The Impact of COVID-19 on the South Korean Food Sector
May 12, 2020
The catering sector has suffered a significant decline whilst e-commerce has benefited during the COVID19 pandemic. Online sales of food have grown by 92.5%. Demand for beverages, long shelf life food, and functional foods has grown.
The "contactless" concept is now driving innovation throughout various links in the supply chain and includes contactless payment, delivery, etc.
The government has introduced new preferential policies and regulatory exemptions to stimulate the importation of foods.
1. General data
The number of confirmed cases of COVID-19 in South Korea had reached 10,702 by April 23. Inevitably, the outbreak shocked South Korea's economy. The International Monetary Fund (IMF) predicted Korea’s economic growth rate was minus 1.2%, which would be the first contraction since the foreign exchange crisis in 1998 .
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