Recent Trends of the U.S. Food Market and Its Implications to Korea

Jaesoo Kim

Journal of Rural Development/Nongchon-Gyeongje, 2007, vol. 30, issue 4

Abstract: Recent trends in three major areas of the U.S. food market are summarized in this paper. Understanding the U.S. food market is becoming more and more important during the age of the Korea-US Free Trade Agreements. The U.S. food market is constantly evolving, from production side to consumption side. In the production side, safe production is emphasized greatly, making organic food the preferred choice of consumers. On the consumption side, convenient, natural and health food is preferred by the general public. The decrease of meat consumption and increase in fruit and vegetable consumption is also a prominent characteristic. The U.S. food consumption patterns also vary by region, race, income level, and ages. The food industry must react to the change of the food sector. The major strategy is M&A, acquisition, and developing new products. The ongoing evolution of food industry in the U.S. is being made at the wholesale, retail, and food service levels. In order to prepare for and to meet the changing trends in the U.S., Korea must increase its food exports to the U.S., and focus much of its efforts on the safe production programs. It is also important to keep in mind the importance of maintaining culture behind making Korean food more marketable and high quality based for the U.S. market.

Keywords: Agricultural and Food Policy; Marketing (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:ags:jordng:290488

DOI: 10.22004/ag.econ.290488

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