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CJ 2013.04.15
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CJ CheilJedang targets US market with dumplings and noodles
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CJ CheilJedang has its sights firmly set on getting a bigger slice of the US market pie and it셲 a pie which it is hoping to complement with its dumplings and noodles. Its West Coast-based dumpling business has been significantly bolstered in the run-up, with a pincer-movement being worked out through a takeover of a leading East Coast-based food manufacturer, helping it to achieve blanket coverage in its expansion into the US food industry. .
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CJ CheilJedang has begun working on the expansion of its manufacturing facilities in California, with an additional dumpling factory being finished in March, adding to the existing Paramount Facility. The new factory, located in Fullerton, down in Orange County, is situated on a total land area of 27,000 m2 and is due to come on-line in January 2014 with an annual manufacture output of 4,500 ~ 5,000 tons. Upon its completion, CJ CheilJedang셲 Fullerton Facility will work with the Paramount Facility to achieve an annual production rate of 9,000 tons of dumplings in the US. .
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There has been positive feedback from local buyers representing large retailers such as COSTCO and Trader Joes. What셲 even better is that the praise has continued ever since CJ CheilJedang dumpling products first entered the US market back in 2009. In fact, its Bibigo-brand dumplings have become quite a hit, gaining a reputation as an excellent well-being food, not least thanks to the thin wrapper and abundance of vegetables inside the fillings compared to Chinese-style dumplings. .
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Bibigo-brand dumplings 쁟onvenience and 쁡ifferentiation strategy has helped the company gain favorable reviews in the US dumpling market. The precooked products reduce the cooking time, making them easy to eat. The launch of its unique bite-size mini dumplings, cannot be overlooked as a key factor in its success. .
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CJ CheilJedang is forecasting a 40 increase in US dumpling sales this year alone. Going forward, with the Fullerton factory coming on-line it will be well-placed to achieve its mid-term goal of having the leading market share. The US dumpling market in 2012, including both commercial and general consumer markets as one, was worth approximately 300 million USD (340 billion KRW)..
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If the dumpling market is CJ CheilJedang셲 appetizer, the US noodle market is its main-course; worthy of its full devotion given the latter셲 dominance over the former in terms of relative shares of the US Asian food market. CJ CheilJedang, which already owns the 쁀nnie Chun brand, has already secured itself a resilient powerhouse in the US premium noodle market, having acquired 80 of the shareholdings in three US food distributor companies (쁔MI Trading, Twin Marquis, CHEF ONE CORPORATION) for 46 million USD (52 billion KRW) in the latter part of 2012. Twin Marquis and Chef One are both successful manufacturers, with Chef One famous for its dumplings and Twin Marquis specializing in noodles and dumpling wrappers. TMI Trading, meanwhile, takes care of the distribution and sales of the products produced from these two companies from its base in the Big Apple. The three companies acquired by CJ CheilJedang are members of the 쁔MI Food Group specialists in the manufacture and sales of Asian foods in the US market..
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CJ CheilJedang looks set to now leverage Twin Marquis (in Chinese characters: 쐾뫑), which is a respected and highly influential brand in the US East Coast Asian food markets and renowned for its noodle products. The benefits of the brand extend to more than just its products, but also its customer base, as it extends beyond the traditional bounds of general consumer products into the realms of in-trade sales to its loyal clientele of Asian restaurants. Such an asset is sure to give CJ CheilJedang the leg-up it needs to firmly build up a foothold in the US market. .
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The new strategy of CJ CheilJedang is to unveil authentic Asian noodles encompassing the best of Korean and Chinese food through reconciling the Twin Marquis and Bibigo brands. Moving away from a simple reliance on Chinese noodles, it in fact has plans to launch Korean style noodles such as Kalguksu and Memilguksu. With all the right ingredients in the pot, CJ CheilJedang plans are now coming to the boil nicely, helping it significantly in its push for a greater stake of the US noodle market, estimated to be worth at over 1.26 billion USD (1.43 trillion KRW) in 2012 alone. .
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쏰ur new dumpling factory on the West Coast and the takeover of TMI Group on the East Coast has literally meant CJ CheilJedang can now strengthen its business in the US coast-to-coast, explains CJ CheilJedang Global Food Business VP, Mr. Hyun-soo Shin. 쏧n addition, we will not stop in our quest to achieve the globalization of Korean cuisine, and our goal to achieve the hallowed mantle of No. 1 Asian food company in the US. .
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