SEOUL, Jan. 21 (Korea Bizwire) — Although there have been many rumors that the food service industry is in a slump, it is actually growing steadily at an annual rate of 9 percent, according to a recent study. Analysts say the gap between business sentiment and the real economy is widening as the polarization between [...]
SEOUL, Jan. 20 (Korea Bizwire) — The food service industry experienced more difficult times than ever last year, in the midst of a consumption slump caused by the prolonged economic downturn and the spread of a boycott against Japan. In addition, the growth of food delivery services did not make things easier. According to the [...]
SEOUL, Jan. 17 (Korea Bizwire) — U.S. food chain McDonald’s said Friday that it will raise its menu prices largely due to increased costs, joining rivals such as KFC for price hikes. According to McDonald’s Korea, the company’s South Korean unit, the average price of its eight menu items will rise by 1.36 percent starting [...]
SEOUL, Jan. 16 (Korea Bizwire) — South Korea’s outbound shipments of processed rice products shot up last year amid the booming popularity of Korean dramas, K-pop and other cultural assets abroad, data showed Thursday. Exports of these products reached US$106 million in 2019, marking a sharp rise from $89 million posted a year earlier, according [...]
SEOUL, Jan. 15 (Korea Bizwire) — Convenience stores are rising as a new platform where food products spotlighted on social media or television programs make their first debut. CU, a major convenience store chain, showcased its Kielbasa Platter that comes with a Polish Kielbasa sausage that recently went viral on social media. The dish gained [...]
JEJU, Jan. 13 (Korea Bizwire) — Competition to preempt natural water sources on Jeju Island in the domestic mineral water and beverage market is intensifying. Jeju’s clean groundwater has an unrivaled presence in the South Korean market. Samdasoo, volcanic bedrock water produced and bottled by the Jeju Province Development Corp. (JPDC), has maintained the top [...]
SEOUL, Jan. 10 (Korea Bizwire) — The state-run Korea Trade-Investment Promotion Agency (KOTRA) reported on Thursday that K-food is gaining a reputation in Indonesia’s local food franchise and processed food markets. An increasing number of local food producers are introducing new products that resemble K-food. The agency reported that Korean snacks, bread, topokki (spicy rice [...]
SEOUL, Jan. 9 (Korea Bizwire) — South Korean beer producers are scrambling to fill the vacuum created in the local beer market after Japanese beer suffered a massive loss in market share due to a recent boycott movement against all things Japanese. CU, a major South Korean convenience store chain, announced on Wednesday that sales [...]
SEOUL, Jan. 6 (Korea Bizwire) — Starting in the new year, the standard for levying liquor taxes on beer and raw rice wine has changed from a price-based “ad valorem” duty to forwarding volume-based “specific commercial duty” for the first time in 52 years. In a related move, the National Tax Service (NTS) said Sunday [...]
SEOUL, Jan. 5 (Korea Bizwire) — South Korean snacks are increasingly gaining huge popularity in the global market as more consumers are addicted to new flavors and opted to pick up more Korean products in line with the Korean Wave, industry officials said Sunday. Exports of local snack products were tallied at US$43.14 million in [...]