"Auntie, When Will Dried Shredded Squid Return as a Side Dish?"...Once Vanished from Restaurants, Now Making a Comeback

Dried Shredded Squid Consumer Price Index at 139.1 in August
Down from Last June's Peak of 157.2
Recovery in South American Squid Production after 'Abnormal Climate' Effects

# '6 packs for 10,000 won in cash, 5 packs with a card.' At a traditional market in Gangbuk-gu, Seoul, a side dish store owner, referred to as A, has been paying particular attention these days while packaging side dishes. She is putting in a little more dried shredded squid (jinmichae) than usual. At the beginning of last year, when the price of dried shredded squid—the main raw ingredient—rose sharply, A removed it from the so-called 'pack side dish' sets she sold. Since then, she has been selling dried shredded squid separately, at 5,000 won per container. A said, "The price went up so much that I simply couldn’t sell it as a pack side dish," adding, "Now, since prices of dried shredded squid have slightly come down, I am making an effort to add more for customers who miss it."

The beloved staple side dish, dried shredded squid, which had disappeared from dining tables, now appears poised for a comeback. Last year, as the price of imported squid—the raw material—soared, the side dish vanished from restaurants due to cost pressures. However, with a rise in imported squid production, there is a growing chance that it will return to everyday meals.

A side dish store in Seoul is displaying and selling dried shredded squid. Photo by Hyunjin Jung

According to the Ministry of Data and Statistics on September 27, the Consumer Price Index (CPI) for dried shredded squid reached 139.1 last month. The CPI for dried shredded squid remained in the 100s up to August 2024 but then climbed rapidly, peaking at 157.2 last June. This means the price of dried shredded squid jumped by as much as 60% compared to 2020. Although the price has now returned to the 130-range for the first time in 16 months since February last year, it still remains higher than in 2024.

Dried shredded squid is such a representative ingredient for Korea's favorite side dishes that the Ministry of Data and Statistics includes it as a category in the Consumer Price Index. The dried shredded squid sold as a raw ingredient in Korea mostly uses Humboldt squid from South America, primarily sourced from Peru and Chile. Compared to the squid caught off Korea’s East Coast, it has greater catches, is less expensive per unit, and is thicker and chewier. This makes it widely used for dried shredded squid as well as butter-grilled squid and other dishes.

The price of dried shredded squid surged last year after Peru’s squid production dropped sharply in 2024. According to Peru’s Ministry of Production, the yield of Humboldt squid in 2024 was 188,000 tons—a 70% decrease compared to 621,000 tons in 2023. The rapid decline in catches was attributed to La Niña, which caused sea surface temperatures off the Peruvian coast to drop by about two degrees below average, significantly decreasing catch volumes. This drove up the wholesale squid price, which in turn caused a sudden spike in dried shredded squid prices as well.

However, the situation has changed recently. Last year, Peru's Humboldt squid production recovered to 697,000 tons. This year, output is also expected to remain near average levels, with the Peruvian government’s fishing quota set above 700,000 tons. Because it takes several months to import and freeze the squid caught locally, this gradual increase in supply has been affecting raw material costs for dried shredded squid in Korea since the latter half of last year.

The price of dried shredded squid at traditional markets has also fluctuated significantly. According to Korea Price Information, the price for 1 kg of dried shredded squid at markets jumped 73% in just one week—from 22,000 won in the second week of March last year to 38,000 won a week later. Although this price level held steady for two months and then gradually fell, it stayed above 30,000 won until July of the same year. In the second week of July last year, the price dropped to 28,000 won, remained at that level until mid-June this year, and has recently come down further to around 20,000 won.

Large retail stores also saw a roughly 20% drop in selling prices during the first half of this year. Last year, a 600g pack of dried shredded squid typically sold for between 25,000 and 29,000 won, but so far this year, the price has fallen to 20,000–25,000 won. A representative from one of the major supermarkets explained, "The usual process is to import frozen squid, thaw it domestically, and then process it into jinmichae here. With fishing yields recovering this year, prices at the source have stabilized, which in turn has affected retail prices."

Fluctuations in raw material prices inevitably affect the prices at which side dishes are sold both in restaurants and side dish stores. Last year, more restaurants nationwide stopped serving dried shredded squid as a standard side dish, while many side dish stores raised their prices. B, who runs a snack shop in Seoul, said, "Right now, the price is still a bit high to put it out as a regular side dish, so it’s hard to bring it back again. If prices drop further, I may have to reconsider."

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