The low birth rate and the boom in breastfeeding in South Korea have caused a significant downturn in Korea’s domestic infant formula market in recent years, while China has an unquenchable thirst for quality imported dairy products especially infant formula. The poor reputation of domestic products, increasing living standard, the removal of the “one-child policy” (see CL Food News on 22 Nov 2013), and the preferences of young mothers born post-1980 are the major driving forces behind the bottomless need for imported baby foods in China. These factors and South Korea’s close proximity and good relations with China have positioned South Korea well to benefit from China’s demand.
According to the Korean Ministry of Food, Agriculture and Rural Affairs (MAFRA), the amount of Korean infant formula exported to China in Oct this year reached 7.47 million USD, showing a year on year increase of 82%. From Jan to Oct, the total value hit nearly 60 million USD representing growth of 25% compared to that of 2013. Infant formula exhibits the second fastest growth rate only after oranges among all exported South Korean agricultural products and foods. Companies are targeting China’s infant formula market which has an estimated value of 61.2 billion RMB. Under China’s new dairy regulation, overseas infant formula manufacturers should be approved by China CNCA before the products enter the Chinese market. As of 9 Sep, the following 5 Korean infant formula manufacturers have received CNCA approval,
Meanwhile, AQSIQ’s data also shows that so far there are about 20 infant formula brands from Korea being exporting to China.
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