AreaRepublic of Korea

Commodity GroupRice

CommodityAll

Date23/01/2024

Policy CategoryProduction

Policy InstrumentProduction support, import substitution, consumption and marketing

DescriptionUnveiled a five-year strategy to support growth in rice-based processed goods and rice consumption. The plan envisages the establishment of a production and distribution system for floury rice, with the aim of replacing 10 percent of annual demand for imported wheat flour with floury rice by 2028, as well as supporting cultivation of a domestic variety of Indica rice to cater to rising Indica consumption among non-Korean residents. Under the plan, it would also aim to increase domestic consumption of rice-based processed goods from 570 000 tonnes in 2022 to 720 000 tonnes in 2028, focusing on supporting sales of ten products, including ready-to-eat rice, kimbap, tteokbokki, and rice-based liquor. Among other measures, the plan also envisages raising exports of rice-based processed goods to USD 400 million by 2028, including by supporting 200 exporting entities.