Sweet Potato Production Declines and Prices Rise
Risks Increase for Roasted Sweet Potato Vendors
Winter Delicacy 'Street Roasted Sweet Potato' Virtually Disappears
A roasted sweet potato container that can be used to roast and sell roasted sweet potatoes. Photo by Wikipedia
[Asia Economy Reporter Han Seung-gon] "You can't see street roasted sweet potato vendors anymore."
On the afternoon of the 3rd, Mr. A, a man in his 40s whom we met in front of a roasted sweet potato machine installed at the entrance of a large supermarket in Seoul, said this.
He said, "This roasted sweet potato container is neat and nice, but the sweet potatoes are baked in an oven. It just doesn't have the taste of the roasted sweet potatoes we used to eat when we were kids."
Street roasted sweet potato vendors, who were easily seen in the past, are now almost nowhere to be found. The 'street roasted sweet potato,' once considered a winter delicacy, can now only be found in machines that roast sweet potatoes installed at the entrances of large supermarkets.
This phenomenon is analyzed to be mainly due to the rising price of sweet potatoes. According to agricultural product distribution information, the price of sweet potatoes has been continuously rising over the past five years.
The price of a 10kg box of sweet potatoes, which was in the 20,000 won range in the first week of January 2015, rose to 30,690 won in 2016, and 35,825 won in 2017. In January 2018, it rose to around 48,000 won. This means it nearly doubled in five years.
The reason for the rising sweet potato prices is related to the decreasing production volume each year. According to Statistics Korea, sweet potato production was about 430,000 tons in 1990. It then decreased to about 320,000 tons in 2017, a 25% reduction.
This situation is making the street roasted sweet potato business difficult. The business requires installation costs for machines that can roast sweet potatoes and labor costs.
The cost of a roasted sweet potato cart is known to be around 300,000 won. Also, LPG gas must be purchased at around 30,000 won. Even after investing hundreds of thousands of won and labor, due to △labor costs △and the annually rising price of sweet potatoes, the so-called 'street roasted sweet potato business' is inevitably classified as a high-risk business sector.
On the other hand, the roasted sweet potato machines located at the entrances of large supermarkets have relatively less risk. This is because the supermarkets operate and manage them. The roasted sweet potatoes sold this way cost 2,000 won each, or 5,000 won for three. Securing stable profits relative to investment is difficult, and as a result, street roasted sweet potato vendors are disappearing from the streets.
Citizens express much regret. Mr. B, a man in his late 30s, expressed sadness that a childhood memory seems to have disappeared. He said, "I remember saving small change during school days to buy hot roasted sweet potatoes and blowing on them to eat," adding, "It was not just the taste, but the atmosphere back then that was better."
Another man in his early 40s, Mr. C, said, "I also did part-time work selling roasted sweet potatoes back then," and added, "The roasted sweet potatoes were so hot that the skins would burn, but those skins had their own unique taste."
Meanwhile, it is expected to remain difficult to encounter street roasted sweet potato vendors this year as well. According to the Korea Agro-Fisheries & Food Trade Corporation (aT) on the 3rd, the wholesale price of sweet potatoes (night, commercial grade) per 10kg is 26,000 won. This is a 4.0% increase compared to 25,000 won a week ago, a 33.5% decrease compared to 39,080 won a year ago, and a 0.3% increase compared to the daily average price of 25,933 won.
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