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Bibigo Mandu (mandu is the Korean word for dumpling)

CJ CheilJedang recently announced plans to claim the number one ranking in the world frozen dumpling market with one trillion won (US$856 million) in sales of its Bibigo Mandu product.

The market is currently contested by businesses in South Korea, China, and Japan.

The company announced its goal on Jan. 20 at its refrigerated foods plants in Incheon.

“We intend to achieve one trillion won in sales of Bibigo Mandu (mandu is the Korean word for dumpling) by 2020, with 70% of that coming in overseas markets,” it declared.

Kang Sin-ho, head of CJ CheilJedang’s food project sector, noted that the company “made 330 billion won (US$283 million) in sales in South Korea and overseas last year with Bibigo Mandu, ranking first not only domestically but also in the US market.”

Kang went on to announce plans for an “aggressive global market expansion by establishing production bases on different continents.”

The plan involves investing over 200 billion won (US$171 million) to add one production facility each to its current two in the US and one in China, while setting up new ones in Germany, Russia, and Vietnam.

CJ CheilJedang frozen goods factory in Incheon (provided by CJ CheilJedang) 　

Alongside its representative Bibigo King-Sized Dumpling product, the company also plans to boost sales growth with specialized products reflecting food tastes in other countries. In 2014, it developed a Chicken Cilantro product tailored to US tastes, helping it secure a place at the Costco superstore - a difficult feat even for US brands. It also achieved the top ranking for dumpling sales there, beating out the Japanese brand Ajinomoto.

The world dumpling market totaled 5.7 trillion won (US$4.9 billion) last year. CJ CheilJedang occupies one of the top five positions for market share, after three Chinese businesses - Wanchai Ferry, Sanquan, and Shinian - and Ajinomoto.

“The Chinese businesses all focus on the domestic market, while Ajinomoto’s overseas sales are minimal,” explained CJ CheilJedang. “Given Bibigo’s current growth, we’re expecting it won‘t be difficult reaching our sales target by 2020.”

By Kim Eun-hyoung, staff reporter

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