CJ Cheiljedang posted 300 billion won in cumulative sales from sales of “Bibigo Wanggyoja” (king-size dumplings) in Korea. The figure represents the biggest-ever sale a Korean brand has reaped in the Korean frozen dumpling market. CJ Cheiljedang chalked up 300 billion won by selling 100 million Bibigo Wanggyoja packages over the past three years and eight months.
Given the Korean population of 50 million, the figure translates into two packs of dumpling for every man, woman and child in the country. Bibigo Wanggyoja has enjoyed popularity since its debut in December 2013. In particular, the product saw sales surge 28 percent to 83 billion won in the first seven months of this year over the same period last year. The figure represents a seven-fold jump compared to three years ago.
The company’s charming performance was partly attributable to the company’s posting of more than 10 billion won in monthly sales even in the off-season since March. Riding the coattails of a growing prepared-food market and “honsul,” or individual drinking, the Bibigo Wanggyoja achieved better-than-expected performances.
Thanks to Bibigo Wanggyoja, CJ Cheiljedang has retained the No. 1 position in the Korean frozen dumpling market.
A report by the market survey institution LinkZstec showed that CJ Cheiljedang took up 42 percent of the frozen dumpling market during the period between January and June 2017. The gap with the runner-up Haitai Confectionary has been widening. Haitai Confectionary has a 16.9 percent share. During the period between January and June 2017, CJ Cheiljedang saw its market share surge to 50.2 percent.
CJ Cheiljedang is conducting a marketing blitzkrieg to promote a Wangyoza-plus beer campaign in time for the high summer season. The company aims to post 150 billion won this year, a more than 30 percent jump over last year, it said.
“Great CJ” is the slogan for CJ Group’ s strategy of reform and innovation designed to push global growth and growth in partnership with cooperative firms.
The group announced investments for this year which include facilities and R&D activities amounting to 3.24 trillion won.
The investment is nearly double the figure of 2011, up 91.7 percent, surpassing 3 trillion won for the first time in annual terms.
The investment will go to both its domestic and foreign operations; 2.34 trillion won at home and 900 billion won overseas, representing increases of 170 billion won and 200 billion won, respectively. Domestic investments will be divided between facilities and R&D activities to mainly shore up the contents of entertainment and media businesses, as well as to supplement facilities to enhance their competitive edge.
All the planned investments are intended to boost the group’s sales to 30 trillion won this year. Its annual sales broke the 10 trillion won level in 2007 and reached 20 trillion won level in 2011. The group has been engaged to boost its operations abroad.
CJ Cheiljedang plans to secure the top position in the bio sector by producing environmentally friendly methionine and resin at its green-bio plants in Malaysia and the United States, which are under construction. CJ Cheiljedang has decided to secure half of its annual sales from abroad beginning next year to upgrade its position as a trailblazing global food maker and bio enterprise.
“CJ Bibigo Oishi Makkoli,” makkoli rice wine, was exported to Japan in cans for the first time by the company early this year, posting 3.5 billion won in sales in the first quarter. The company projects sales will reach 10 billion won this year because the drink is being sold in an increasing number of major supermarket chains in Japan. The special canned rice wine is localized for the tastes of Japanese customers, especially younger customers, as it is mixed with up to 15 percent grapefruit juice. The Hallyu fad in Japan has been helpful to the sale of CJ Bibibo Oishi Makkoli, boosting its popularity among Japanese rice wine lovers.
“Hatban,” instant cooked rice that has become popular in Korea, has been successfully sold at major supermarkets overseas, cutting the time needed to reach overseas customers. The company has successfully been selling its foodstuff including Hatban and other packaged foods such as mandu and red pepper paste for broiled beef in Mexico, thanks to its success at Costco supermarkets in the North American country. The company expects to put the product on the shelves of 170 Mexican Sam’s Club stores, which is an affiliate supermarket chain of Wal-Mart.