SEOUL, Jun. 3 (Korea Bizwire) – The confluence of declining birthrates and rising pet ownership in South Korea has led to sales of dog food outpacing those of infant formula and baby food, reflecting a broader shift toward premium childcare products. According to the e-commerce platform Gmarket, comparing the proportion of dog food, infant formula [...]
SEOUL, June 3 (Korea Bizwire) — Daesang Corp., a major South Korean food company, said Monday it has expanded production facilities for Korean food in Vietnam to meet growing local demand. Daesang has invested 30 billion won (US$22 million) to sharply increase the annual output capacity of a dried laver plant in Hai Duong and [...]
SEOUL, Jun. 3 (Korea Bizwire) – Baemin, the leading food delivery app in South Korea, will start charging “packaging fees” for takeout orders from July 1. While existing partners will be exempt from these fees until March 2025, the move suggests that packaging intermediation services may eventually become paid offerings across the board. According to industry [...]
SEOUL, May 29 (Korea Bizwire) – The spate of tanghulu (Chinese candied fruit skewer) shop closures in South Korea is a foretold tragedy. An analysis shows that tanghulu sales peaked in September 2023, just six months after the trend took off, and have been rapidly declining since. The fleeting nature of fad food businesses like Taiwanese [...]
SEOUL, May 28 (Korea Bizwire) – As South Korea’s wine market enters a more mature phase, expensive bottles priced over 100,000 won have been gaining popularity at major retail chains’ wine festivals, industry data shows. According to retailers, sales growth rates for wines costing over 100,000 won outpaced other price segments during the semi-annual “Super Wine [...]
SEOUL, May 23 (Korea Bizwire) – South Koreans are feeling the pinch with major chicken franchises raising prices, bringing the era of the 30,000-won chicken bucket closer to reality – a scenario foreshadowed by BBQ Group’s chairman Yoon Hong-geun back in 2022. With dining costs already soaring, more consumers are exploring cost-effective ways to satisfy their [...]
SEOUL, May 22 (Korea Bizwire) – Surging prices for coffee beans on international markets are putting a strain on South Korean coffee shop operators, raising concerns that the higher costs could lead to increases for consumers. The price of robusta coffee beans has more than tripled since 2020 to $3.97 per kilogram last month, according to [...]
SEOUL, May 22 (Korea Bizwire) – South Korea’s imports of bananas and pineapples hit unprecedented highs in April, according to trade statistics released by the Korea Customs Service. The import value of bananas reached $46.3 million last month, a staggering 58.5% increase compared to the same period last year, setting an all-time record. This figure slightly [...]
SEOUL, May 20 (Korea Bizwire) –As health-conscious consumers grow in numbers, zero-calorie drinks have surpassed 50 percent of carbonated beverage sales at convenience stores in South Korea. GS25, a major convenience store chain, announced on May 21 that from January to April of this year, zero-calorie drinks accounted for 52.3 percent of its total carbonated [...]
SEOUL, May 20 (Korea Bizwire) – The competition among South Korea’s major food delivery apps — Baedal Minjok, Coupang Eats and Yogiyo — to poach customers from one another is intensifying into a bruising battle. The clash among the three services erupted last year over discounts on delivery fees. After a brief lull, their rivalry reignited [...]