Exports last year increased by 46.2% compared to the previous year
The US is the number one export promising market… Japan and Germany in order
The popularity of Korean dumplings in the world market is increasing day by day.
According to the’Promising Item AI Report-Frozen Dumplings’ released by the Korea International Trade Association Institute for International Trade and Commerce (President Yong-min Choi), the export of frozen dumplings increased by an annual average of 23.4% from 2016 to 2020. In particular, last year, as the overseas demand for home convenience meals increased significantly due to the novel coronavirus infection (Corona 19), it reached an all-time high, recording $50.89 million (about 57 billion won), an increase of 46.2% from the previous year.
As a result of evaluating nine key indicators such as gross domestic product (GDP), population, and import growth rate by 58 countries, the market with the highest potential for exporting frozen dumplings in Korea was the United States (76.6 points). This was followed by Japan (76.0 points) and Germany (76.0 points).
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The United States is the largest export market for frozen dumplings in Korea, and last year, it exported $11.74 million (approximately 11.3 billion won), up 49.6% from the previous year. Recently, major dumpling exporters, such as Shinsegae Food and CJ CheilJedang, are accelerating their invasion of the US market by expanding local factories in the US, expanding collaboration with local distributors, and launching products that consider local tastes such as mini wontons. Accordingly, the share of Korean products in the US frozen dumpling import market increased from 1.6% in 2019 to 2.7% in 2020, surpassing China (6th) and emerging as the fourth-largest importer.
Japan is the second largest exporter of frozen dumplings in Korea, with exports of $8.95 million in 2020, an increase of 65.0% over the previous year. In the Japanese frozen dumpling market, Korea’s market share was only 4.5% in 2016, but it has nearly quadrupled to 17.3% in 2020, and during the same period, the market share of rival China fell from 50.2% to 35.8%, greatly narrowing the market share gap.
In addition, exports of frozen dumplings increased significantly, mainly in ASEAN countries such as the Philippines (export growth rate of 83.7%), Vietnam (75.5%), and Singapore (67.2%), realizing the popularity of K-food.
Shim Hye-jeong, a senior researcher at the International Trade Association, said, “Korean-style dumplings have thin blood, so they can be cooked in a variety of ways with steam, soup, and deep-fried food. They have low carbohydrate content, and because of the large amount of protein and vegetables in the dumpling filling, foreign consumers are He said, “In the promising market, especially in the United States, Korean dumplings are becoming a meal rather than a snack, so we expect a continuous increase in exports of frozen dumplings.
/ Reporter Jeon Hee-yoon [email protected]
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