K-food shifts focus to US hypermarkets, Chinese 'punk wellness' trend
The government has reset its strategy in order to accomplish this year’s K-food exports goal of $16 billion, setting specific goals for different export markets. With exports having reached $8.25 billion as of the end of July, and instant noodles alone accounting for $1 billion of the total, the Ministry of Agriculture, Food and Rural Affairs said on Thursday that the second half of the year is…
The United States has become a focal point for K-food companies as they shift their attention to hypermarkets across the country. This strategic pivot comes after the Ministry of Agriculture, Food and Rural Affairs set ambitious goals for K-food exports this year, aiming for a total of $16 billion. As of July's end, exports had already surpassed $8.25 billion, with instant noodles alone contributing $1 billion to this figure.
The Korea Export Promotion Foundation emphasized that the second half of the year represents a crucial window to assess progress towards the $16 billion target.
Adapting to the evolving export landscape, Korean food firms are taking a multi-pronged approach. Measures include ramping up exports to overseas markets, customizing offerings to meet foreign demand, providing financial support to Korean exporters, and swiftly addressing non-tariff barriers hindering market access. This coordinated effort unfolded at a recent private-public Korean food export committee meeting held in Seoul.
The gathering, attended by officials from eight government ministries, representatives from leading companies such as CJ, Samyang Foods, Daesang, and Nongshim, and representatives from agencies responsible for agriculture, fresh produce exports, and tourism promotion, underscored the collaborative nature of this export strategy.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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