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Korea - Republic Of > East Asia and the Pacific + South Korea

Korea’s wine import sector has been undergoing a stabilizing phase since the explosive growth around 2021. In 2023, wine imports reached 506 million USD, down 12.9 percent from the previous year, totaling 56.5 million kg, a decrease of 20.4 percent compared to 2022.

India's retail food sector is experiencing significant growth, driven by increased household purchasing power, rising awareness of gourmet products, and a growing economy.

Korea was the 5th largest country importer of the U.S. agricultural and related products in 2023. The United States is the leading supplier of imported consumer-oriented agricultural products for Korean retail industry, shipping $4.9 billion in 2023.

Korea’s pet food market has been growing strongly. But, while imported products have traditionally dominated the market, imports declined in 2023 for the first time in over a decade.

On August 7, India’s Department of Animal Husbandry and Dairying (DAHD) published Office Memorandum L-11/1/2019-Trade (E-11542) granting another three-month extension in the implementation of the integrated veterinary health certificate for import of milk and milk products.

Kochi's young, educated, and well-traveled population offers promising opportunities for U.S. exporters. An inclination towards health-conscious choices is driving demand for nutritious and fresh fruits, along with healthy snacks and seeds.

India’s total alcoholic beverage sector is the world’s third largest, with yearly sales of $44 billion according to Euromonitor. Despite India’s high import tariff structure, lack of uniformity in state excise rates, state specific regulations, and limited opportunities for the marketing of alcoholic beverages, the sector continues to witness significant growth that is set to expand to $55 billion by 2027.

On July 1, 2024, the United States and Republic of Korea agreed to the labeling requirements outlined in this report regarding storage state for U.S. red meat and poultry products and U.S. processed red meat, poultry, egg, and dairy products.

Korea's food processing industry relies heavily on imports to fulfill its food and agricultural needs in order to manufacture a wide variety of food and beverage products.

This GAIN-INDIA report is an addendum to FAS India's (New Delhi, Mumbai) (Post) GAIN-INDIA | IN2024-0012 | India’s Wine Product Labeling Requirements – Update 2024. Post sought out additional regulatory review, and has obtained a revised confirmation from the Food Safety and Standards Authority of India (FSSAI) that its Food Safety and Standards (Labeling and Display) Regulations now do not require an expiry date for wine products.

The Indian food processing industry is an important driver of the country’s economic growth. It is experiencing significant development and is innovating in the field of processed and packaged foods. The sector significantly contributes to India's gross domestic product (GDP), exports, investment, and employment.