CreatripTeam

In 2023, major Korean food companies have raised product prices, but domestic consumption remains weak, dampening expected Q3 results. While overall sales are projected to rise by 4.6%, operating profit is expected to grow by only 0.4%. Companies like CJ CheilJedang and Lotte Wellfood face challenges due to high raw material costs, such as cocoa, and one-time expenses. However, overseas demand, especially for products like Samyang Foods' 'Buldak Bokkeummyun' (spicy chicken ramen), helps some companies mitigate domestic setbacks. Predictions suggest that the fourth quarter will see improved profitability as raw material prices stabilize.