Kimchi is known around the world as Korea’s national dish. Kimchi is a traditional fermented Korean cuisine and a staple of the Korean diet. It is regarded as one of Korea’s most popular and healthiest foods, and it is gaining appeal worldwide. Kimchi is a fermented fish dish mixed with a variety of vegetables, red pepper, and other spices. It is high in vitamins, minerals, dietary fiber, and other biological components. These fermentations are usually made using flavoring substances and don’t need to be processed or desalted before being consumed. Consumers all over the world look for new and innovative products in addition to traditional basic foods, which are projected to drive the global kimchi market forward.
Companies Covered:
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.
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COVID-19 Impact Analysis
The current COVID-19 outbreak, which has disrupted worldwide trade and industry, is predicted to suffocate the kimchi industry. The drop in demand has harmed producers.
Apart from demand, the COVID-19 outbreak has wreaked havoc on the supply chain, with enterprises encountering severe delays in procuring the raw materials they need. This has made inventory management extremely challenging for producers.
The lockdown limits imposed by COVID-19, along with a staffing constraint, resulted in a decrease in kimchi output and sales.
Top Impacting Factors
Some of the significant and crucial variables that would likely boost the expansion of the kimchi market are expanding preferences for plant-based diets, rising demand for healthy and nutritious products, and simple availability of the product through various distribution channels.
Kimchi refrigerators are more commonly used to store kimchi as a result of the increasing number of product development, packaging innovations, and technological advancements, which will further contribute by generating immense opportunities that will lead to the growth of the kimchi market in the above-mentioned projected timeframe.
The increasing number of distribution issues, which will likely operate as a market restraint factor for kimchi growth throughout the forecasted term.
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Market Trends
Vitamins are being used more frequently in Southern Asian countries
Over the last two decades, there has been a significant transformation in people’s lifestyles and eating habits, notably in the South Asian region. This transition was fueled by urbanization and consumerism, which resulted in a rapid increase in the consumption of artificial and synthetic foods, leading to an increase in the incidence of lifestyle diseases. People are becoming more aware of these issues, and functional foods and beverages supplemented with vitamins and other minerals, which are advertised as good basic nutrition, are progressively becoming more popular.
These items are said to provide appropriate nourishment while also lowering the risk of disease. As a result, the country’s market for kimchi will grow. Furthermore, different government programmes are being implemented in order to encourage fortified food and beverage consumption, particularly in developing nations such as China and India, consequently propelling the market even further.
Increasing Preference for Fermented Food and Beverage to improve demand of Kimchi
The popularity of packaged fermented drinks is expanding the use of fermented ingredients in the Asia-Pacific area, owing to their supposed health benefits. For example, kombucha, which is high in organic acids, has strong antibacterial action and can be used for a variety of therapeutic purposes, which is projected to drive market expansion in countries like China. Furthermore, fermented products such as Kombucha have a long history in the country and are well-known for their cleansing and revitalizing benefits.
In India, fermented foods are widely consumed by the native population, not only as a source of nutrition but also as a form of traditional medicine. Many of the foods have been noted by local people to have therapeutic benefits during illness and are utilized as a special diet or treatment, which is boosting demand for fermented food ingredients in the country. Thus rising popularity of fermented foods will increase the demand for Kimchi too.
Key Benefits of the Report
This study presents the analytical depiction of the Kimchi industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Kimchi Market share.
The current market is quantitatively analyzed from 2020 to 2030 to highlight the Kimchi Market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed Kimchi Market analysis based on competitive intensity and how the competition will take shape in coming years.
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