“Bingsu” prices rise as key ingredient costs soar

2024.05.07 11:43:01 | 2024.05.07 11:44:07

“Woori Red Bean Bingsu” [Courtesy of A Twosome Place]이미지 확대

“Woori Red Bean Bingsu” [Courtesy of A Twosome Place]

As the hot weather sets in, the prices of South Korea’s favorite summer dessert, “bingsu,” are expected to increase in 2024 as the cost of key ingredients such as red beans and milk also rise. A Twosome Place and Angelinus, which were among the first to introduce bingsu offerings in 2024, have already raised their prices.

According to industry sources on Monday, A Twosome Place recently announced the release of its summer season menu featuring “Woori Red Bean Bingsu” priced at 12,000 won ($8.85) and “Apple Mango Bingsu” priced at 14,000 won. These prices are an increase of 1,000 won and 500 won respectively compared to a year ago.

“The 2024 bingsu menu has been upgraded with premium toppings such as fresh mango, pudding, and glutinous rice cake, all made with Korean ingredients, leading to fluctuations in pricing from year to year,” an official from A Twosome Place explained.

Angelinus introduced three varieties of bingsu, including two red bean-based options and one peach-based bingsu. The prices for the red bean bingsu range from 7,000 won to 8,000 won, while the peach bingsu is priced at 14,000 won. These prices are higher than the previous year‘s offerings of red bean bingsu (6,500 won) and apple mango bingsu (12,000 won).

“Unlike last year, the impact of rising raw material prices has been compounded by the fact that bingsu is made directly in-store, resulting in increased labor costs,” Lotte GRS, who runs Angelinus, said.

According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the wholesale price of Korean red beans, bingsu’s main ingredient, was 434,667 won per 40kg as of May 3rd, 2024, up 14.79 percent from a year ago. The rising price of milk, another key ingredient, has also contributed to the price hike. Milk prices increased by 13.2 percent in the first quarter of 2024 compared to the previous year. There is a growing sentiment within the industry that price increases are inevitable thanks to rising costs as well as factors such as ingredient changes and premiumization.

By Kim Geum-yi and Minu Kim

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