Agro-industries • Art-de-vivre & Gastronomie • Bilans d’évènement • Comités Agriculture - Agroalimentaire
FKCCI & ITCCK’s F&B Committees Gathered Jointly to Discuss Current Market Trends & Foster Collaboration
On April 30th, FKCCI & ITCCK’s F&B Committees gathered for the first time for a morning of enlightening discussions & future collaborations.
In a challenging global economic environment, the F&B sector grapples with issues such as inflation, increasing raw material prices, and regulatory constraints. Despite stringent food regulations, improvements can be seen thanks to the long-term dedication of the FKCCI and French institutions in Korea. As an example, after a 23-year ban, the Korean government lifted the ban on French meat on December 2023 during the National Assembly plenary session. To discuss and shed light on these new parameters, the French Korean Chamber of Commerce and Industry, in collaboration with the Italian Chamber of Commerce and Industry (ITCCK), organized their Food & Beverage Committees jointly on April 30th.
Launched in 2018, FKCCI’s F&B Committee gathers key players of the food sector every semester to share news and expertise, and to organize joint initiatives designed to gain greater visibility on the Korean market. For this new edition, 20 leaders of the field met at High Street Italia, the heart of the Italian business community in Sinsa. After welcoming speeches from Mr. Jacobo Giuman, President of the Italian Chamber of Commerce and Industry (ITCCK), Mrs. Sonia Chaieb, FKCCI Deputy CEO and Mr. Romuald Pieters, President of the Committee and CEO of France Gourmet, Nielsen IQ Executive Director Omni channel/E-commerce Mr. Park Ji Hyuk delivered in a detailed presentation key insight on the current F&B market growth trends and on South Korean consumers.
The South Korean F&B market, underscored by the prominence of e-commerce, is witnessing a dual trend of price hikes and premiumization, both online and offline. Despite a surge in prices, marked by a 30% increase in fresh food prices in Q1 2024, consumers continue to prioritize health-conscious choices, evident in the rise of zero-calorie, zero-sugar beverages. On the other hand, food categories such as sauce, snacks and RTH/RTE (Ready-to-heat/Ready-to-eat) products (noodles, frozen fried chicken...) grew noticeably in 2023, showcasing the interest of Korean consumers for convenient and quick food. Additionally, the on-premise F&B scene reflects a thriving culture of exploration, with consumers frequenting a diverse array of establishments driven by social media influence and a penchant for quality (whiskey, cocktails in the rise) and novelty in drinks.
The committee followed with a roundtable, inviting attendees to present themselves and their company, as well as sharing their observations and concerns about the industry. This open session was also an opportunity for each participant to voice their needs in order to cross bridges between French and Italian F&B companies, fostering futures collaborations.
“I am happy to be here so I can meet with French companies and hopefully collaborate together in the future. From now on, I will try to participate to more French events. I am eager to learn more about French culture as well.” _ said Mr. Steve Hong, Pomo Inc. CEO
Special thanks to our members Cafés Richard and Lina’s Paris, for feasting on the guests with delicious coffees and lunch boxes. Thanks also to Koit Korea, KOHL Mountain juice and Acqua Smeraldina for the beverages.
To go further, FKCCI is inviting you to engage in discussions and connect at the upcoming Seoul Food & Hotel 2024 on June 11th. Join us at our French corner, where we'll be hosting ten French F&B Brands eager to expand in South Korea. Come greet the delegation at their stands and participate in a special networking session organized for this occasion.
Ready to explore exciting opportunities in various sectors like F&B, Luxury, Energy, and beyond, and connect with your peers ? Discover more about FKCCI's membership and apply today by emailing us at membership(@)fkcci.com.
