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Kimchi is a fermented, low-fat, and high fiber vegetable dish from Korea. Kimchi is made from vegetables like cabbage, carrot, radish, and cucumber. These vegetables are pickled in salt brine along with spices to give it a savory flavor. There are numerous variants of kimchi such as Baechu, Ggakdugi Kimchi, Yeolmumul Kimchi, Nabak Kimchi, and Kkakdugi. The exotic taste of kimchi, along with varied options available in the stores has resulted in a positive impact on the market.
The fermentation in kimchi is due to the growth of healthy bacteria, lactobacillus, which improves digestion. The utilization of kimchi in salads owing to its efficient digestive properties is increasing. The kimchi is also a high nutritional food as it has antioxidant properties that prevent cell oxidation and skin aging. The extensive incorporation of kimchi in the diet as a side dish with rice and noodles in Korea, Japan, and China is propelling its demand.
Key Market Driver -
Rising Demand for Vegan Products
Key Market Restraint -
Presence of Substitute Products
The rising trend of veganism is gaining popularity worldwide due to the growing inclination of consumers towards a plant-based diet. The factors such as the numerous health risk associated with meat consumption and increasing awareness for animal welfare is nudging consumers to shift towards a plant-based diet. The kimchi contains compounds such as selenium and allicin that help in keeping the cholesterol levels at a check and reduce the cardiovascular risks. The availability of other plant-based fermented substitutes like sauerkraut and natto which possess similar properties as kimchi is hampering the sales performance of kimchi.
The leading players operating in the kimchi market are CJ CheilJedang Corp., Cosmos Food Co., Inc., DASANG Corporation, DONGWON F&B, Elaia Holdings ltd., MILKimchi Inc., Pulmuone Co. Ltd., Sinto Gourmet LLC., Sunja’s Oriental Foods Inc., and Tazaki Foods Ltd.
The baechu kimchi variant is leading, as it is the most consumed among the other options. The baechu kimchi constitutes of cabbage mixed with chili powder, garlic, and fish sauce. The kkakdugi or diced radish kimchi is the second most preferred among the others. Based on the distribution channels, the significant sales of kimchi are through the supermarket/hypermarket. The supermarket/hypermarkets is leading distribution platform owing to its offerings and facilities such as attractive discounts on bulk buying, distinct shelves for kimchi along with the ease of buying. The online retail sector is gaining popularity due to its attractive offers coupled with door-step delivery options.
The Asia Pacific region holds a prominent market share for kimchi and is projected to expand at a significant rate. Countries such as China and South Korea are the leading global producers of kimchi. The high production and consumption rate of kimchi in these regions has resulted in positive market growth. In the year 2018, Japan was the largest importer of kimchi, with an approximate net worth of US$ 56 million. The increasing import of kimchi is due to its umami taste and its extensive consumption as a side dish.
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North America is expected to witness significant growth in the foreseeable years owing to the rising trend of cross-culture food. United States is the second-largest importer of kimchi globally, with an approximate value of US$ 9 million in the year 2018. The increasing demand among the consumers for innovative food has also led to the incorporation of kimchi in food products like burgers and wraps, aiding in market penetration in the region.
By Distribution Channel
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