The K-Food industry to grow to 1,100 trillion won by 2027, Ministry Estimates

korean noodles in the supermarket. Credit: Jason Economy

Korea’s culture expansion is not limited to K-Pop and K-Drama, now comes the K-Food!

The Ministry of Agriculture, Food and Rural Affairs of Korea announced on the 28th the ‘4th Food Industry Promotion Basic Plan (2023-2027)’ to grow the food industry from 656 trillion won in 2021 to 1100 trillion won in 2027 (annual average growth rate of 9%). .

This 4th basic plan analyzes the conditions and prospects of the food industry, which has changed significantly due to COVID-19, and presents a growth strategy for the food industry for the next five years.

First, we will increase the added value of the food industry by utilizing cutting-edge technologies such as food tech and green bio.

Focusing on the 10 core food tech fields, regional ‘(tentatively named) food tech innovation clusters’ are created to enhance the competitiveness of small and medium-sized food companies using food tech.

The food tech contract department and the convergence talent training course will also be expanded to local universities to support the vitalization of clusters.

It is also promoting the establishment of ‘K-Foodtech Global Center’ for corporate office space and consulting support in major exporting countries by utilizing overseas branches.

Focusing on the bases for each sector, it will also actively nurture promising future foods such as functional foods and senior-friendly foods.

It supports the vitalization of the functional food market by providing food companies with information on domestic functional ingredients, natural material materials, and standardization methods.

In addition, it will strengthen research support for patient-specific food development using various materials, expand senior-friendly food demonstration projects, and promote the designation of excellent foods.

By strengthening K-Food’s competitiveness, it aims to achieve $15 billion in agri-food exports by 2027.

To this end, promising export items such as ramen and pears will be fostered as ‘K-brands’, and export items worth more than $100 million will be expanded from 11 to 20 by 2027.

In order to link the heightened awareness of Korean food to domestic demand, tourism, and export, the government will establish a ‘(tentatively named) Korean food industry competitiveness strengthening strategy’ that contains differentiated branding strategies for each country.

It is also promoting the creation of 15 ‘K-Gourmet Belts’ that combine regional agricultural resources, food masters, local food, traditional liquor, and Korean food resources, as well as attracting global gastronomy events.

The designation of excellent overseas Korean restaurants will also be expanded, leading to expansion of exports by establishing a supply chain for domestic ingredients.

The traditional food industry such as kimchi, traditional liquor, and sauces will also be revitalized.

Kimchi will raise its status as the country of origin by establishing a stable supply of raw materials and strengthening quality competitiveness through the development and distribution of automated processes.

Traditional liquor is grown as an export product by cultivating silk. Expand start-up support such as funding, consulting, and R&D, and develop various consumption methods to expand the consumption base to the MZ generation.

Considering public sentiment, the revision of the ‘Traditional Liquor Industry Act’, which focuses on adjusting the concept and scope of traditional liquor and the scope of procurement of raw materials for local specialties, is also reviewed after sufficient opinion gathering with related industries.

Fermented soybeans are fostered as a source industry through scientific fermentation technology. By 2027, the development of 33 types of spawn will be carried out and the ‘intestine culture’ will be listed as a UNESCO intangible cultural heritage.

A sustainable win-win cooperation system will also be established between agriculture and the food industry.

Continuing the cooperation system by establishing a ‘raw material relay platform’ that supports contract cultivation between food companies and farms, expanding raw material production complexes, vitalizing the food material/semi-processed industry, and expanding policy support and rewards for companies that use domestic raw materials. Promote possibilities.

In addition, in response to the changed business environment, such as social value management (ESG), ‘ESG guidelines’ for food companies are prepared, and consulting support is provided to strengthen the competitiveness of food companies.

[Source] Policy News from
Featured Photo:: Jason, flickr (CC BY-NC 2.0)


Copied title and URL