K-푸드의 새로운 영토, 라트비아와 온두라스 그리고 케냐를 주목하라 > K-wave Trends

K-food exports have recorded a solid annual growth rate of 5.8% since 2015, achieving a monumental achievement of $9 billion in 2024. However, statistics from the past 10 years are sending us a strong warning. The fact that more than 50% of total exports are concentrated in the United States, China, and Japan implies the risk that the entire Korean food industry may be shaken by political and economic risks in specific regions. Overcoming this market concentration has now become an essential strategy for survival, not an option. In order to overcome this problem, the Korea International Trade Association strongly suggests that emerging markets with high acceptance of the Korean Wave and high market growth potential should be discovered to open the way for export diversification.

Latvia is rapidly emerging as a strategic location for entry into K-food. As the love story between producer Garam Kim and her Latvian husband Yannis became a hot topic through a recent broadcast, public interest in the country has also increased. Latvia's distribution infrastructure is rapidly modernizing and its regulatory environment is also improving, making it an attractive environment for Korean companies to enter. Here, a dual strategy of targeting both large supermarkets and convenience stores with non-irritating and light sauces appears to be effective. Additionally, an integrated approach that links digital marketing using YouTube and Google with offline stores will be the key to opening the hearts of local consumers.

Honduras is a bridgehead for the Central and South American markets and is attracting attention as a key base for exporting snacks. The country is a dynamic market where spending power is rapidly increasing due to simultaneous population growth and urbanization. In particular, as demand for snacks such as cookies and ice cream is rapidly increasing, Korean companies must focus on large-capacity product lines that emphasize sweetness. The key to establishing ourselves in the market is to find reliable import partners depending on the city we are entering and to carry out aggressive promotions centered on local hypermarkets. A customized strategy that reflects Honduras' consumption patterns will be an important foundation for spreading K-food throughout Central and South America in the future.

Kenya on the African continent is also pointed out as a land of new opportunities, especially in rice processed foods. Kenya has an explosively expanding mobile payment system and e-commerce market, creating a digitally friendly consumption environment. Here, Korean processed rice foods such as tteokbokki and rice crackers are likely to be perceived as healthy and trendy snacks. Localization strategies that fine-tune the tastes preferred by local region and online marketing based on social media commonly used by locals, such as TikTok and WhatsApp, are most important. Success in the Kenyan market will be an important reference for our food companies to target the huge potential market called Africa.

What is commonly required when entering emerging markets is thorough regulatory response and practice of ESG management. It is fundamental to strictly comply with the raw material and nutritional labeling laws that differ in each country, and we must solidify our ESG stance in line with the global trend of strengthening eco-friendly regulations. It is difficult for companies to handle these complex local risks on their own, so support from the government and related organizations is desperately needed. The government should communicate closely with local regulatory authorities through diplomatic missions abroad, and companies should actively utilize the services of related organizations such as trade associations to minimize risks. When companies and the government act as a ‘one team,’ the global competitiveness of K-food can only be completed.