New Food research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 03/01/2013 -- Despite widespread calls for a bottoming out in South Korea's economy, we believe the worst is yet to come. Indeed, forward-looking macro indicators suggest to us that economic weakness is likely to persist well into 2013. We expect real GDP growth to come in at 3.0% in 2013, which remains below consensus' expectations of 3.4%. The domestic property market is likely to remain weak amid the bleak economic landscape. A supply overhang and the country's perennial household debt situation are also likely to keep downward pressure on prices. All this bodes ill for private consumption.
Headline Industry Data (local currency)
- 2013 per capita food consumption = +2.9%; forecast to 2017 = +27.1%.
- 2013 alcoholic drink value sales = +2.8%; forecast to 2017 = +27.6%.
- 2013 soft drink value sales = +4.3%; forecast to 2017 = +31.8%.
- 2013 mass grocery retail sales = +6.2%; forecast to 2017 = +52.6%.
Key Industry Trends And Developments
Nong Shim Hit by Noodle Ban: In autumn 2012 the Korea Food and Drug Administration said that health department tests found that noodles made by Korean food giant Nong Shim did possess safe amounts of the 'benzopyrene' chemical. The Philippines had ordered the recall of six brands of Nong Shim noodles in October but the government is being urged to lift the noodle ban. In a statement, the South Korean Embassy said the ban was 'seriously impacting both Philippine and Korean traders, as well as the image of Koreamade noodles'.
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Korean Households Cut Back on Retail Spending: In October 2012 the South Korean Ministry of Knowledge Economy released figures showing that sales at department stores controlled the country's leading three retailers fell by 0.4% from a year earlier. The top three retailers include Hyundai, Lotte Shopping and Shinsegae. The drop compared with a 1.3% decrease predicted by the ministry and a 0.8% drop in September.
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