The growing demand for vegan products is expected to boost the growth of the kimchi market during the forecast period, states Fortune Business Insights, in a report, titled “Kimchi Market Size, Share & Industry Analysis, By Type (Baechu Kimchi, Kkakdugi, Nabak, Yeolmu Kimchi, Baek), By Distribution Channel (Supermarkets/Hypermarkets, Departmental stores, Online retail, Others) and Regional Forecast, 2021-2028.” The growing awareness regarding animal welfare is likely to enable speedy expansion of the market in the forthcoming years.
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The kimchi market contains:
- Latest industry trends
- Remarkable policies executed by players
- Exceptional regional Study
- Main Segments in the market
- Key trends and drivers
- COVID-19 analysis
Growing Awareness about Plant-based Diets to Augment Growth
The high risk associated with meat consumption has resulted in consumer shift towards plant-based diet, which, in turn, can foster the growth of the market. The growing popularity of veganism is expected to bolster the healthy growth of the market in the forthcoming years. The kimchi contains compounds such as selenium and allicin that help in keeping the cholesterol levels at a check and reduce cardiovascular risks. Kimchi is a fermented, low-fat, and high-fiber vegetable dish. It is made from vegetables like cabbage, carrot, radish, and cucumber. These vegetables are pickled in salt brine along with spices to give them a savory flavor. There are numerous variants of kimchi such as Baechu, Ggakdugi Kimchi, Yeolmumul Kimchi, Nabak Kimchi, and Kkakdugi. The exotic taste and varied options of kimchi are expected to spur its demand in the forthcoming years. However, the wide availability of other plant-based fermented substitutes like sauerkraut and natto is expected to hamper the growth of the market.
Baechu Kimchi to Dominate the Market
The baechu kimchi variant is expected to hold the largest share in the global market. The baechu kimchi constitutes of cabbage mixed with chili powder, garlic, and fish sauce. The kkakdugi or diced radish kimchi is the second most preferred among the others.
Based on the distribution channels, the supermarket/hypermarkets is the leading distribution platform due to its offerings and facilities such as attractive discounts on bulk buying, distinct shelves for kimchi along with ease of buying. The online retail sector is also expected to gain popularity due to its attractive offers coupled with door-step delivery options.
High Production and Consumption of kimchi to Aid Growth in Asia Pacific
Asia Pacific is expected to rise exponentially during the forecast period due to the high production in China and South Korea. The high consumption rate of kimchi in these regions can create new opportunities for the market. For instance, in 2018, Japan was the largest importer of kimchi, with an approximate import of US$ 56 million worth. The increasing import of kimchi is due to its umami taste and its extensive consumption as a side dish. North America is likely to experience rapid growth during the forecast period due to the trend of cross-culture food. United States is the second-largest importer of kimchi globally, with an approximate value of US$ 9 million in the year 2018. The increasing demand for innovative food among consumers can incite the development of the market in the region.
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November 2019: Nasoya introduced vegan kimchi which is 100% gluten-free, healthy, and more convenient.
October 2019: Bottlebrush Ferments launched a new variant of kimchi which boosts immunity and is filled with cucumber, pak choi, and coriander.
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