SEOUL, Feb. 21 (Korea Bizwire) — South Korea’s lubricant oil consumption has remained stagnant for three years straight due to a shift in the nation’s car-buying trend towards eco-friendly vehicles. According to the Korea Lubricating Oil Industry Association, the nation’s lubricants consumption reached 976,000 kiloliters last year, up 4.6 percent from a year ago, but [...]
SEOUL, Jan. 3 (Korea Bizwire) — A recent analysis shows that South Korea’s fermented milk market is expected to continue to grow, led by an increasing number of consumers taking interest in health. The Korea Agro-fisheries & Food Trade Corp. and industry tracker Euromonitor reported that the country’s fermented milk market reached an aggregate value [...]
SEOUL, Dec. 20 (Korea Bizwire) – South Korea’s video game market expanded more than 20 percent on-year to rank fourth in the world last year on the back of stellar growth in online games, a report showed Monday. The country’s video game market posted 18.9 trillion won (US$15.9 billion) in sales last year, up 21.3 [...]
New York, Sept. 28 (Korea Bizwire) – According to the statistics by the International Energy Agency (IEA), the sales of electric cars in the year 2019 reached 2.1 Million, representing a share of 2.6% of global car sales. In addition, the fleet of electric cars in the same year added to 7.2 Million. Additionally, consumption of [...]
New York, Sept. 27 (Korea Bizwire) – According to the statistics by the World Health Organization (WHO), in the year 2019, around 17.9 Million people died from cardiovascular diseases (CVDs), which represented 32% of all global deaths. Further, according to the statistics by the International Osteoporosis Foundation (IOF), by the end of 2050, incidences of hip [...]
SEOUL, Aug. 30 (Korea Bizwire) — South Korea’s bottled mineral water market is enjoying a boom thanks to an increase in household demand on the back of the prolonged ‘stay-at-home’ trend resulting from the COVID-19 pandemic. The first half sales of Jeju Samdasoo, a brand of mineral water produced by Jeju Province Development Corp. (JPDC), [...]
SEOUL, July 8 (Korea Bizwire) — A shrinking ice cream market caused by a low birthrate and the rise of alternative products is leading ice cream companies to tap into YouTube ads and subscription services to boost revenues. South Korea’s ice cream market shrank from 1.68 trillion won (US$1.47 billion) in 2018 to 1.53 trillion [...]
SEOUL, June 30 (Korea Bizwire) – Three South Korean electric vehicle (EV) battery makers accounted for a third of the global market in the first five months of the year, but their share has slightly slipped since last year in the face of toughening competition with Chinese rivals, a market research firm said Wednesday. The [...]
SEOUL, May 27 (Korea Bizwire) — The house cleaning service market is emerging as a new blue ocean thanks to the spread of the work-from-home trend. The demand for house cleaning, which originally targeted double income couples, is growing at an explosive rate even from single-person households and full-time homemakers. The size of the nation’s [...]
SEOUL, May 26 (Korea Bizwire) — Spending on pet food in South Korea this year is projected to surpass the global average by more than 10 percent. Market researcher Euromonitor reported that South Korea’s petcare market is expected to reach US$1.95 billion this year, up by 7.6 percent from $1.83 billion last year. In the [...]