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Biz News Korea(Eng)
CJ Cheiljedang plans to conquer the world’s dumpling market by 2020
- Collected
- 2017.01.23
- Distributed
- 2017.01.24
- Source
- Go Direct
Kang Shin-ho, Vice President of Food Business Unit of CJ Cheiljedang, said Friday that the firm poured in around 200 billion won in bibigo dumplings brand over the past three years to enhance its brand value, research and development (R&D) and manufacturing capacity. He added the firm made the largest share in the U.S. dumplings market with a 11.3 percent share last year on sales of 100 billion won. It raked in 326.5 billion won in sales of dumplings at home and overseas.
CJ Cheiljedang looks to China and Russia for its achievement of the 1 trillion won sales target. The two countries make up more than half of the world’s demand in dumplings which currently stands at around 5.7 trillion won.
The Korean food maker is ranked fifth in the world’s dumpling sales behind Chinese and Japanese rivals such as Wanchai Ferry and Ajinomoto.
It will acquire a Russian producer of “Pelmeni,” – Russia-style dumplings – by late March to obtain a strategic base for making inroads into the European markets. The firm will produce bibigo dumplings as well as “Cha gio” – Vietnamese spring rolls – in a Vietnamese factory it acquired last year.
The firm will build an additional plant in Shandong, near Beijing in China. It also plans to ramp up production at its current plant in Guangzhou, China by injecting 30 billion won.
By Baek Sang-kyung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]