Newark, March 07, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 4.83 Billion in 2023 kimchi market will reach USD 8.85 Billion by 2033. Growing health advantages from kimchi, global veganism or plant-based diets, increased visibility via collaborations with social media influencers, and growing Korean food tourism are some of the primary drivers driving market expansion. These factors are also expected to boost market expansion throughout the forecast period.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2024-2033 |
| Base Year | 2023 |
| Market Size in 2023 | USD 4.83 Billion |
| Market Size in 2033 | USD 8.85 Billion |
| CAGR | 6.25% |
| No. of Pages in Report | 239 |
| Segments Covered | by Type, Distribution Channel, Regions, |
| Drivers | Growing Korean cuisine tourism to encourage eating behaviours |
| Opportunities | Optimum distribution channel |
| Restraints | Regulations governing kimchi products worldwide- |
Key Insight of the Kimchi Market
Asia Pacific is anticipated to expand at the highest CAGR of 10.56% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 10.56% over the forecast period. South Korea and China are the world's leading producers due to their outstanding flavour and extensive use as side dishes. Kimchi production has increased as Koreans choose to buy kimchi goods rather than create their own.
The baechu kimchi segment is expected to register the highest CAGR of 9.55% over the projected period in the kimchi market.
The baechu kimchi segment is anticipated to grow at the highest CAGR of 9.55% in the kimchi market. Baechu kimchi is becoming increasingly popular since it is juicy and delicious when freshly cooked, can be eaten right away, and has a strong storage capacity that allows people to keep it for months or even years.
Over the projected period, the online retail segment is expected to register the highest CAGR of 8.28% in the kimchi market.
Over the forecasted period, the online retail segment is anticipated to grow at the highest CAGR of 8.28% in the kimchi market. Online retail is growing popularity due to lower prices, greater convenience in purchasing, and easier price comparison across a wide range of products.
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Market Dynamics
Driver: Growing Korean cuisine tourism to encourage eating behaviours
People who travel for food are exposed to a diverse range of culinary traditions, including Korean cuisine based on kimchi. After trying kimchi for the first time, tourists frequently grow addicted to it and look for it when they return home, raising demand in local markets. Tourists are frequently motivated to try new foods by their travel experiences and cultural immersion, leading them to become food ambassadors for items such as kimchi. As they tell their stories, at-home interest in and demand for these unfamiliar dishes grows. The popularity of Korean eateries in tourist destinations has played a crucial role in the worldwide popularity of kimchi.
Restraint: Regulations governing kimchi products worldwide
Many countries have strict limitations on the importation of goods such as kimchi. These recommendations cover labelling regulations, quality standards, and adherence to specific health and safety protocols. Compliance with these standards may be difficult for kimchi exporters, especially for smaller businesses or those located in areas where meeting these requirements may be difficult. Some countries impose severe limitations on the components found in food products. If any of the regularly used ingredients in traditional kimchi recipes do not comply with these standards, it may be difficult to produce or export kimchi in conformity with local legislation. The exact bacteria and environmental conditions required for the fermentation process used to make kimchi may not meet regional fermentation norms or requirements in different countries.
Opportunity: Optimum distribution channel
The kimchi market expansion is taking advantage of a wide range of distribution channels by being available both online and offline. As a result, a vast number of distribution channels are available, creating a substantial possibility for the global industry to expand. This technique expands market reach while meeting the convenience and preferences of a varied group of consumers. Collaborating with traditional offline channels such as restaurants, supermarkets, and grocery stores provides access to pre-existing networks of customers who prefer in-person shopping experiences. E-commerce platforms provide access to a larger audience that is not restricted by area. It allows people to easily order and have items delivered directly to their homes, which is especially handy for those who are busy or shopping for specialty products like kimchi.
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Some of the major players operating in the kimchi market are:
• CJ CheilJedang Corp.
• The Cultured Food Company
• South Coast kimchi
• The Kimchi Company
• DAESANG
• Mother-in-Law's
• Cosmos Food Co., Inc.
• Mama O's Premium Kimchi
Key Segments cover in the market:
By Type:
• Kkakdugi
• Yeolmu Kimchi
• Baechu Kimchi
• Baek
• Nabak
By Distribution Channel:
• Supermarkets/ Hypermarkets
• Departmental Stores
• Online Retail
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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