About Doenjang
Doenjang or soybean paste is a kind of fermented bean paste made completely of soybean and brine. It is also a by-product of soup soy sauce. It is sometimes used as a savor. Doenjang has also been reported to show signs of an antioxidant, fibrinolytic, antimutagenic, anticancer, and as an antiobesity agent.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 11.8% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new modifications in the existing products and collaborations as per their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a large competitive advantage through the combined synergies. Analyst at AMA Research estimates that Asian Vendors will contribute the maximum growth to Global Doenjang market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Chung Jung One(South Korea), MARUSAN-AI Co., Ltd. (Japan), SEMPIO FOODS COMPANY (South Korea), CJ Foods (United States), Taehwa Food Inc.(South Korea), Roland(Japan), Maeil Food(South Korea) and Bibigo(United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Doenjang market by Type (Hansik Doenjang (Made by Traditional Style), Doenjang (Made by Non-Traditional Style) and Seasoned Doenjang (Mixture of Above)), Application (Salads, Flavoured Seasoning, Dipping Condiment, Soup and Others) and Region.
On the basis of geography, the market of Doenjang has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Packaging, the sub-segment i.e. Jars will boost the Doenjang market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-User, the sub-segment i.e. Household will boost the Doenjang market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The demand for improved quality and taste of food is rising in the market. Food with proper nutritional values and good taste is what the need of the hour is. Also, the increasing number of the population is shifting towards adopting different kinds of international cuisines.
Market Growth Drivers:
Growing Inclination of Developing Countries towards Doenjang, as Exhibiting Properties like Antioxidant, Anticancer, etc and Growth of the Food & Beverage Industry
Challenges:
Inability to Absorb the High Proteins and Vitamins Gained From Doenjang
Restraints:
Regulations lay down by the Government for Preparation of Fermented Foods
Opportunities:
Increasing Demand from Commercial Sector Including Restaurants, Hotels, Food Chains
Market Leaders and their expansionary development strategies
In January 1, 2023, Pulmuone Foods and CJ CheilJedang, two of South Korea's largest food companies, merged to form a new company called SPC Group. The merger is expected to create a food giant with a wider product portfolio and stronger distribution network.
In March 14, 2022, Sempio, a major Korean manufacturer of Doenjang, launched a new line of Doenjang products called "Imun Doenjang" which is made with organic soybeans and traditional fermentation methods.
In the Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011, in regulation 2.4 CEREALS AND CEREAL PRODUCTS the standards for wheat bran and non-fermented soya bean products are proposed. Wheat bran is the outer layer of the grain. It consists of the combined pericarp and aleurone. It may have adhering endosperm of the wheat kernel. It shall be free from musty and stale odor or sourness and from lumps, dirt and extraneous matter including metallic pieces. It shall be free from fungus or insect infestation. It shall be light brown in color.
Key Target Audience
Manufacturers of Doenjang, Suppliers of Doenjang, Wholesalers, Distributors, and Retailers of Doenjang, Food & Beverage Industry and Regulatory Bodies
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.