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.
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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
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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
o Hypermarkets/Supermarkets
o Specialty Stores
o Convenience Stores
o 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
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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 food and beverages sector has cemented its place among the global populace firmly over the years. This sector attracts considerable investments and subsidies from numerous government and non-government organizations. The trends and popularity regarding specific sub-categories are dynamic and help in structuring the overall growth. The trends are a way of answering the needs of the consumer. The players in the food and beverages sector have to adapt to the changing trends, which helps increase revenue-generation opportunities.
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