Extenda reports on the agri-food sector as an opportunity in South Korea

There is a good perception of the Spanish product

This sector is interesting for Andalusian companies due to its high purchasing power, the Westernization of its tastes, with a great “gourmet” perception of European products and its interest in Spanish culture.

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South Korea It is a country that has a high monthly expenditure on food products. There is increasing interest in Europe and demand for quality foreign products is increasing. Retail stores and other agri-food companies are implementing aggressive promotional strategies to once again boost sales in physical locations. 

 

Extenda – Andalusia Export and Foreign Investment has presented in a virtual conference the opportunities of the Spanish agri-food sector in South Korea. In the face of the pandemic, this market has resisted, standing out for its low state debt and high fiscal reserves. 

 

According to World Bank, is one of the fastest growing major economies. 

 

During the global financial crisis, the growth rate in 2008 was 2,3%, in 2009 0,2% and in 2010 6,2%. 

 

In the webinar, it was highlighted that this sector is interesting for Andalusian companies due to its high purchasing power, the Westernization of its tastes, with a great “gourmet” perception of European products and its interest in Spanish culture.

 

Spanish exports in the agri-food sector have increased progressively in recent years. In 2019, the value was 462,79 million USD and the notable sectors are olive oil, pork products, dairy and egg products, fresh grape wine and edible fish. 

 

The Korean consumer cares about healthy appearance and does not find it an obstacle to pay more for it. In fact, compared to other Asian countries, South Korea does not give so much importance to the economic aspect. 

As for the means of distribution, the most recommended is through hypermarkets, supermarkets or online, with electronic commerce being one of the main purchasing points for Koreans. 

 

There is a good appreciation of the Spanish product due to the “gourmet” perception of European products and the good quality-price ratio.