Changing Trends in South Korean Food Market
By: James Marriot | Posted: 19th October 2006
South Korea is the third largest economy in Asia after Japan and China. It is also a pioneer in industrialization in East Asian region. Trends in food consumption indicate that people of South Korea are turning to western diets from the conventional one. Consumers in Korea are looking for high value and convenient food products of good quality.
South Korea is the leading trader in agriculture that represents an export market of $2.5 billion for US agricultural products only. Till recently, South Korea kept the tariffs on imports of processed food high. It also imposed other sanitary and technical barricades to obstruct trade export.
As per the Free Trade Agreement between Korea and US, food-processing companies of Korea will allow an increased and easy access to US food units in South Korea's market. It will give new opportunities to food processing and beverage units. A good understanding and marketing strategy between the two countries will result in sturdy development. Consequently, South Korea's economy will also foster.
South Koreans believe that diet plays a crucial role in maintaining a good health. Along with a rise in health conscience, the concern of South Koreans for their routine food escalated. As the packaged foods are basically processed and have artificial substances in them, customer choices became even more discriminating than in natural ones.
In this situation, packaged foods that are basically healthy could endure the current economic pressure. But those products that are known to be unfit for health, experienced a rapidly falling consumer demand.
Health related products have filled the shops in packaged food sector. These products have gained the attention of health conscious customers. Ingredients like green tea, black bean and black sesame are specifically popular.
For further information about South Korean Food Processing Market and its future growth, read the report "Food Processing Market in South Korea (2005)" by RNCOS at:
http://www.rncos.com/Report/FB17.htm
RNCOS is an industry leader in the field of online business research. We specialize in industry research on various business verticals. To read our other reports, visit: http://www.rncos.com/Report.htm or email us at info@rncos.com.
To get the latest news on Food Industry worldwide, please visit our newly launched Blog section at http://www.rncos.com/Blog/food.html
This article is free for republishing
Printed From: http://www.a1articles.com/changing-trends-in-south-korean-food-market-95352.html
Back to the original article
Tags: s market, western diets, artificial substances, health related products, conscious customers