SEOUL, March 17 (Korea Bizwire) — As the global appetite for K-food continues to grow, South Korean food companies are accelerating their overseas expansion, aiming to reduce reliance on the domestic market and tap into high-growth international sectors. Among them, Samyang Foods has emerged as a standout, propelled by the overseas success of its Buldak [...]
SEOUL, March 14 (Korea Bizwire) — McDonald’s Korea, the local unit of fast food giant McDonald’s Corp., said Friday it will increase the prices of 20 menu items by an average of 2.3 percent next week, citing higher food costs and exchange rate fluctuations. Under the new pricing, the signature Big Mac meal will cost [...]
SEOUL, March 12 (Korea Bizwire) — Premium kimchi products branded by major hotels are enjoying steady popularity, prompting businesses to expand their operations by introducing subscription services. According to hotel industry sources on March 11, Josun Hotels & Resorts launched a Premium Kimchi Subscription Service on March 7. The service delivers kimchi to subscribers on a [...]
WASHINGTON, March 11 (Korea Bizwire) — The U.S. nationwide cattlemen’s group asked the Trump administration Tuesday to help lift South Korea’s import ban on American beef from cattle aged 30 months or older, noting that similar curbs have been lifted in China, Japan and Taiwan. The National Cattlemen’s Beef Association (NCBA) sent its comments to [...]
SEOUL, March 11 (Korea Bizwire) — South Korea’s restaurant industry is experiencing its most severe downturn since the pandemic, with business sentiment falling to levels last seen during COVID-19 social distancing measures, according to government data released on March 9. The Restaurant Industry Business Survey Index dropped to 71.52 in the fourth quarter of 2024, down 4.52 [...]
SEOUL, March 6 (Korea Bizwire) — South Korea’s exports of food, led by instant noodles, grew an average of 8 percent annually over the past 10 years on the growing global popularity of K-culture, a business organization said Thursday. K-food shipments doubled to US$7.02 billion in 2024 from $3.51 billion in 2015, with instant noodles, [...]
SEOUL, March 6 (Korea Bizwire) — Nongshim Co., South Korea’s leading instant noodle maker, said Thursday it will raise the prices of its instant noodle and snack products next week due to higher raw materials costs. Nongshim plans to raise the retail prices of 14 “ramyeon” products by 7.2 percent and three snack products by [...]
SEOUL, March 4 (Korea Bizwire) — South Koreans consumed an average of 30 kilograms of pork per person in 2024, marking a 6.8% increase from the average consumption of the past several years, according to a report released Monday by the Korea Rural Economic Institute (KREI). The figure, published in the KREI’s “Agricultural Outlook 2025” report, [...]
SEOUL, Feb. 27 (Korea Bizwire) — Orion Corp. announced on February 27 that its flagship product, Choco Pie, achieved record-breaking sales of over 4 billion units worldwide in 2024, generating revenue of 580 billion won ($404 million). The milestone coincides with the product’s 50th anniversary since its launch in 1974. Over the past five decades, cumulative [...]
SEOUL, Feb. 26 (Korea Bizwire) — SPC Group, a South Korean food and beverage company, said Wednesday it has completed its second overseas bakery plant in Malaysia as part of its expansion strategy. SPC invested 80 billion won (US$56 million) in the Paris Baguette plant, located at the Nusajaya Tech Park in Johor Bahru, with [...]