Shine Muscat prices collapse in South Korean premium markets

Shine Muscat grapes, once sold as a premium fruit in South Korea, are now experiencing a dramatic price collapse due to market oversupply. A 2kg box that cost 30,000–50,000 won ($20.47–$34.14) in 2020 now sells for 10,000–20,000 won ($6.83–$13.66), making it one of the cheapest grape varieties, according to local media.

The average retail price as of November 14 was 11,572 won ($7.90), down 54.6% from previous years and nearly 20% lower than last year. Prices briefly fell below 10,000 won ($6.83) before stabilising. Last month’s average of 13,314 won ($9.09) is just one-third of the 2020 level of 34,000 won ($23.21).

Shine Muscat is now cheaper than Geobong (22,952 won / $15.67) and Campbell Early (15,834 won / $10.81), reversing its former premium status. The Korea Rural Economic Institute expects wholesale prices to remain around 7,000 won ($4.78) this month, down from 9,900 won ($6.76) last year.

Industry experts attribute the decline to rapid expansion of cultivation, which pushed Shine Muscat’s planting share to 43.1% in 2023. Oversupply has also lowered fruit quality, particularly sugar content. The issue has reached the National Assembly, and the National Agricultural Cooperative Federation recently delivered one ton of Shine Muscat to the Marine Corps to support struggling growers.

source: cm.asiae.co.kr

photo: mk.co.kr