Ice creams and snacks set for price increases of up to 25%

Industry

Published: 26 Jun. 2023, 17:14

Ice creams and snacks set for price increases of up to 25%

A customer selects an ice cream at a convenience store in Seoul on Sunday. Manufacturers are raising their wholesale prices due to the increase in raw material costs, prompting CU, GS25, 7-Eleven, and Emart24 to announce up to a 25 percent price increase on selected beverages, ice creams, coffee, snacks, and canned goods starting from July. [NEWS1]

Convenience stores are raising prices for ice cream and beverages by double digits starting next month, following consecutive increases in their wholesale prices.

Starting from July 1, selected beverages, ice creams, snacks, and canned goods will undergo price hikes of up to 25 percent.

These increases come as a response to manufacturers such as Lotte Wellfood, Daesang, Dongwon F&B, Coca-Cola, and Hai Tai HTB raising their wholesale prices.

One notable area where consumers can expect a significant surge in prices is ice cream.

Popular ice cream varieties like Screw Bar, Jaws Bar, Okdongja, Watermelon Bar, Wild Body, Crunch Bar and Red Bean Ice Bar from Lotte Wellfood will all see a 25 percent price increase, going from 1,200 won (92 cents) to 1,500 won. Papico will see a 20 percent increase, rising from 1,500 won to 1,800 won.

Coffee prices will also be affected.

Coca-Cola's Georgia Original, Georgia Cafe Latte and Max Canned Coffee 240 milliliters (8.1 ounces) will increase from 1,200 won to 1,300 won, Georgia Gothika 270 milliliters from 2,200 won to 2,400 won, and Georgia Craft 470 milliliters from 2,500 won to 2,700 won — representing an 8 to 9 percent price adjustment.

Drinks like Hai Tai HTB's Sunkist Yuzu and Sunkist Quince will rise from 1,900 won to 2,000 won, and Grape Bongbong and Crushed Pear Juice from 1,400 won to 1,500 won — hikes of 5 to 7 percent.

Heineken Non-Alcoholic 500 milliliters will increase from 4,000 won to 4,500 won, and Qingdao Non-Alcoholic 500 milliliters rising from 3,300 won to 3,700 won, representing increases of 10 percent and 12 percent, respectively.

Snacks, including anju (snacks to eat with alcohol), will see price increases ranging from 5 to 12 percent, while canned goods can expect hikes of 10 to 25 percent.

This year has already witnessed consecutive price increases for products sold at convenience stores. In May, imported beers and cooked chicken saw their prices rise by up to 20 percent.

Manufacturers point to increasing raw material costs as the driving force behind their decision to raise wholesale prices. Supermarkets and other distribution channels already implemented price hikes back in February, and convenience stores are gradually adopting the increased prices in a sequential manner, according to manufacturers like Lotte Wellfood.

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]