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) [...]
SEOUL, Jul. 9 (Korea Bizwire) – South Korea was the world’s No. 2 heated tobacco market last year, and its growth will gather pace down the road, an industry tracker said Tuesday. The size of South Korea’s heat-not-burn electronic cigarette market reached US$1.67 billion last year, rising sharply from $453 million tallied in 2017, according [...]
SEOUL, Jun. 28 (Korea Bizwire) — A number of dogs that were on the verge of slaughter will live a new life after some merchants at Busan’s Gupo Dog Meat Market agreed with animal rights groups to close their businesses early. Korea Animal Rights Advocates (KARA), along with the Korean Animal Welfare Association, agreed with [...]
SEOUL, Jun. 24 (Korea Bizwire) — The sluggish food service industry in South Korea is eyeing the newly rising concession market. A concession refers to the service of providing food and beverages at a multi-purpose facility leased by a certain company. Hotels and restaurants run by a subcontractor and highway service stations are forms of [...]