Kimchi Market: Market Outlook
Kimchi is recognized worldwide as the flagship food of Korea. Kimchi is a traditional Korean fermented food and a basic side dish of the Korean diet. It is considered one of the most popular and healthiest food in Korea and it is gaining popularity across the world. Kimchi is made from various vegetables, red pepper, other spices, and fermented seafood and is rich in various vitamins, minerals, dietary fiber, and other biological components. These fermentations are typically prepared with favoring ingredients included and do not require further processing or desalting before consumption. Consumers across the globe are seeking new and sensory products than regular staple food products which are expected to fuel the growth of the global kimchi market.
Kimchi Market: Market Dynamics
Appealing Taste and Sensory Flavor of Kimchi Products to Bolster Sales
Food and beverage innovation has become the key factor for the manufacturers in the global food and beverage industry. Globalization of the food and beverage industry is boosting the demand for new and innovative food and beverage products. Consumers across the world are showing more interest in the overseas food culture and adopting the sharing culture. The local cuisines or products of small countries are becoming popular on global platforms based on taste, flavor, and nutritional content. As kimchi is Korean food having multiple health benefits with nutritional richness, taste, and sensory flavor which driving the growth of the global kimchi market.
Exponential demand for Healthy Food to promote Kimchi Product
In recent years, the demand for natural, organic, and healthy food products is increasing dramatically in both developed and developing markets. Increasing urbanization, changing food habits are the key factors behind the increasing demand for healthy food products. Kimchi contains multiple ingredients such as vegetables, herbs, and spices including cabbage, turnip, onion, pepper chili powder, garlic leaves, etc. These are the key ingredient provides multiple nutrition’s which human body requires along with good taste, texture, and flavors. Owing to these factors the demand for kimchi products is increasing across the world.
Kimchi Market: Segmentation
Based on nature, the global Kimchi market can be segmented as follows
- Organic
- Conventional
Based on the product type, the global Kimchi market can be segmented as follows
- KIMCHI RELISH
- Cabbage Kimchi
- Cucumber Kimchi
- Red Mustard Leaf Kimchi
- Others
Based on the End-use, the global Kimchi market can be segmented as follows
- Foodservice Industry
- Retail/Household
Based on the End-use, the global Kimchi market can be segmented as follows
- Business to Business
- Business to Consumer
- Hypermarkets/Supermarkets
- Specialty Stores
- Convenience Stores
- Online Retail
Based on the region, the global Kimchi market can be segmented as follows
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Kimchi Market: Key Players
Some of the key players engaged in the production of kimchi are CHOI'S KIMCHI CO., Kimchi Culture, DAESANGSinto Gourmet, Cosmos Food Co., Inc., Real Pickles, Mama O's Premium Kimchi, Dongwon Group, CJ CHEILJEDANG CORP, Lucky Foods, TOP GOURMET Food Industries Pte Ltd, Sunja's Kimchi, King's Asian Gourmet, Pulmuone Foods USA, Elaia Holdings, Tazaki Foods Limited, CHOI'S KIMCHI CO, and Others
Kimchi Market: Opportunities for the Key Players
Kimchi is one of the emerging products in the global food and beverage market. Asian cuisine is always at the forefront of innovative food products. Besides, the use of unique spices and herbs in Asian cuisines or dishes is popular across the world. Thus, the kimchi is made with a blend of vegetables, herbs, and spices which is the unique characteristic of kimchi. Besides, the popularity of kimchi is increasing in western countries which offers huge opportunities for the key players in the global kimchi market.
Kimchi Market: Regional Outlook
The Asia Pacific is expected to register the highest growth rate in the forecast period of the global kimchi market. The kimchi has the flavor of Chinese food, as well as the Korean and Chinese food products, are the popular food products among South Asian consumers which are expected to impact positively on the growth of the kimchi market. Kimchi is an emerging product in North America and Europe which is expected to gain huge popularity among this region in foreseeable future.
Impact of Covid-19 on Kimchi Market
The outbreak of COVID-19 has impacted business activities across many industries, this has caused economic disruption across the globe. The supply chain was also impacted by the lockdown situation observed in many regions across the globe. This pandemic situation has also impacted the food and beverage industry with consumers concerned about safety and health concerns. This situation has increased the consumption of home-cooked food. Thus, Manufacturers are focusing on implementing a new supply chain strategy by focusing on online retail sales. This is expected to impact the growth of the kimchi market. By the second quarter of 2021, the growth is expected to back to normal for the kimchi market
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
