, 1,054 exhibitors from 31 countries will participate.