According to a report by the US Department of Agriculture's Foreign Agricultural Service (FAS), the South Korean government is attempting to increase consumption of rice in South Korea as part of its 2024 budget.
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Increase In Rice Consumption
According to the report, the government is targeting nearly 4 million university students who are among the generation that tends to skip breakfast as part of its breakfast project subsidy, in an effort to counteract the declining trend in the country's rice intake.
The report stated, "The Korean government will continue to support companies that develop new products using rice for flour (especially for noodles and snacks), with the goal of reducing wheat imports and increasing the country's grain self-sufficiency rate."
Starbucks Korea committed to "promote consumption of domestic agricultural products and mutual growth of the agriculture and foodservice industries" by signing a memorandum of understanding in 2023. As part of the agreement, the company promised to create new products by the first half of 2024 that use rice flour. The FAS projects that rice consumption will drop to 3.93 million tonnes this year, the lowest amount in 55 years.
Rice Production In South Korea
The government last year enacted a policy of rice acreage reduction, which provides subsidies to farmers who replace rice with other grains, with the aim of reducing production, according to the FAS report. In 2023, the cultivated area of substitute crops reached 125,100 hectares, falling just 2,000 hectares short of the government's target. According to the report, the policy will be expanded in 2024 with a target of 156,000 hectares.
If the projected 708,000 hectares dedicated to rice in the 2023-24 marketing year are realized, it will be South Korea's smallest harvested area since the FAS began tracking that information in 1960. The FAS forecasts that South Korea's rice production in 2023-24 will be 3.7 million tonnes, the same as the previous year.
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