New season velvet promotions are well underway in South Korea. Korean food companies are reporting success and growth of their velvet products over the Chuseok period.
The 2017/18 velvet season has started with the same enthusiasm experienced just two seasons ago.
A growing industry. The velvet industry has experienced seven years of strengthening prices and growing production levels. In the 2008/09 season, there was around 440 tonnes of velvet traded that achieved a weighted average price of $59/Kg (implied total farmgate value of $26m).