Martial Arts Report… China is a promising market
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(Seoul = Yonhap News) Reporter Cho Jae-young = Korea’s sauces exports to Korea reached an all-time high last year, while interest in Korean dramas and Korean Wave started from K-pop expanded to Korean food.
According to the’Promising Item AI Report-Sauces’ released on the 5th by the Korea International Trade Association Institute for International Trade, Korea’s sauce exports increased by 25.8% year-on-year to $31.72 million, the largest ever. Sauce exports have continued to grow solidly around 8-11% each year since 2016.
By detailed category, exports of’other sauces’, which account for more than half of all sauces exports, increased by 33.6% compared to the previous year. Other sauces include chicken seasoning, tteokbokki, bulgogi, and buldak sauce.
The report analyzed that the spread of the’home cook’ trend and the Korean Wave fever caused by the Corona 19 last year contributed to the rise of K Food’s awareness, and the demand for Korean-style sauces that can be cooked easily has increased significantly.
As a result of evaluating nine key indicators such as gross domestic product (GDP), population, and import growth rate by major countries, China (84.1 points) was selected as the market with the highest potential for exporting sauces in Korea. This was followed by the United States (81.6 points) and Russia (80.8 points).
China is the country with the second largest export of Korean sauces after the United States. In the Chinese sauce import market, the market share of Korean products increased from 14.9% in 2016 to 24.9% last year, maintaining the No. 1 market share.
“Recently, Kimchi-flavored powder has topped the sales of Amazon’s new seasonings,” said Park Ga-Hyun, a senior researcher at the Korea International Trade Association. “We need to target the overseas market through product development and brand reinforcement that suit the taste of locals.”
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2021/02/05 06:00 sent