Demand for Frozen Food, Including Rice, Hot in Korea
The market for frozen food in South Korea, spurred by convenient-to-prepare ready meals and side dishes, continues to grow steadily. CJ ChielJedang, the nation’s biggest producer of value-added frozen products, announced that sales of its Bibigo brand products surpassed 33 billion won in 2017. The company expects to top the 50 million won mark this year and widen its lead over Pulmuone, its main competitor.
Meanwhile, CJ ChielJedang’s market research firm, LinkAztec, estimates that the frozen rice market in Korea was valued at 70 billion (approximately $65 million) in 2017. That’s a rise of more than 300% since 2014.
Three suppliers dominate the frozen rice market: CJ ChielJedang, 33.5%; Pulmuone, 20.2%%; Ottogi, 15.4%.