The World's No. 1 Ginseng Brand
Korea Ginseng Corp. (KGC) announced on Jan. 4 that its representative red ginseng brand, CheongKwanJang, ranked first in Euromonitor International's global ginseng retail sales standings.
Euromonitor estimated the global ginseng retail market at US$2.47 billion in 2022. CheongKwanJang accounted for 41.9 percent of the market, with sales of about US$1.038 billion.
CheongKwanJang came in first in 2013 with sales of US$731 million. Its 2022 sales represented a 42 percent increase compared with 10 years ago. It has held the top spot in the global ginseng retail market for 10 consecutive years, according to the survey.
KGC will focus more on the global market in the future. Apart from launching new products with various flavors and formulations tailored to the needs of local consumers, it will seek to secure local distribution channels and customers by expanding its value chain with leading partners in each country.
“The Euromonitor announcement has confirmed the high status of Korea in the ginseng market once again and proved the excellence of CheongKwanJang as the world’s No. 1 ginseng brand,” a KGC official said. “KGC will take the lead in the globalization of Korean ginseng for the health of people around the world.”