K-Beauty and K-Food Industries Emerging Among Top Economic Drivers
SEOUL, South Korea – Global market research company Euromonitor International shared insights how Korean beauty companies have successfully exported their culture and businesses in its recent webinar “K-Beauty and Its Influence on K-Food”. The webinar explores marketing strategies and how the K-food industry is emerging as one of the top global economic drivers.
According to Euromonitor, the growing interest in Korean food through K-pop and K-drama helped increase inbound arrivals to South Korea by 15% last year. Visits reached 15 million in 2018.
“Food is becoming a very attractable feature.” said Sunny Moon, senior research analyst at Euromonitor International. “Tour programmes designed to explore K-food increased faster than other purposes like shopping in 2018. K-food is going to further hold inbound tourism, which is expected to reach 20 million by 2023,” she added.
Korean packaged food players are already paying sharp attention to invest in products and packaging to encourage tourists to buy packaged K-food as souvenirs. According to Euromonitor, the value sales of Gilim International, famous for seasoning almond, grew 33% over the three years. Though not traditional Korean snack, flavours ranging from seaweed to honey butter positioned it well with both Korean and global consumers. Euromonitor examines that 70% of its sales are generated from touristic spots.
“K-food players need to put more effort to become a stand-alone culture like K-beauty. For that, disruption is the key driver,” said Lisa Hong, senior research analyst at Euromonitor international. “Tapping into Korean heritage and tradition is important, but taking a global-friendly element and transforming it with a Korean touch is the key to both globalisation and localisation”, she added.
Download Euromonitor International’s webinar “K-Beauty and Its Influence on K-Food” to understand the impact of K-culture across industries: https://go.euromonitor.com/webinar-beauty-food-2019-k-beauty-influence-on-k-food.html
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