APC peanut delegation to join USDA on Korean trade mission

Alexandria, Va. (March 21, 2024)—The American Peanut Council is heading to South Korea next week as part of the Agriculture Department’s agribusiness trade mission. APC applied and was accepted to join the mission to Seoul, from March 26-30, led by USDA’s Foreign Agricultural Affairs Under Secretary Alexis Taylor.

“APC is excited to join USDA on the Korean trade mission,” said 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 U.S. exports.”

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.

“South Korea is an increasingly important export customer for the United States,” continued Vlazakis. “Peanuts are widely consumed in Korea for snacking, and market intelligence shows us the category is only increasing in popularity as seasoning options and product innovations are continually being launched.”

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 as they pair well with alcoholic beverages, while children enjoy various peanut products, such as peanut confections and peanut-added 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.

The APC-led delegation includes:

  • Lupe DeLira, Golden Peanut
  • Lonnie Fortner, National Peanut Board
  • Alex Izmirlian and Rachel Santos, Premium Peanut
  • Amy Laux, Galdisa USA

Follow APC in Korea next week on Twitter and Instagram @pnutsusa.

 

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