South Korea is experiencing an unprecedented boom in confectionery exports, driven by the growing popularity of its snacks globally. According to data provided by the Ministry of Agriculture, Food and Rural Affairs, Korean sweets exports have reached record numbers in the first eight months of 2024, reflecting a significant increase compared to previous years.
From January to August this year, the value of Korean confectionery exports stood at $494.2 million, up 15.4 percent from the same period last year, when they reached $428.1 million.
This remarkable growth demonstrates the increasing global demand for South Korean confectionery products and the country’s consolidation as a major competitor in the global snack market.
The increase in demand and export figures are not recent phenomena, but rather part of a sustained trend in recent years. Since 2018, the value of confectionery exports has grown by approximately 50%, from $431.4 million to $656.4 million in 2023. With these figures, South Korean authorities expect that by the end of 2024, global sales of Korean sweets will break the historic barrier of one trillion won, equivalent to about $750 million.
The impact of the Korean wave or Hallyu
This impressive increase in Korean confectionery exports can be attributed to several factors. One of the most important is the growing global influence of the “Korean Wave,” also known as Hallyu. This includes various elements of life in Korea such as music, movies, television series and culture in general.
K-pop and Korean productions have been especially successful in international markets, leading people to become more curious and appreciate other aspects of South Korean culture, including its food products.
An official from South Korea’s Ministry of Agriculture, Food and Rural Affairs explained that the popularity of Korean Wave content has had a direct impact on demand for Korean snacks overseas. “The Korean Wave has created a strong emotional connection between international consumers and Korean products,” the official said. “Confectionery companies have responded to this growing demand by offering a wide variety of innovative products tailored to different tastes and preferences in overseas markets.”
In addition, the Korean industry is at the forefront of creating products that combine traditional and modern flavors, which has allowed it to capture the interest of international consumers looking for unique and different snack options.
Popular confectionery products include rice crackers, red bean-filled cakes, and candies with exotic flavors such as green tea and honey.
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The main markets for Korean sweets
The U.S. market has been the top destination for Korean confectionery products in 2024, with imports valued at $188.7 million between January and August. This figure reflects the growing demand for Korean snacks in the United States, a country that has seen a boom in the popularity of Asian culture in general.
Other major markets include China, which imported $65.7 million worth of confectionery, Japan with $49.3 million, and Canada, which recorded imports worth $24.1 million so far this year. These four countries represent the largest markets for South Korea’s confectionery exports and are a testament to the industry’s success globally.
Perspectives for the future
With Korean confectionery exports continuing to grow, 2024 is expected to close with record numbers, consolidating South Korea as a major player in the global snack market. Product diversification and adaptation to local tastes have been key strategies for the industry’s success. Likewise, the cultural influence exerted by the Korean wave will continue to be a key driver for the growth of confectionery exports.
While the U.S. market has been the main driver of growth this year, expansion into other regions, such as Europe and Latin America, also offers significant potential for the Korean industry as a whole. With the backing of the South Korean government and global marketing strategies, candy exports are on track to set new records in the coming years.
Source: https://reporteasia.com/economia/consumo/2024/09/24/exportaciones-dulces-coreanos-nuevos-records/
