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Jibubang Market.
Korean food sales at Thai restaurants grow by 70pct
THAILAND
Wednesday, November 21, 2018, 02:00 (GMT + 9)
Korean food and beverage product importer Jidubang has managed to increase Thai consumers visiting Korean restaurants, with Thai diners now accounting for around 70 per cent of Korean food sales to restaurants.
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In response to this achievement, the company has released its new premium Korean seafood brand, K•Fish, as well as the expansion of its online distribution channel, with the goal of generating Thai sales of THB 272 million (USD 8.25 million) per year within the next five years, The Nation reported.
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According to chief executive officer Junho Lim, Jidubang’s business strategy is now to increase the growth of its seafood product line under the K•Fish brand.
After being marketed in Thailand for three years, it has generated sales of more than BTH 40 million so far this year, a figure that is expected to rise to THB 70 million (USD 2.12 million) in 2019 as the result of the expansion of its distribution channels and the changing Thai consumer-behaviour trend.
“Currently, the Thai market is very important to Korean restaurant entrepreneurs and it is believed that Korean food fever in the Kingdom will go on and on,” Lim added.
The executive stressed that K•Fish brand is the first South Korean government-certified fishery export under a promotional drive created by the country’s Ministry of Oceans and Fisheries.
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“K•Fish products include 11 seafood products ready for export, which are gim, flatfish, abalone, miyok, conger, seasoned squid, oyster, red snow crab, fish cake, and tuna. We can guarantee the quality of Korean seafood thanks to our specific weather and geography,” Lim explained.
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Jidubang currently sells the products at its own shops as one of its Thai distribution channels, including K Market and Jibubang Market.
All K Market branches will be transformed to Jidubang Market, in addition to its only stand-alone shop in Ratchada, in parallel with ongoing online-platform development through the firm’s website and application.
The new e-commerce platform is expected to be completed around March 2019.
“Some 20 per cent of next year’s Thai sales will come from online channels, with a sales-growth goal of 60-70 per cent over the next five years,” the chief executive said
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