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CJ’s Korean-style fried rice hits W100b in US salesBy Song Jung-hyun
Published : Oct. 30, 2023 - 14:34
South Korean food giant CJ CheilJedang announced Monday that cumulative sales of its frozen fried rice products manufactured in the US have surpassed 100 billion won ($74 million) in the country, on the back of the rising popularity of Korean food among American consumers.
The figure is expected to rise to some 130 billion won by the end of the year, the food giant added.
The upbeat earnings are attributed to the acquisition of major US food firm Schwan's Co. in 2019, which helped it secure cold chain logistics throughout the country. Since then, sales have jumped three times.
The rice products, manufactured in Schwan’s owned factories in Vermont, are distributed through large retail chains including Walmart, Kroger and Target.
The food giant also put importance on its localization strategy behind the success of its frozen fried rice. It added Korean barbecue sauce, kimchi and garlic to the most favored flavors among local customers of chicken, vegetables and shrimp.
“Considering the growing popularity of K-food among US consumers, we have been ramping up our promotional efforts in the country such as through the designation of a separate Asian Food Zone in local supermarket stores," an official from CJ CheilJedang explained.
“Going forward, we will pour more resources into expanding the presence of our processed rice products in the US market.”
Sales of frozen rice produced in South Korea have also been increasing in the overseas market. Over the last three years, its export figure has increased at an annual growth rate of 22 percent.
Currently, it is exporting to a total of 17 countries, a significant jump from 7 countries in 2017.
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Address by President Yoon Suk Yeol on the 105th March 1st Independence Movement Day