South Korea’s F&B market is characterised by hypermarket domination and growing sales through e-commerce platforms. Grocery retail sales reached GBP 98bn 2013 and e-commerce sales are expected to reach GBP 28bn by 2018. Imported F&B products are growing in popularity and department stores are the main channel for high-end F&B imports. The country’s consumer foodservice industry is the ninth-largest globally, valued at GBP 45bn in 2013 and is expected to grow at a CAGR of 5.4% through 2018.
Impact of the EU-Korea FTA
Implemented in July 2011, the EU-Korea FTA will lead to the removal of 97% of all tariffs for UK exporters. The FTA contains provisions on services, public procurement, intellectual property (IP) and sustainable development as well as the liberalization of goods tariffs. The FTA has ushered in enhanced protection for IP rights and improved copyright regulations.