PR99404

SEOUL, South Korea and LONDON, Jan. 6, 2023 /PRNewswire=KYODO JBN/ --

Records No. 1 brand in global ginseng retail market sales in 2022, compiled by

Euromonitor

Records sales of approximately USD 1.038 billion in 2022 and 41.9% market

share, ranking first for 10 consecutive years

KGC(Korea Ginseng Corp.)'s representative red ginseng brand 'CheongKwanJang'

ranked first in the global ginseng retail market sales record compiled by

Euromonitor International, a global market research company.

Logo - https://mma.prnewswire.com/media/1902566/Logo_KGC_new.jpg

According to Euromonitor's 2022 report, the global ginseng retail market last

year was approximately USD 2.47 billion (KRW 3.139 trillion). Among them,

CheongKwanJang recorded a market share of 41.9% with sales of about USD 1.038

billion(KRW 1.319 trillion).

The survey of the 'Ginseng' category includes only processed ginseng products

(in the form of products such as concentrated liquid or root ginseng) sold at

retail stores all over the world, excluding general fresh ginseng and wholesale

sales.

CheongKwanJang, which ranked first in 2013 with sales of USD 731 million,

achieved a sales growth rate of about 42% higher than 10 years ago according to

this survey, and takes an honor in ranking No. 1 in market share in the global

ginseng retail market for 10 consecutive years.

Meanwhile, in the third quarter of last year, KGC made KRW 429 billion in sales

and KRW 74.8 billion in operating profit, up 2.7% and 9.2% year-on-year,

respectively. Overseas export performance has contributed outstandingly to the

improvement. Overseas sales in the third quarter of KGC recorded KRW 50.8

billion, up 6.9% from the same period last year.

Overseas sales are gradually expanding from Mainland China, Taiwan, and

Southeast Asia to Europe and the Middle East. In addition, KGC analyzed that

the 'global localization strategy', such as rebuilding a local business model

with marketing activities targeting local consumers and strengthening the

competitiveness of the global online business by establishing a platform

suitable for each country's digital market environment, led to improved

overseas export performance.

KGC stated that through this Euromonitor's announcement, it was possible to

confirm once again the status of Korea as the birthplace of ginseng and

CheongKwanJang as the world's No. 1 ginseng brand, plus KGC added that it would

lead the globalization of Korean ginseng until it could be responsible for the

health of people in the world.

SOURCE  KGC (Korea Ginseng Corp.)

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   Caption: The world's No.1 ginseng brand, CheongKwanJang