Once dubbed the "Hermes of fruit" and the byword for premium grapes, Shine Muscat has now sunk to the cheapest grape variety.
According to the Korea Agro-Fisheries & Food Trade Corporation (aT) tally on the 16th, the average retail price for 2 kg of Shine Muscat was 11,572 won as of the 14th, 54.6% cheaper than the average year. That is down 19.1% from last year. The daily price fell to the 10,000-won level and has recently recovered slightly.
Last month's average retail price for Shine Muscat was 13,314 won, about one-third of the level in 2020, five years ago. The average price in October was 34,000 won in 2020, 33,000 won in 2021, 24,000 won in 2022, 21,000 won in 2023, 15,000 won last year, and 13,000 won this year, marking a steep decline every year.
The Korea Rural Economic Institute (KREI) Agricultural Outlook Center projected that Shine Muscat's wholesale price this month will also be around 7,000 won per 2 kg, about 3,000 won lower than last year (9,900 won).
Shine Muscat used to be several times more expensive than Kyoho or Campbell Early, but it is now the cheapest grape. Last month's average retail price was 13,314 won per 2 kg for Shine Muscat and 22,952 won per 2 kg for Kyoho, 72% higher than Shine Muscat.
Campbell Early was 7,917 won per 1 kg, which converts to 15,834 won per 2 kg, 19% more expensive than Shine Muscat. As recently as Oct. 2021, the price of Kyoho was 18,963 won, 43% cheaper than Shine Muscat (33,435 won). In Oct. 2021, the price per 1 kg of Campbell Early was 8,041 won, a level similar to this year.
As Shine Muscat became known for generating high revenue, many farms jumped into cultivation, and prices plunged within a few years. The industry's read is that as cultivation area surged, supply rose sharply, and with inadequate growth management, overall quality fell, pulling prices down.
By grape variety cultivation area, Shine Muscat accounted for 43.1% as of last year. Campbell Early was 29.3% and Kyoho 17.5%, respectively. Shine Muscat's share soared from 4% in 2017 to 22% in 2020 and 41% in 2022.
The price crash issue also came under scrutiny during this year's National Assembly audit. Lee Man-hee of the People Power Party, a member of the Agriculture. Food. Rural Affairs. Oceans. and Fisheries Committee, even held up Shine Muscat and asked about related countermeasures.