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 [...]
SEOUL, March 23 (Korea Bizwire) — With a growing number of people spending more time at home due to the COVID-19 pandemic, the cereal market has grown at a robust pace in South Korea. According to the Korea Agro-Fisheries & Food Trade Corp. (aT) and the market researcher Euromonitor International, the size of the nation’s [...]
SEOUL, March 22 (Korea Bizwire) — South Korea said Monday it will seek to expand the size of the local pet fish market by 35 percent through 2025 by developing more homegrown species while encouraging the public to adopt them. Under the goal, the size of the local pet fish market will reach 657 billion [...]
SEOUL, March 11 (Korea Bizwire) — South Korea’s home-meal replacement product market was estimated at 4.2 trillion won (US$3.68 billion) in 2019, data showed Thursday, with the sector expected to continue to grow down the road on the growing number of single-member households. The annual average growth of the segment was 16 percent since 2010, [...]
SEOUL, Sept. 7 (Korea Bizwire) — This year’s chewing gum and candy sales have dwindled as more people are staying indoors to avoid the coronavirus. Lotte Confectionery Co., a unit of retail giant Lotte Group, said Sunday its chewing gum sales in the second annual quarter amounted to 37 billion won (US$31.1 million), down by [...]
SEOUL, June 19 (Korea Bizwire) — With the hot summer season close at hand, competition is heating up in the non-alcoholic beer market. China’s Tsingtao Brewery Co. recently threw its hat into the ring to make a play in a market that has been led by HiteJinro Co. and Lotte Chilsung Beverage Co. Oriental Brewery [...]
SEOUL, March 3 (Korea Bizwire) — A growing number of businesses worldwide are focusing their efforts to develop robots with artificial intelligence, giving a boost to related markets. The global market research agency Strategy Analytics estimated that the market for service robots will expand from US$31 billion last year to $122 billion by 2024. In [...]
SEOUL, Feb. 24 (Korea Bizwire) — The South Korean market for coffee drinks expanded more than 2 percent in 2019 thanks mainly to strong sales of bottled products, a market tracker said Monday. Sales of coffee drinks came to 1.32 trillion won (US$1.1 billion) last year, up 2.2 percent from the previous year, according to [...]
SEOUL, Jan. 10 (Korea Bizwire) — The online art auction market has expanded despite a slump in the overall art market. The Korea Arts Management Service reported that a total of 26,668 artworks were presented at the 192 on-and-offline auctions hosted by eight local auction houses in 2019, 16,867 of which were sold. The success [...]
SEOUL, Dec. 31 (Korea Bizwire) — South Korea’s market for fine art shrank 9.3 percent last year from a year earlier, registering the first decline in five years, data showed Tuesday. The data by the Korea Arts Management Service showed that the total value of transactions of artwork came to 448.2 billion won (US$387.2 million) [...]