CJ CheilJedang Bibigo Soup Dishes Lead 'Home Meal' Trend, Become 200 Billion KRW Mega Product

[Asia Economy Reporter Seungjin Lee] CJ CheilJedang's Bibigo soup dishes have become mega products thanks to the surge in home-cooked meals amid the COVID-19 pandemic.

CJ CheilJedang announced on the 28th that Bibigo soup dishes reached the 200 billion KRW mega product mark last year. This is the third Bibigo product to join the mega product ranks with sales exceeding 200 billion KRW in CJ CheilJedang's HMR lineup, following Hetbahn and Bibigo dumplings.

Launched in June 2016, Bibigo soup dishes started with sales of 14 billion KRW in the first year, growing to 86 billion KRW in 2017, 128 billion KRW in 2018, 167 billion KRW in 2019, and reaching 218 billion KRW last year, showing continuous growth. Over 100 million packs were sold last year alone, which means that on average, every Korean ate more than two bowls.

This trend is also reflected in penetration rates (the proportion of households purchasing at least once a year). According to CJ CheilJedang's research, the penetration rate for soup dishes over the past year (October 2019 to September 2020) was 51.8%, up 5.6 percentage points compared to the previous year. Among these, households with elementary school children and those with middle and high school children had penetration rates of 62.8% and 61.3%, respectively, higher than the overall average. It is analyzed that Bibigo soup dishes have established themselves as an essential home meal for families with children, offering easy cooking and efficient time use.

In particular, as time spent at home increased, demand surged significantly for popular restaurant menu items turned into products, such as Chadol Yukgaejang (beef brisket spicy soup), Jin-guk Seolleongtang (beef bone soup), Abalone Miyeokguk (seaweed soup), and Galbitang (short rib soup). Riding on the popularity of Bibigo soup dishes, food companies have launched various products, expanding the market and broadening consumer choices. According to Nielsen Korea, the ambient soup, stew, and jjigae market reached approximately 312 billion KRW last year, growing over 30% compared to the previous year. Bibigo soup dishes held the top market share at 43% last year.

Regarding these achievements, CJ CheilJedang attributes success to restaurant-level taste and quality, convenience, and a diverse menu lineup that has captured consumers' hearts. Based on ambient R&D technology and know-how, efforts to meet the latest trends and consumer expectations?from everyday meals like Yukgaejang, Miyeokguk, and Sagol Gomtang (beef bone soup) to restaurant-level dining menus?have been well received in the market.

Global sales have also gained momentum. Last year, overseas sales of Bibigo soup dishes, centered on Sagol Gomtang, Samgyetang (ginseng chicken soup), and Yukgaejang, tripled compared to 2017, and the number of export countries expanded to over 40, including the United States, Japan, China, Taiwan, India, and Paraguay.

In particular, in the United States, where Bibigo Samgyetang sales were actively promoted, sales grew by double digits compared to the previous year. This was the result of focusing on promoting Korean health food culture not only to Korean Americans but also to local consumers. This year, CJ CheilJedang plans to expand the launch of dedicated products tailored to each country's export standards and broaden distribution channels to increase global sales by about 30% compared to last year.

CJ CheilJedang aims to achieve 260 billion KRW in sales for Bibigo soup dishes this year. A CJ CheilJedang official emphasized, "Bibigo soup dishes are leading the growth of the entire HMR market as a representative 'national home meal' product, changing the paradigm," and added, "We will continue to approach consumers with products that meet their increasingly sophisticated tastes and expectations through relentless research and development."