Following Korean ramen, snacks and drinks are also gaining popularity around the world thanks to the wave of K-culture such as K-pop. Exports are expected to surge by about 15% compared to the previous year and exceed 2 trillion won for the first time in history.
According to Korea Customs Service statistics on the 1st, exports of confectionery from January to November last year increased 16.5% compared to the same period last year, exceeding $700 million (about 1 trillion won) for the first time. Compared to annual exports in 2018 ($430 million), this figure has nearly doubled.
Citizens are shopping at a large supermarket in downtown Seoul. Yonhap News
Analysis suggests that this increase is due to the influence of the Korean Wave, which is gaining global popularity. The main export countries for Korean snacks are China, the United States, and Japan.
Not only the exaggeration, but beverage exports also increased rapidly. During the same period, beverage exports amounted to $600 million, an increase of 14.9% compared to the same period last year. Main export destinations include China, the United States, and Vietnam.
The total export value of snacks and beverages is $1.3 billion (approximately 1.9 trillion won), which is expected to exceed 2 trillion won in Korean won when added up to December.
Domestic confectionery and beverage companies are focusing their efforts on targeting overseas markets rather than the stagnant domestic market. Lotte Well Food selected New Jeans as the model for the Pepero and Zero brands to increase overseas awareness. In November last year, Pepero outdoor advertisements featuring New Jeans were introduced in Times Square and Los Angeles in New York, USA, and Ho Chi Minh City, Vietnam.
Pepero’s export sales exceeded domestic sales for the first time in the first half of last year. Lotte Well Foods plans to operate Pepero’s first overseas production base in India starting in the second half of this year.
Orion is expanding its Kobuk chip distribution channel in the United States. Orion is also considering establishing a local production plant as sales of Kobuk Chips increase in the United States.
Crown Haitai Group established a new Crown Confectionery factory in Asan, South Chungcheong Province in May, following the Haitai Confectionery factory in July 2022. The group plans to use the two factories near Pyeongtaek Port as ‘export forward bases’.
Sejong = Reporter Ahn Yong-seong ysahn@segye.com
(ⓒ Segye Ilbo & Segye.com, unauthorized reproduction and redistribution prohibited)
Source: www.segye.com
