S. Korea’s F&B exports reach a record $4.28 billion in 2020, expected to surpass $4.5 billion in 2021

South Korea’s food and beverage (F&B) sector exported $4.28 billion worth of products last year, growing 14.7 percent from $3.73 billion in 2019, to set a new record.

The sector, which is projected to rise even higher this year, recorded $1.59 billion in exports up to April.

Industry analysts expect the figure for 2021 to surpass $4.47 billion.

Korean F&B products have previously been limited to only a few well-known condiments and dishes such as kimchi, bulgogi, and bibimbap.

But due to the growing popularity of all things Korean, the global community has been showing an increased interest in Korean food and beverages.

Korea’s largest kimchi producer Daesang Corp. recently focused on exporting seaweed to Southeast Asia. Daesang now holds a 63 percent share of Indonesia's seaweed market.

The Korean fried chicken franchise Chicken Plus, which entered Malaysia in 2018, now has franchises in Japan, Vietnam, and China. Chicken Plus's menu includes tteokbokki or spicy stir-fried rice cakes.

Meanwhile, soju industry leader HiteJinro Co. is leading the promotion of South Korean drinks overseas.