Korean government aims for $845 bn food industry by 2027

Nongshim Co.’s ramyeon displayed at a Walmart in U.S. [Photo provided by Nongshim]

The South Korean government plans to boost the size of the local food industry to 1,100 trillion won ($845.4 billion) by 2027, which is 1.7 times of the current level.

Under the Fourth Basic Plan for Food Industry Promotion (2023~2027) announced by the Ministry of Agriculture, Food and Rural Affairs on Wednesday, it proposed the goal of expanding the size of the food industry to 1,100 trillion won in 2027 from 656 trillion won in 2021.

The ministry also announced plans to increase agri-food exports to $15 billion in 2027, up from $8.82 billion last year. It will also aim to expand the use of local food ingredients to 8 million tons in 2027 from 5.94 million tons in 2021.

The ministry proposed a plan to enhance the added value of the food industry by utilizing advanced technologies to achieve its goal.

The ministry will first designate and nurture food technology innovation clusters from next year to enhance the competitiveness of small- and mid-size food companies.

It will select regionally-specialized areas and promote joint research and development with companies, universities, and research agencies and carry out technology verification.

The ministry will also develop promising export items such as ramyeon and pears into K-brands to support agricultural food exports and increase the number of items with annual exports exceeding $100 million by nine to 20 by 2027.

The ministry is also intent on attracting tourists by creating 15 “K-gourmet belts,” which are ecosystems to promote Korean culinary tourism, by 2027. It will also designate more recommended Korean restaurants overseas, which will eventually boost exports of local food ingredients.

Myeongju, Korean traditional liquor, will be nurtured as an export item and traditional pastes will be promoted as part of the sauce industry.

The ministry will also set up a platform to support contract farming between food companies and farmers and increase the number of food ingredient production facilities.