K-food is ready to spread across global markets beyond Asia thanks to the Oscar-awarded movie, Parasite, which featured Korean instant noodles. In addition, during lockdowns, instant noodles benefited from stockpiling. There was also increased interest in being healthy which brought attention to Korean healthy food such as Kimchi, re-positioned in the US and European markets. By developing global e-commerce channels, K-food looks forward to having further opportunities beyond Asia.
This report comes in PPT.
K-food is ready to spread across the global market beyond Asia. The Oscar-awarded movie Parasite (2019) showed a scene with actors eating Korean brands of instant noodles. Following manufacturers’ marketing activities linked to the brand and the movie, they successfully attracted global consumers who associated instant noodles with K-food culture. In addition, social media also encouraged globally connected consumers to be interested in K-food.
As a result of the COVID-19 pandemic, many consumers stockpiled food to endure the lockdowns. Instant noodles benefited as a convenient and shelf stable meal option. Nong Shim capitalised on this opportunity in the US and beyond Asian markets by strengthening its premium healthy version of instant noodles.
South Korea is considered one of the countries to have responded to the pandemic most effectively. This has helped to spotlight some of the healthy foods that are part of Korean tradition and that could have helped to boost immunity, such as fermented Korean food, Kimchi. Korean players have taken this opportunity to develop awareness about Kimchi in the global market beyond Asia.
Online grocery shopping in South Korea is the most developed in the world with advanced delivery systems. Based on greater know-how, K-food manufacturers and the Korean government are developing e-commerce channels in countries beyond Asia. Korean sellers actively target Amazon to let global consumers know not only about K-food, but also Korean food culture.
In packaged food we consider two aspects of food sales: 1) Retail sales. 2) Foodservice. Retail sales is defined as sales through establishments primarily engaged in the sale of fresh, packaged and prepared foods for home preparation and consumption. This excludes hotels, restaurant, cafés, duty free sales and institutional sales (canteens, prisons/jails, hospitals, army, etc). Our retail definition EXCLUDES the purchase of food products from foodservice outlets for consumption off-premises, eg impulse confectionery bought from counters of cafés/bars. This falls under foodservice sales. For foodservice, we capture all sales to foodservice outlets, regardless of whether the products are eventually consumed on-premise or off-premise. Foodservice sales is defined as sales to consumer foodservice outlets that serve the general public in a non-captive environment. Outlets include cafés/bars, FSR (full-service restaurants), fast food, 100% home delivery/takeaway, self-service cafeterias and street stalls/kiosks. Sales to semicaptive foodservice outlets are also included. This describes outlets located in leisure, travel and retail environments. 1) Retail refers to units located in retail outlets such as department stores, shopping malls, shopping centres, super/hypermarkets etc. 2) Leisure refers to units located in leisure establishments such as museums, health clubs, cinemas, theatres, theme parks and sports stadiums. 3) Travel refers to units located in based in airports, rail stations, coach stations, motorway service stations offering gas facilities etc. Beyond the scope of the foodservice research are captive foodservice units that serve captive populations around institutions such as hospitals, schools, and prisons. This is also known as institutional sales.
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