Monday, May 27, 2024

Peanut Team To Visit South Korea

The American Peanut Council is heading to South Korea as part of the U.S. Department of Agriculture’s agribusiness trade mission. APC applied for and was accepted to join the mission to Seoul in March led by USDA’s Foreign Agricultural Affairs under secretary Alexis Taylor. South Korea is the eleventh-largest market for U.S. peanut exports, with total shipments reaching 4,521 metric tons in 2023, valued at a record-high $15.9 million.

Korea’s retail market for nuts, seeds and trail mixes was estimated at $298.8 million in 2023, while the market for nut and seed-based spreads was estimated at $9.1 million in 2023. In Korea, peanuts are commonly prepared as a snack after roasting, blanching or adding seasonings. Korean adults have favored peanuts with alcoholic beverages, while children enjoy various products, such as peanut confections and snacks. A range of peanut products with a variety of seasoning options, such as honey and coffee-covered peanuts, have been launched in the market, further leading to peanuts’ popularity.

“APC is excited to join USDA on the Korean trade mission,” says APC senior director of international programs Peter Vlazakis, who will be leading the U.S. peanut delegation. “We view it as a tremendous opportunity to meet with potential importers and processors, learn more about the country’s market dynamics and engage with the other U.S. agribusinesses on the mission, all while promoting U.S. peanuts and looking for opportunities to increase exports.”

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