Boston, MA -- (SBWIRE) -- 11/22/2013 -- Given our less-than-upbeat forecast for South Korea's economic growth trajectory, we are happy to remain below consensus for 2013, with a real GDP forecast of 2.1%. The pickup in economic activity is likely to have come about as a result of the government's fiscal and monetary expansion. However, any pick up is anticipated to be short-lived, with subsequent implications for consumer spending on food and drink.

Headline Industry Data (Local Currency)

- 2013 per capita food consumption = +2.8%; forecast to 2017 = +25.1%.
- 2013 alcoholic drink value sales = +3.0%; forecast to 2017 = +27.9%.
- 2013 soft drink value sales = +4.5%; forecast to 2017 = +32.0%.
- 2013 mass grocery retail sales = +6.5%; forecast to 2017 = +53.0%.

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Key Industry Trends and Developments

Whisky Sales Continue to Fall: Overall whisky sales in South Korea fell by 13.5% year-on-year (y-o-y) in H113 to 916,745 cases, as reported by Just-Drinks. The decline has been attributed to an economic slowdown in the country, with consumers reportedly choosing 'lighter and cheaper' drinks over spirits such as whisky.

South Korea Expands Ban on Japanese Fish: In September 2013, the South Korean government banned the import of all fish products from eight Japanese prefectures deemed affected by radioactive contamination from the Fukushima nuclear plant in Japan. The government took the decision to widen its existing ban on the import of 50 fish products from Japan to address rising consumer fears about the safety of Japanese food products.

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