By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Marketing In Asia
  • Marketing
    • Viral
    • Expert Opinions
    • News & Trends
    • Research
    • Market Podcasts
    • Market Videos
    Marketing
    This category deals with best news and updates on marketing and branding news and events.
    Show More
    Top News
    employees brainstorming in office
    Are coworking spaces the best way to keep up the next generation of Malaysian workers engaged?
    2 weeks ago
    Ng Chew Wee, Head of Business Marketing, APAC at TikTok
    Marketing in Asia Presents an Exclusive Interview with Ng Chew Wee, Head of Business Marketing, APAC at TikTok
    4 weeks ago
    Stella Zhu
    How AI is Disrupting Advertising Production and Creatives
    1 month ago
    Latest News
    How conversational commerce benefits marketers
    24 hours ago
    Marketing in Asia Presents an Exclusive Interview with Andrew Monu, VP of Marketing, LinkedIn
    2 days ago
    Marketing in Asia Presents an Exclusive Interview with Ankita Thakur, Group Head of Marketing, MoneyHero Group
    6 days ago
    How retailers can prepare for the rise of Gen Zalpha
    1 week ago
  • Startup
    • News from Startup world
    • Startup Stories
    • Trends and Opinions
    • Startup Podcasts
    • Startup Videos
    Startup
    News and articles from startup and venture investment world
    Show More
    Top News
    Japan’s Evolving Booze Culture: A Market in Transformation
    Japan’s Evolving Booze Culture: A Market in Transformation
    7 months ago
    text
    Safe Space™ announces partnership with National Healthcare Group as it continues to boost employee support and wellbeing
    8 months ago
    Sakshi Kalani Founder & CEO of Savy Click and Jaipur Unfolded
    AI-Powered Analytics: Sakshi Kalani on Influencer Marketing in 2025
    8 months ago
    Latest News
    Byron J. Fernandez: Minimize the stress of business crises with strong CX
    5 months ago
    Vedant Mahajan Acquires Stake in Flite: Transforming Event Technology with Innovation
    5 months ago
    Navigating the Digital Economy and Tax Challenges for SMEs
    6 months ago
    sehatUP Launches India’s First Integrated Digital Health Clinic, Pioneering Holistic Healthcare
    7 months ago
  • Business
    • Feature Stories
    • News
    • Business Podcasts
    • Business Videos
    Business
    News and press releases from business world of Asia
    Show More
    Top News
    employees brainstorming in office
    Are coworking spaces the best way to keep up the next generation of Malaysian workers engaged?
    2 weeks ago
    Andy See
    Marketing in Asia Presents an Exclusive Interview with Andy See, Founder and Managing Director of Perspective Strategies
    2 weeks ago
    Ng Chew Wee, Head of Business Marketing, APAC at TikTok
    Marketing in Asia Presents an Exclusive Interview with Ng Chew Wee, Head of Business Marketing, APAC at TikTok
    4 weeks ago
    Latest News
    Marketing in Asia Presents an Exclusive Interview with Andrew Monu, VP of Marketing, LinkedIn
    2 days ago
    Marketing in Asia Presents an Exclusive Interview with Ankita Thakur, Group Head of Marketing, MoneyHero Group
    6 days ago
    How retailers can prepare for the rise of Gen Zalpha
    1 week ago
    Modern retail marketing technology solution allows businesses to deliver mind-blowing numbers of offers in real time
    2 weeks ago
  • Society
    • Inspiration
    • Destinations & Travel
    • Food & Gourmet
    • People
    • Young Voices
    • Society Videos
    • Society Podcasts
    Society
    News and articles from and for societies around us
    Show More
    Top News
    Smashers Sports Acquires Delhi Franchise of WPBL: A Game-Changer in India’s Sports Entertainment
    Smashers Sports Acquires Delhi Franchise of WPBL: A Game-Changer in India’s Sports Entertainment
    5 months ago
    Resorts World Cruises Sets Sail from Dubai with New Luxury Gulf Voyages
    Resorts World Cruises Sets Sail from Dubai with New Luxury Gulf Voyages
    7 months ago
    Australia luxury property
    Australia’s Luxury Real Estate Market Soars as Affluent Buyers Seek Waterfront Dreams
    7 months ago
    Latest News
    From Taboo to Triumph: How Malaysians Are Transforming Their Intimate Health Journey
    2 months ago
    Top 5 Misconceptions About Antibiotics Malaysians Need to Stop Believing
    2 months ago
    Eagle Eye Reveals Impact of Loyalty Programs on APAC Retailers
    2 months ago
    Elevate Your Haircare in 2025 with Jung Beauty’s Luxurious Camellia Edition Treatment
    5 months ago
  • Press Release
  • Awards
    • MIA Impact Circle Stellar CxO 2023 Malaysia
    • MIA Impact Circle Stellar CxO 2023 India
    • MIA Impact Circle Stellar CxO 2023 Philippines
    • Australian Women in Business Excellence Awards
    • MIA Impact Circle Stellar CxO 2024 Singapore
    • Mia Impact Circle Stellar Cxo 2024 Hongkong Award 
    • Mia Impact Circle Stellar Cxo 2024 Indonesia Award 
Search
Technology
  • Hot
  • Trending
  • Editor’s Choice
  • NSFW
  • Reactions
  • Authors
  • Viral on Internet
Other Pages
  • My Bookmarks
  • Customize Interests
  • About Marketing In Asia
  • Business Register & Login
  • Web Stories
  • Videos
  • Disclaimer
  • Terms of Service
  • Privacy Policy
© 2024 Marketing In Asia Sdn Bhd. All Rights Reserved.
Reading: South Korea’s Dairy Industry Grapples with Impending Price Increases
Share
Sign In
Notification Show More
Latest News
IAS
IAS’S 20th Media Quality Report reveals Ad Fraud is on the Rise, But Optimization Strategies Protect Budgets and Deliver Higher Performance
Press Release
SingaporeAI Week
100+ Events, From Prototype to Product: SuperAI’s Singapore AI Week (16-22 June) Unites the Global AI Ecosystem
Press Release
Sangeeta Mudnal
How conversational commerce benefits marketers
Branding Marketing
Tahlia Phillips and Chantelle Schmidt
Vinyl Media Announces Tahlia Phillips as Head Of Publishing
Press Release
3Particle Launches XyperReal Stage
3Particle Launches XyperReal Stage – Malaysia’s First Virtual Production Research & Innovation Centre
Press Release
Aa
Marketing In Asia
Aa
  • Hot
  • Trending
  • Editor’s Choice
  • NSFW
  • Reactions
  • Authors
  • Viral on Internet
  • My Bookmarks
  • Customize Interests
  • About Marketing In Asia
  • Business Register & Login
  • Startup Register & Login
Search
  • Marketing
    • Viral
    • Expert Opinions
    • News & Trends
    • Research
    • Market Podcasts
    • Market Videos
  • Startup
    • News from Startup world
    • Startup Stories
    • Trends and Opinions
    • Startup Podcasts
    • Startup Videos
  • Business
    • Feature Stories
    • News
    • Business Podcasts
    • Business Videos
  • Society
    • Inspiration
    • Destinations & Travel
    • Food & Gourmet
    • People
    • Young Voices
    • Society Videos
    • Society Podcasts
  • Press Release
  • Awards
    • MIA Impact Circle Stellar CxO 2023 Malaysia
    • MIA Impact Circle Stellar CxO 2023 India
    • MIA Impact Circle Stellar CxO 2023 Philippines
    • Australian Women in Business Excellence Awards
    • MIA Impact Circle Stellar CxO 2024 Singapore
    • Mia Impact Circle Stellar Cxo 2024 Hongkong Award 
    • Mia Impact Circle Stellar Cxo 2024 Indonesia Award 
Have an existing account? Sign In
Follow US
© 2023 Marketing In Asia Sdn Bhd. All Rights Reserved.
Marketing In Asia > Blog > Business > News > South Korea’s Dairy Industry Grapples with Impending Price Increases
News

South Korea’s Dairy Industry Grapples with Impending Price Increases

profile
Last updated: 2023/07/19 at 4:29 PM
Divya Dubey
Share
4 Min Read
South Korea's Dairy Industry Grapples with Impending Price Increases
SHARE

Tensions are escalating in South Korea’s dairy sector as the Ministry of Agriculture, Food, and Rural Affairs imposes pressure on dairy companies to hold back on looming milk price increases. In a confidential meeting reported by the Food Ministry last Wednesday, the Ministry has voiced its concerns over a predicted surge in raw milk prices.

The private body responsible for raw milk distribution, the Korea Dairy Committee, is contemplating plans to escalate the price of raw milk around August due to rising labor and cow feed costs. According to local dairy officials, an inevitable consequence is an increase in the cost of milk products in the second half of the year if raw milk prices surge.

An anonymous official from a local dairy company stated that raw milk costs play a vital role in setting milk prices. If the raw milk cost starts to increase by August, they’ll have no other option but to raise the milk price.

However, the Food Ministry spokesperson has noted that this year’s “milkflation” won’t be as steep as the previous year. The reason being, the Ministry has recently adopted a new policy to control excessive price surges by establishing a price hike limit.

In 2022, dairy companies could boost their raw milk prices by 104 won (8 US cents) to 127 won per liter. But with the introduction of this policy in 2023, these firms can only increase their prices between 69 won and 104 won per liter. This policy implies that even if the price goes up by the maximum limit of 104 won per liter, it would equal the least increase rate seen last year.

Also read: Malaysia Airlines Bold Leap: Embracing the Future with Boeing 737-8

Following this development, an increase in the price of raw milk from 69 won to 104 won per liter is likely to raise the price from 1,065 won to 1,100 won per liter. Currently, the cost of raw milk is at 996 won per liter.

Last year, when raw milk prices experienced a 49 won (5.1%) hike per liter, leading dairy firms like Seoul Milk, Maeil Dairy, and Namyang Dairy amplified their milk prices by an average of 6.6%, 9.6%, and 8.6% respectively.

This mounting pressure on dairy firms to suppress their rising milk prices comes at a time when the ramen, confectionery, and baking industry are reducing the prices of their products. One local dairy company official believes the government should address inquiries to dairy farmers to cut back on raw milk price increases to effectively manage milkflation.

On June 26, the Food Ministry met with representatives from milling companies, asking them to decrease wheat prices, as international wheat prices have seen a decline this year. In response, the nation’s leading ramen producers, including Nongshim, have reduced the prices of their best-selling instant noodle products by approximately five percent.

(Source: The Jakarta Post)

You Might Also Like

Modern retail marketing technology solution allows businesses to deliver mind-blowing numbers of offers in real time

Are coworking spaces the best way to keep up the next generation of Malaysian workers engaged?

Enhancing network readiness: How DE-CIX is helping Malaysia shape the future of tomorrow’s digital infrastructure Malaysia

Rimini Street Unveils Rimini Protect™: Advanced Hypervisor Security for VMware, Nutanix, and Linux-Based Systems

MIA Impact Circle Stellar CxOs: Champions of Innovation and Industry Excellence in Vietnam

MIA
Get Latest Job Updates on Whatsapp and Telegram
SCIKEY Logo
Whatsapp
Telegram
TAGGED: dairy industry, Food Ministry, Milk Price Hike, Milkflation, Price Control, Raw Milk, south korea

Sign Up For MIA Newsletter

Be keep up! Get the latest updates about the Marketing world delivered straight to your inbox.

    By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
    DivyaDubey July 19, 2023 July 19, 2023
    Share This Article
    Facebook Twitter LinkedIn Email Copy Link Print
    Share
    What do you think?
    Love0
    Happy0
    Joy0
    Surprise0
    Sad0
    Angry0
    Cry0
    profile
    By DivyaDubey
    Marketing and Digital Branding Consultant with experience across Insurance, HealthTech and Digital Media Industries.
    Previous Article Kim Taehyung Cartier Welcomes K-pop Star Kim Taehyung ‘V’ as New Brand Ambassador: A Finesse of Luxury and Pop Culture
    Next Article The Unseen Potential: Why Thailand Could Emerge as a Leading IT Production Powerhouse The Unseen Potential: Why Thailand Could Emerge as a Leading IT Production Powerhouse
    Leave a comment Leave a comment

    Leave a Reply Cancel reply

    You must be logged in to post a comment.

    9.5k Followers Follow
    3.4k Followers Like
    1.1k Followers Follow
    214 Followers Follow
    208 Subscribers Subscribe

    Latest News

    IAS
    IAS’S 20th Media Quality Report reveals Ad Fraud is on the Rise, But Optimization Strategies Protect Budgets and Deliver Higher Performance
    Press Release 9 minutes ago
    SingaporeAI Week
    100+ Events, From Prototype to Product: SuperAI’s Singapore AI Week (16-22 June) Unites the Global AI Ecosystem
    Press Release 24 hours ago
    Sangeeta Mudnal
    How conversational commerce benefits marketers
    Branding Marketing 24 hours ago
    Tahlia Phillips and Chantelle Schmidt
    Vinyl Media Announces Tahlia Phillips as Head Of Publishing
    Press Release 1 day ago

    PropertyGuru

    property guru

    You Might also Like

    Aaron Crowe
    AnalysisBusinessFeature Stories

    Modern retail marketing technology solution allows businesses to deliver mind-blowing numbers of offers in real time

    2 weeks ago
    employees brainstorming in office
    AnalysisBusinessOpinion

    Are coworking spaces the best way to keep up the next generation of Malaysian workers engaged?

    2 weeks ago
    BusinessTechnology

    Enhancing network readiness: How DE-CIX is helping Malaysia shape the future of tomorrow’s digital infrastructure Malaysia

    2 months ago
    Rimini Street Unveils Rimini Protect™: Advanced Hypervisor Security for VMware, Nutanix, and Linux-Based Systems
    BusinessNews

    Rimini Street Unveils Rimini Protect™: Advanced Hypervisor Security for VMware, Nutanix, and Linux-Based Systems

    4 months ago
    //

    Get Asia to Notice You

    Quick Link

    • Contact
    • RSS Terms of Service
    • Policies & Standards
    • About Us
    • FAQ
    • Disclaimer
    • Terms Of Service
    • Privacy Policy

    Top Categories

    • Marketing
    • Startup
    • Feature Stories
    • News
    • People
    • Inspiration

    Sign Up for Our Newsletter

    Subscribe to our newsletter to get our newest articles instantly!

      Marketing In AsiaMarketing In Asia
      Follow US
      © 2024 Marketing In Asia. All Rights Reserved.
      • Disclaimer
      • Terms of Service
      • Privacy Policy