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Korea to double rice product exports by 2028

Collected: 2024.01.24

Distributed: 2024.01.25

Source: Go Direct

Tteokbokki [Courtesy of Lotte Department Store]

The South Korean government has set the goal of doubling the global sales of rice-based products by 2028 amid growing popularity around the world. Under the latest export initiative, the government will aim to foster 200 promising exporters of rice-based processed foods and increase the domestic rice market to a value of 17 trillion won ($12.7 billion)

The Ministry of Agriculture, Food and Rural Affairs outlined the goals on Tuesday in a 5-year plan focused on further boosting the rice processing industry.

The industry experienced significant growth, with the market increasing by 33.3 percent from 6.3 trillion won in 2018 to 8.4 trillion won in 2022. During the same period, exports doubled from $89 million to $182 million.

To further boost industry growth, the government will focus on ten promising rice products, including ready-to-eat rice, kimbap, tteokbokki, and rice-based liquor, to capture global consumers.

The plan will also involve establishing a production and retail system for rice-based foods and developing new products in collaboration with food companies. The government will increase processed rice consumption from 570,000 tons in 2022 to 720,000 tons in 2028.

The government said it will come up with strategies to foster more than 200 exporters of rice-based foods while making efforts to encourage healthy eating habits in the country.

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