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Activity Name Korean Foodservice Promotion
 

South Korea is the fifth largest market for U.S. agricultural products.  Since the market reached a high point in 2008, the economy has changed due to the recent global recession.  In 2011, imports reportedly totaled $31 billion, and U.S. opportunities in South Korea are increasing.  Korea relies on the rest of the world to meet about 70% of its total food and agricultural needs. The United States currently has around a 29% share of the Korean market, and that share is expected to grow with the ratification of the Korea-U.S. Free Trade Agreement. Korea’s demand for U.S. products is driven largely by domestic consumer trends like an increasingly affluent population, women in the workforce, and a well-traveled younger generation with exposure to Western-style foods. These developments have led to major changes in the Korean lifestyle and diet, and a rise in convenience stores, bulk retail outlets, and restaurant consumption. Korean consumers are becoming more health- and-safety-conscious and continue to be sensitive to quality, nutritional value, branding, packaging, and shelf life when making purchases.

   
 
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