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Agriculture ministry to foster K-food business
Korea's popular fruits including shine muscat are on display at a local retail chain. Korea Times file
By Lee Kyung-min
By Lee Kyung-min
The government is aiming to achieve $15 billion (19 trillion won) in agricultural exports by 2027 by fostering K-food industries, including traditional food makers, confectioneries, green bio and food tech businesses, the agriculture ministry said Wednesday.
Kimchi, seaweed and pears, for example, will be elevated to represent Korea's healthy eating culture. Instant noodles will be promoted as Korea's most convenient snack.
The plan announced by the Ministry of Agriculture, Food and Rural Affairs is intended to further bolster Korea's food industry market. The market size came to 656 trillion won in 2021, maintaining year-on-year growth at 16 percent for the second year in a row. The figure was 607 trillion won in 2020, 535 trillion won in 2019 and 521 trillion won in 2018.
The ministry announced a five-year growth plan whereby the country's local food industry will register a 9 percent year-on-year growth through 2027 to reach 1,100 trillion won.
The ministry will establish 15 “K-cuisine belts,” whereby tourism and exports will be fostered.
It will increase exports of locally grown ingredients to be supplied to “fine dining” Korean restaurants overseas.
Other than kimchi, traditional foods, beverages and cooking ingredients including soju, makgeolli and other sauces will be promoted for export.
The ministry said Korean-made kimchi will solidify its standing on the global stage as an original product of Korea, outmatching similar products made by China or Japan.
The government will be able to maintain high-quality kimchi, as ensured by the stable supply of fresh ingredients and speedy delivery of final products through closely managed logistics channels.
Selected traditional liquors and sauces will be elevated to premium products, as backed by scientific analysis-based advanced fermentation technology.
A rising number of single-person households and pet owners have generated new market demand, a trend the government will closely monitor to help introduce related convenience-oriented foods and health foods.
Newly developed products released and tested in the local market will be able to find consumer demand overseas, the ministry added.
“Small food market players will be able to receive government funding and investment opportunities to offset soaring labor costs and uncertainties in business conditions,” it said.
The government will establish food technology innovation clusters to foster 10 key foods and biotechnologies to fortify competitiveness for small and medium-sized local players seeking to establish a presence in the health care and elderly-friendly food markets.