South Korea: Utilizing locally grown organic rice, on a path of growth both domestically and internationally
Rice
South Korea
Published May 31, 2023
Tridge summary
Expansion of rice consumption forms one of the pillars of measures to resolve the oversupply of rice. The government and industry are pinning their hopes on developing overseas markets as well as domestic rice consumption. In particular, expectations for exports of processed rice products are high. Although rice consumption is showing a declining trend in Korea, exports of processed rice products are on the rise, reaching $138 million in 2020, $164 million in 2021, and $182 million in 2022. The government is actively promoting the discovery of promising export items by country, with the goal of achieving $300 million in rice processed food exports by 2027. One of those items is processed rice food for infants, which is gaining popularity in China and elsewhere. In fact, we can get a glimpse of the possibility of pioneering overseas markets from some domestic infant rice processed food companies. HS F&B, which has been growing since moving into the National Food Cluster Complex in Iksan, Jeonbuk in 2020, is one of them. The National Food Cluster is a national industrial complex specializing in food that was completed in 2017, and 74 out of 128 companies that have completed sales have moved into the complex and are operating their businesses. HS F&B makes rice flour for baby food, rice sticks, and rice porridge using organic produced in Jeonbuk. All products are sold under the brand . The main sales channels are domestic department stores, online malls, and overseas markets.
Original content
Starting with China in 2020, it opened export routes to six countries including the United States, Vietnam, Hong Kong, Thailand and Australia. An official from HS F&B said, “Although exports from some countries such as China have been difficult due to the spread of Corona 19 in recent years, orders are steadily coming in from Vietnam and Thailand.” It is a snack, but there is no place overseas that produces snacks with this process, so Korean products are gaining popularity.” HS F&B is also focusing on local PR activities to expand exports of processed rice foods for infants and toddlers. In Vietnam, they launched a brand and appeared in broadcast advertisements, while in Thailand, they participated in a baby fair or entered a local infant store to conduct promotions. Last year, exports only accounted for about 10% of sales of 2.2 billion won due to adverse factors such as the infectious disease, but this year, as the Corona 19 crisis has ended, it plans to further accelerate ...
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