The growing processed food market in South Korea

                                                                                         

Due to the changing lifestyle of Koreans, a significant makeover has been witnessed in the South Korean food processing industry in the past few years. Now more and more women are getting into some or the other occupation, hence convenience of cooking plays an important role in consumer decision making while buying food. Quality of food is a key factor, as the health conscious Koreans are ready to spend huge bucks on good quality edibles. Also, with most of the youngsters preferring ready-to-eat food, there has been a significant raise in the demand for processed food in South Korea.

The food processing industry in South Korea, which is typically a domestic market oriented industry, accounts for a considerable share of national income. The domestic market itself consumes more than 85% of food produced every year. Moreover, almost 88% of grain used as a raw material for processed food is imported from abroad because the prices of domestic agricultural products in Korea are comparatively higher.

Regrettably at present, the food processing industry of Korea is suffering from lack of sufficient funds and also facing a stiff competition from countries such as North Korea and China.

As per a recent market research report named, “Food Processing Industry In South Korea (2005)”, “Economists are concerned about the decline in the economic growth potential of South Korean food industry”. The report also discusses the implications in the policy for farmers in order to enhance their profitability and also help them maintain farming as a livelihood in this changing scenario. As per experts, “There is a strict need of more positive and productive relations between the workers and management for further development of the food processing industry in Korea”.

Profiles of key players in this business along with overall market estimation, trend analysis and so on are the major highlights of this report. The report is a must read as it gives you a clear view of the impact of the food processing industry on the overall economy of South Korea during the years 2000 and 2005.

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