About Gochujang
Gochujang is an important ingredient used in Korean cooking. It is a thick and spicy-sweet crimson paste made from red chile pepper flakes, glutinous rice (also known as sticky rice), fermented soybeans, and salt. It can be used marinades for meat dishes like Korean bulgogi, stirred into dipping sauces, or used to punch up stews or soups.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Competition among existing players is due to the Gochujang market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Gochujang market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage Analyst at AMA Research estimates that South Korean Vendors will contribute the maximum growth to Global Gochujang 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.
Sempio (South Korea), DAESANG GROUP (South Korea), Bibigo (South Korea), CJ Corporation (South Korea), Taehwa Food Inc. (South Korea) and Kerry Group (Ireland) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Gochujang market by Type (Bagged Gochujang, Box Packed Gochujang and Bottled Gochujang), Application (Restaurants, Home and Others) and Region.
On the basis of geography, the market of Gochujang 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 Distribution Channel, the sub-segment i.e. Online Stores will boost the Gochujang market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
High Demand for Food Products with Innovative Taste and Flavors
Market Growth Drivers:
Health Benefits of Gochujang Creates Demand for the Products and Increasing Popularity of the Gochujang
Challenges:
Less Awareness in Some Regions
Restraints:
Fluctuations in the Raw Material Prices
Opportunities:
Growing Food Industry Worldwide and Robust Increase in the Distribution Channels
Market Leaders and their expansionary development strategies
In March 2023, CJ CheilJedang announced that its Haechandle Gochujang has become the first Korean fermented food brand to secure the European "V-Label" vegan certification. The V-Label is a global vegan certification used in more than 30 countries.
In December 2023, Daesang Corp. announced that its global food brand O’food launched two new chicken dipping sauces Swicy (sweet and spicy) Gochujang, and Smoky K-BBQ.
Key Target Audience
Gochujang Manufacturers, Research Professionals, Emerging Companies, Raw Material Suppliers/ Buyers, Distributors, Government Body & Associations and End-user
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.