Eel Prices Plummet... Homeplus Partners with Suhyup for Discount Event

Nationwide Stores and Online Malls
Selling at 4,790 KRW per 100g from 17th to 30th

[Asia Economy Reporter Cha Min-young] Domestic freshwater eel, loved as a health food menu, will be sold regularly at large supermarkets for the first time. As the COVID-19 pandemic worsened, blocking sales channels and causing prices to plummet, the Fisheries Cooperative and large supermarkets joined forces to help aquaculture farms.

Homeplus announced on the 16th that, in partnership with the Freshwater Eel Aquaculture Cooperative, it will hold a "Domestic Freshwater Eel Consumption Promotion Event" at nationwide stores and online from the 17th to the 30th. They secured a total of 5 tons, or 15,000 freshwater eels, and will sell them at 4,790 KRW per 100g, continuing regular sales thereafter.

Until now, domestic freshwater eels were rarely sold regularly at large supermarkets, mostly appearing only during weekend special sales events. This was because demand was high due to dining out, which kept prices elevated. Production costs are also relatively high due to the use of world-class aquaculture facilities, technology, and premium fish feed.

However, since dining out accounts for a large portion of consumption, the recent spread of COVID-19 dealt a direct blow. According to the Korea Maritime Institute (KMI) Fisheries Industry Observation Center, the price of eel at production sites rose from 36,500 KRW per kg (based on 3 eels per kg) in December last year to 40,000 KRW in June this year, but as of December, it has fallen to around 22,000 KRW per kg, threatening even the 20,000 KRW level. This is a 45% drop compared to June and a 40% plunge compared to the same period last year.

Homeplus plans to regularly handle freshwater eels to help expand sales channels for eel farms, while also supplying carefully selected quality products at reasonable prices to customers who have found it difficult to consume freshwater eel during prolonged periods of staying at home.

Shin Byung-jun, a buyer for Homeplus’s seafood team, said, “Eel, which is excellent in taste and nutrition, is expected to help customers manage their health,” adding, “We will continue to hold related events to support fishermen who are struggling due to the prolonged COVID-19 situation.”

This content was produced with the assistance of AI translation services.