SEOUL, July 5 (Korea Bizwire) — South Korean food maker CJ CheilJedang Corp. said Tuesday it will expand into the European market with a sales target of 500 billion won ($US384 million) by 2027.
The announcement came two months after the South Korean food maker opened an office in London to begin full-scale efforts to penetrate the European market.
To achieve the aim, CJ plans to strengthen the market presence of Korean-style dumplings, called “mandu,” in Europe by increasing product offerings of its Bibigo Mandu.
CJ said it will launch a plant-based Bibigo Mandu in the third quarter this year to target health-conscious vegetarian consumers in Europe.
The company is also eyeing Europe’s ready-meal market, with plans to develop ready-meal products using CJ’s instant cooked rice and traditional sauces.
A possible acquisition of a European food company is up for review, it said, for additional local infrastructure and logistics network.
Additionally, CJ plans to expand its business areas to other Asian foods, such as spring rolls, through its Vietnamese affiliate Cau Tre and U.S. affiliate Schwan’s Co., acquired in 2016 and 2019, respectively.
“While Europe is known as a barren land of K-food, a recent increase in interest for Asian food and K-culture has offered us more opportunities. Following the United States, we will promote the excellence of K-food in Europe through our Bibigo brand,” a CJ official said.
Since its first entry in 2018, CJ’s annual sales in Europe grew on average by 38 percent. Its European sales amounted to 36.5 billion won in 2021 and are expected to reach 60 billion won in 2022.