{"id":3207,"date":"2024-03-19T13:45:10","date_gmt":"2024-03-19T04:45:10","guid":{"rendered":"https:\/\/withckorea.com\/?p=3207"},"modified":"2024-03-19T13:45:12","modified_gmt":"2024-03-19T04:45:12","slug":"the-price-of-korean-seaweed-doubles-what-is-the-main-cause","status":"publish","type":"post","link":"https:\/\/withckorea.com\/?p=3207","title":{"rendered":"The price of Korean seaweed doubles, what is the main cause?"},"content":{"rendered":"\n

Latest news from Korean Seaweed: Rising prices and improved government support.<\/h2>\n\n\n\n
\"korean<\/figure>\n\n\n\n

A few days ago, there was a small news in our family business. <\/span>
My father, who also deals in raw material of seaweed, noticed that the price of seaweed’s raw material doubled the day after he purchased them.<\/span><\/p>\n

Seaweed, being primarily produced from November to February\/March, so it is most valuable during autumn in Korea, particularly from September to October. <\/span>
I recall the challenges we faced last October in meeting the budget and quality expectations of buyers want to purchase seaweed.<\/span><\/p>\n\n\n\n

As of March 18, the wholesale price of 100 sheets of dried seaweed has risen to $7 to $8, almost doubling compared to a year ago.<\/h4>\n\n\n\n

Various factors contribute to this price increase, including reduced production due to global warming, but the main cause is the surge in exports of Korean seaweed products.<\/strong><\/span><\/p>\n

By 2023, Korea’s seaweed exports are expected to surpass KRW 1 trillion(770 million dollars), prompting the Ministry of Oceans and Fisheries(MOF) to introduce a “seaweed cultivation policy.” <\/span>
Despite intense price competition domestically due to several B2C platforms, most seaweed is prioritized for export, resulting in a scarcity of seaweed for domestic consumption and subsequent price hikes.<\/span><\/p>\n\n\n\n

Although the current raw material price may not immediately impact end-product prices, it is anticipated to significantly affect factories which don’t have *One-Stop Process<\/a>.<\/h4>\n\n\n\n

(* One stop process: All processes from cultivation to processing are performed by one company<\/em>)<\/span><\/p>\n\n\n\n

<\/div>\n\n\n\n

Meanwhile, the government continues to emphasize export promotion policies, aiming to achieve $1 billion in seaweed exports by 2027, as outlined in the “1st Basic Plan for Promotion of Seaweed Industry.<\/a>” <\/strong><\/span>
This basic plan established four implementation strategies as follows, with a final goal of $1 billion.<\/span>
To this end, it consists of 12 detailed implementation tasks.<\/span><\/p>\n\n\n\n

<\/div>\n\n\n\n

[1st Basic Plan for Promotion of Seaweed Industry]<\/h3>\n\n\n\n
    \n
  1. Supply of high quality raw materials<\/span>
    \u00a01) Develop seeds that are resistant to rising water temperatures<\/strong><\/span>
    \u00a02) Expansion of eco-friendly certification support projects<\/span><\/li>\n
  2. Creation of high added value<\/span>
    \u00a01) Designation of \u2018Seaweed Industry Promotion Zone\u2019 created to promote seaweed production and export (Shinan, Haenam, Seocheon)<\/span>
    \u00a02) Establishment of a quality system<\/span><\/li>\n
  3. Future sustainable growth industry<\/span>
    \u00a01) Strengthening new product research and development (R&D)<\/span>
    \u00a02) Designation of a specialized organization<\/span><\/li>\n
  4. Creating international demand<\/span>
    \u00a01) Establishment of a customized export strategy platform for each major country<\/span>
    \u00a02) Expansion of the international certification system<\/span>
    \u00a03) Promotion of globalization of Korean seaweed “K-GIM”<\/em> name<\/strong><\/span><\/li>\n<\/ol>\n\n\n\n

    The prospects for Korea’s seaweed market look good as the government is taking action to increase exports, which were $650 million by 2022, to $1 billion.<\/span>
    However, as we need to balance exports and domestic demand, we will need to come up with a solution soon to adjust the price of seaweed.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

    Latest news from Korean Seaweed: Rising prices and improved government support. As of March 18, the wholesale price of 100 sheets of dried seaweed has risen to $7 to $8, almost doubling compared to a year ago. Although the current raw material price may not immediately impact end-product prices, it is anticipated to significantly affect …<\/p>\n

    The price of Korean seaweed doubles, what is the main cause?<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":3209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[35,37,52],"class_list":["post-3207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-1","tag-korean-seaweed","tag-korean-vegan-food","tag-seaweed-market"],"_links":{"self":[{"href":"https:\/\/withckorea.com\/index.php?rest_route=\/wp\/v2\/posts\/3207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/withckorea.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/withckorea.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/withckorea.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/withckorea.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3207"}],"version-history":[{"count":3,"href":"https:\/\/withckorea.com\/index.php?rest_route=\/wp\/v2\/posts\/3207\/revisions"}],"predecessor-version":[{"id":3211,"href":"https:\/\/withckorea.com\/index.php?rest_route=\/wp\/v2\/posts\/3207\/revisions\/3211"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/withckorea.com\/index.php?rest_route=\/wp\/v2\/media\/3209"}],"wp:attachment":[{"href":"https:\/\/withckorea.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/withckorea.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/withckorea.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}