Abstract
In 2020 the Korean government enacted a policy to enhance food security by increasing the production of domestic wheat up to a 10 percent level of the self-sufficiency rate by 2030. The success of this production-side policy should depend on the choice by consumers. The objective of this study is to determine the WTP(Willingness-to-Pay) price for processed food products by domestic wheat. We also estimate the values of important attributes of selected products using a conjoint analysis together with a hedonic price analysis. The attributes include origin of wheat, nutritional factor such as allergic reduction, certification of organic product, and price. The results show that the domestic wheat receives significantly higher premium compared to the import wheat and the origin is more important than other attributes considered. From the empirical results we make several policy and marketing suggestions to help expand the consumption of domestic wheat.
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