It's not easy to determine the food for the Korean New Year, a traditional holiday unique to the Korean people, as it varies from region to region and household to household. However, the domestic production and export of rice cakes, hangwa (traditional Korean sweets) and japchae, which are commonly associated with the Korean New Year, are growing steadily. In the local market, the younger generation's evolving perspective on rice cakes and hangwa as quintessential Korean New Year foods is driving market shifts and international market expansion.
While the traditional interest in the Korean New Year has declined among the younger generation in Korea, there is a growing fascination with traditional foods such as rice cakes and hangwa. In the past, rice cakes and traditional hangwa were mainly enjoyed by the older generation and reserved for holidays like New Year's, but now they are establishing themselves as new "value foods" among young people. A new term, "yakketing," has been coined to introduce new rice cakes such as cheese rice cake, tiramisu rice cake, and milk rice cake to cater to the tastes of the younger generation. The rise of retro-style rice cake cafes and the increasing number of places offering rice cakes and hangwa instead of bread also contribute to this trend.

With the evolving perception of rice cakes and hangwa, these traditional foods are being transformed into fusion dishes with new ingredients. Currently, the market is expanding beyond Korea to the global market, attracting consumers around the world. Korean traditional foods are gaining new attention from domestic and international consumers who value health and dislike unhealthy additives. In Korea, young people appreciate rice cakes and hangwa for their deliciousness. In addition, these products are increasingly enjoyed as both a "snack" and a "meal replacement. As a result, consumer expectations for rice cakes and Korean snacks in 2022 focused on "feeling good in the stomach," "leisure of life," and "the taste of Korea.

In 2021, rice cake production and shipments surpassed 400,000 tons for the first time, reaching 433,000 tons in production and 401,000 tons in shipments. The rapid growth of the rice cake market can be attributed to the increased demand for convenient meals in the wake of COVID-19. In addition, there has been a growing interest in health, which has led to an increase in the consumption of easily digestible rice cakes. Hangwa production reached 58,988 tons in 2021, a remarkable increase of 25.8% compared to 2020 figures. The production value amounted to 81.8 billion won, showing an increase of 5.7% compared to the previous year.

In 2021, the total export volume of rice cake sand hangwa exceeded 20,000 tons, with an export value of more than USD 70 million. The year-on-year growth rate of rice cake and hangwa exports has increased significantly each year, reaching 37.3% in 2018, 27.8% in 2019, and 49.9% in 2020. Comparing 2021 with 2017, exports have more than tripled.

The export volume of rice cakes and hangwa in 2021 reached 20,551 tons, an increase of 14.9% from the previous year. The export value was USD 71.82 million, an increase of 20.1% from the previous year. The rising price value of Korean rice cakes and sweets in the global market has resulted in the pace of the export price rise exceeding the export volume. Domestic production of rice cakes and traditional Korean sweets has been steadily increasing, growing at an annual rate of 5-11% from KRW 546 billion in 2017 to KRW 731.3 billion in 2021. Production has more than doubled compared to 2017 figures.
In line with the growth in exports of rice cakes and traditional Korean snacks, exports of Korean japchae, another Korean New Year food, are also expanding. It has seen an average annual increase of 30.3%, reaching USD 11.5 million in 2017, USD 16 million in 2018, USD 22 million in 2019, USD 24 million in 2020, and USD 31 million in 2021.