Korea Retail Promotions Seek Boost in Pork Demand
Korea Retail Promotions Seek Boost in Pork Demand
U.S. pork has widened its lead as the most popular imported pork in South Korea. According to Global Trade Atlas data, the U.S. share of this important pork export market grew from less than 10 percent in 2003 to more than 28 percent last year. In the first four months of 2009, U.S. market share has further expanded to about 30 percent.
The overall market, however, has been contracting this year due to the sluggish Korean economy and the false association drawn by some consumers between pork consumption and the A-H1N1 influenza virus. As a result, global pork exports to Korea from January through April have fallen by about 19 percent compared to the same period in 2008. While U.S. pork has fared better than its major competitors (U.S. pork plus pork variety meat exports have lost 4 percent in volume and gained 1 percent in value, according to the most recent export statistics), the market clearly needs a jump-start in order to match its recent level of performance.
“While we are very pleased with the growth in U.S. market share, Korea really needs a revival in overall pork demand,” said USMEF Korea director Jihae Yang. “Major retail promotions offer us that opportunity, especially now that the summer high demand season has arrived.”
With support from the Pork Checkoff, USMEF has been working with major retailers in Korea to increase the visibility and availability of U.S. pork. Costco Wholesale and Top Mart are featuring chilled U.S. pork throughout the year, while E-Mart, GS Mart and Lotte Mart are periodically featuring it.
A current USMEF promotion with Lotte Mart is specifically designed to bolster pork belly demand, which normally soars this time of year as it is a popular item for outdoor venues. But demand has been sluggish so far this year, so the goal of Lotte Mart’s “World Pork Belly Festival” is to draw consumers’ attention to the high quality and great flavor delivered by pork bellies at a very reasonable price.
Lotte Mart customers in Korea enjoy U.S. pork belly at a USMEF tasting promotion
In the one-week event ending this week, Lotte Mart plans to sell 12 metric tons (about 26,500 pounds) of chilled U.S. pork belly at its 64 outlets in Korea, with USMEF holding tasting promotions at nine of these outlets.
“This promotion is a great opportunity to establish chilled U.S. pork belly as a favorite item for Lotte Mart customers, not only in the high demand season, but on a continuing basis,” Yang said.
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The U.S. Meat Export Federation (www.USMEF.org) is the trade association responsible for developing international markets for the U.S. red meat industry and is funded by USDA, exporting companies, and the beef, pork, corn and soybean checkoff programs.
Korea Retail Promotions Seek Boost in Pork Demand
U.S. pork has widened its lead as the most popular imported pork in South Korea. According to Global Trade Atlas data, the U.S. share of this important pork export market grew from less than 10 percent in 2003 to more than 28 percent last year. In the first four months of 2009, U.S. market share has further expanded to about 30 percent.
The overall market, however, has been contracting this year due to the sluggish Korean economy and the false association drawn by some consumers between pork consumption and the A-H1N1 influenza virus. As a result, global pork exports to Korea from January through April have fallen by about 19 percent compared to the same period in 2008. While U.S. pork has fared better than its major competitors (U.S. pork plus pork variety meat exports have lost 4 percent in volume and gained 1 percent in value, according to the most recent export statistics), the market clearly needs a jump-start in order to match its recent level of performance.
“While we are very pleased with the growth in U.S. market share, Korea really needs a revival in overall pork demand,” said USMEF Korea director Jihae Yang. “Major retail promotions offer us that opportunity, especially now that the summer high demand season has arrived.”
With support from the Pork Checkoff, USMEF has been working with major retailers in Korea to increase the visibility and availability of U.S. pork. Costco Wholesale and Top Mart are featuring chilled U.S. pork throughout the year, while E-Mart, GS Mart and Lotte Mart are periodically featuring it.
A current USMEF promotion with Lotte Mart is specifically designed to bolster pork belly demand, which normally soars this time of year as it is a popular item for outdoor venues. But demand has been sluggish so far this year, so the goal of Lotte Mart’s “World Pork Belly Festival” is to draw consumers’ attention to the high quality and great flavor delivered by pork bellies at a very reasonable price.
Lotte Mart customers in Korea enjoy U.S. pork belly at a USMEF tasting promotion
In the one-week event ending this week, Lotte Mart plans to sell 12 metric tons (about 26,500 pounds) of chilled U.S. pork belly at its 64 outlets in Korea, with USMEF holding tasting promotions at nine of these outlets.
“This promotion is a great opportunity to establish chilled U.S. pork belly as a favorite item for Lotte Mart customers, not only in the high demand season, but on a continuing basis,” Yang said.
# # #
The U.S. Meat Export Federation (www.USMEF.org) is the trade association responsible for developing international markets for the U.S. red meat industry and is funded by USDA, exporting companies, and the beef, pork, corn and soybean checkoff programs.