Jeonggwanjang, Number 1 in the Global Ginseng Market for 10 Consecutive Years... 42% Market Share
[Asia Economy Reporter Eunmo Koo] KGC Ginseng Corporation's red ginseng brand, CheongKwanJang, has ranked first in sales in the global ginseng market for 10 consecutive years.
On the 4th, KGC Ginseng Corporation announced this by citing the 2022 report from the global market research firm Euromonitor International.
Last year, the global ginseng retail market was valued at $2.47 billion (3.139 trillion KRW), of which CheongKwanJang's sales accounted for $1.038 billion (1.319 trillion KRW), representing 42%. This figure includes only processed ginseng products sold at retail stores worldwide and excludes fresh ginseng and wholesale sales. Compared to the survey nine years ago, CheongKwanJang's sales have grown by more than 40%.
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Meanwhile, with improved export performance, KGC Ginseng Corporation's sales and operating profit in the third quarter of last year increased by 2.7% and 9.2%, respectively, compared to the same period the previous year. KGC Ginseng Corporation plans to focus more on its global business by launching products tailored to local consumer demand and expanding distribution channels in various countries.
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