Chuseok is coming and Korea is preparing with eager anticipation. Chuseok is their harvest festival which is celebrated during a three day holiday. This year, it falls on 22nd September. It is a time when families get together and give thanks to their ancestors for the year’s plentiful harvest. Families enjoy traditional Korean dishes and exchange which are customary food products. If this sounds familiar it is - as it is similar to the UK’s Christmas family celebrations but with a food bias. As with the UK, dietary advice after Chuseok is also commonplace.
This celebration is reminiscent of parts of South Korean life in general; they respect their elders and love their food. South Korea is one of the most health-conscious countries in the world, and Koreans believe that healthy food will lead to a healthier life. This fascination with food is evident on local television and online with programmes and blogs reviewing gourmet restaurants, secret recipes as well as ways to combat overindulgence.
With this increased exposure and the abundance of information available food trends fluctuate in the market like a candle in the wind. As in other countries health claims influence demand, recently, the medical benefits of blueberries on eyesight caused sales to skyrocket by a factor of ten compared to the previous year.
So how does the Koreans’ love of food help UK companies? For those who specialise in niche or high quality food and drink products opportunities are many, due to South Korea’s lifestyle changes and the westernisation of food trends. With 50 million affluent consumers in densely populated areas there is growing demand for import food products providing strong opportunities for UK suppliers.
These opportunities will be supplemented by the impact of the forthcoming EU-Korea Free Trade Agreement (FTA). The FTA, due to be signed this year, will eliminate 97% of tariffs, some as high as 40%, and remove various non tariff barriers which is predicted to equate to an extra £500 millions worth of business for UK companies. For more details, please download ‘South Korea, open for business: 100 business opportunities for UK companies’.
If you want to overindulge with the South Koreans during Chuseouk why don’t you download the Korean Food & Drink opportunities flyer on the UKTI website? Now we have to go now as a Korean bbq is calling!
Yeunjin Park, Richard Webster / UKTI South Korea