"Ginseng Prices Rise Too" Jeonggwanjang Raises Prices for the First Time in 11 Years

[Asia Economy Reporter Koo Eun-mo] KGC Ginseng Corporation will raise the prices of its CheongKwanJang red ginseng products starting next month. This is the first price increase for CheongKwanJang products in 11 years since 2011.

According to KGC Ginseng Corporation on the 23rd, the prices of CheongKwanJang red ginseng products will increase by an average of 6.6% from the 1st of next month. About 600 products will be affected. The selling prices will be adjusted at department stores, franchise stores, directly operated stores, duty-free shops, and large supermarkets.

Accordingly, the recommended retail price of CheongKwanJang Hong Sam Jeong 240g will rise from the existing 198,000 KRW to 211,000 KRW, and Everytime will increase from 96,000 KRW to 102,000 KRW, marking price hikes of 6.6% and 6.3%, respectively. Products such as Hongijanggun and iPass will increase by about 3%, while Purisam and Dalimek will go up by around 7%.

The company explained that this price increase is an unavoidable measure due to rising costs of ginseng raw materials, labor, and logistics. A KGC Ginseng Corporation official stated, "Since COVID-19, labor costs for farms have risen by more than 40% over the past three years, and this year’s fresh ginseng purchase price increased by 7.1% compared to the previous year," adding, "Due to the rising prices of raw materials and the pressure of increased logistics and other overall costs, we had no choice but to adjust prices."

This content was produced with the assistance of AI translation services.