Kimchi Market Size, Revenue Growth Drivers, Key Players, Business Opportunities, Demand and Forecast Analysis till 2034: SPER Market Research
Kimchi Market
Kimchi is a classic Korean fermented vegetable dish that is mainly made using Korean radish and Napa cabbage and is seasoned with salted fish, garlic, ginger, and chili pepper. It’s acidic, spicy, and umami flavors are enhanced by the fermentation process, which also supports intestinal health. Kimchi comes in a variety of seasonal and regional forms, with local tastes influencing the ingredients and degree of heat. In addition to being frequently served as a side dish, it can also be found in soups, fried rice, pancakes, and stews. Celebrated for its rich flavors and health advantages, kimchi has been a staple of Korean identity and international cuisine for more than a millennium.
According to SPER market research, ‘Global Kimchi Market Size- By Product, By Distributional Channel, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2034’ state that the Global Kimchi Market is predicted to reach 8596.48 million by 2034 with a CAGR of 5.16%.
Drivers: The market’s growth is driven by the growing vegan trend in the kimchi industry. The demand for vegetarian and vegan-friendly products, such as kimchi, is increasing as more people adopt plant-based diets for moral, environmental, and health reasons. Traditional fermented vegetable-based kimchi is changing to meet the needs of this expanding market. By developing vegan-friendly plant-based kimchi variations, producers are embracing innovation and capitalizing on a growing market niche. Kimchi sales have been greatly impacted by the introduction of new products. To satisfy a wide range of consumer tastes and broaden their market reach, producers are consistently launching creative kimchi variations. New kimchi products are a major factor in the worldwide market’s growth and competition as consumers look for unique culinary experiences.
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Restraints: Growing distribution issues are among the reasons that are expected to impede the worldwide kimchi market’s expansion. These include the limited shelf life of kimchi, the need for certain transit and storage conditions, and the need to maintain consistent product quality and Flavor throughout several manufacturing batches. Furthermore, expanding market penetration may be difficult in some regions due to complex regulatory frameworks and import restrictions. These issues, together with a lack of knowledge about the benefits of kimchi consumption, are expected to act as restraints on the growth trajectory of the worldwide kimchi market throughout the anticipated timeframe. Moreover, the existence of substitute plant-based fermented substitutes like natto and sauerkraut, which have similar qualities to kimchi, hurts kimchi’s sales success.
Global Kimchi Market Key Players:
The Asia Pacific area dominates the kimchi market and is expected to grow rapidly. China and South Korea are the world’s leading producers of kimchi. Kimchi production and consumption are strong in these regions, resulting in significant market growth. Some significant market players are Daesang Corporation, CJ CheilJedang Corp, Pulmuone U.S.A, Lucky Foods, Weifang Jiahe Food Co., Ltd, and others.
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