'Bibigo·Yangban Yonggijuk' Prices Rise... CJ CheilJedang and Dongwon F&B Increase by 15% Each

[Asia Economy Reporter Seungjin Lee] Prices of porridge products, which have high demand as convenience foods, will be increased.

According to the industry on the 19th, CJ CheilJedang plans to raise the prices of 10 types of 'Bibigo Porridge' products sold at convenience stores starting next month on the 1st. The price increase is about 15%.

This is the first price increase for porridge since the product was launched in 2018. With this price adjustment, the selling price of products including 'Bibigo Abalone Porridge,' 'Mushroom Vegetable Porridge,' and 'Beef Porridge' will rise from 3,900 won to 4,500 won. Prices of pouch porridge mainly sold at large supermarkets will not be increased.

A CJ CheilJedang official said, "The decision to raise product prices was made due to the accumulated cost burden of raw materials such as rice, abalone, and beef."

Earlier, Dongwon F&B also raised the supply price of 12 types of its container porridge products to convenience stores by an average of 15% starting this month. Accordingly, the convenience store selling price of 'Yangban Abalone Large Porridge 404g' increased from 4,500 won to 5,200 won.

Meanwhile, as demand for convenience foods has increased since COVID-19, the porridge market size has rapidly grown to about 150 billion won last year. Dongwon F&B and CJ CheilJedang each hold about 40% of the total market with their Yangban Porridge and Bibigo Porridge brands.