The Korea Herald

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7 food firms lead Korean market: data

By 임정요

Published : Sept. 27, 2016 - 16:01

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Seven South Korean food and beverage firms recorded 1 trillion won ($910 million) or more in production last year, a government ministry said Tuesday.

Their combined output of 9.18 trillion won accounted for 12.8 percent of the entire domestic market worth 70.41 trillion won, according to the Ministry of Food and Drug Safety.

A total of 37,793 companies here reported their food production data to the ministry in 2015.

Nongshim ranked first with 1.8 trillion won of production, followed by Lotte Chilsung, CJ Cheiljedang, Seoul Dairy Cooperative, Hite Jinro, Orion and Lotte Confectionery.

Most of the other companies, however, were far behind the big seven ones in production capability, each employing fewer than 10 workers.

Meanwhile, the local food industry has grown at an annual average rate of 5 percent since 2011, when it was valued at 58.59 trillion won, the ministry said.

It reached 72.59 trillion won in 2013 and 72.97 trillion won in 2014. (Yonhap)