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K-Food Newsletter

Export Trends and Future Prospects of the K-Sauce Market
Date
2024-12-20 01:43:40
Hit
467
Email
gnia@nicednb.com

Seasoning sauces made with traditional Korean ingredients such as gochujang and doenjang are driving the continued growth of the K-Source market, bolstered by the global popularity of Korean culture and cuisine. The simultaneous rise of K-culture and K-food is believed to be a key factor in the expansion of the sauce sector. As the world rediscovers the distinctive flavors and aromas of Korean food, the demand for Korean sauces continues to grow. Companies such as Woomtree Co., Ltd. continue to innovate new sauces based on traditional pastes such as gochujang and doenjang, and introduce products tailored to international tastes.

Last year, Korean food companies exported USD 384 million worth of sauces. This included USD 241 million for seasoning sauces such as Buldak and bulgogi sauces, USD 111 million for fermented pastes such as gochujang and doenjang, and USD 32 million for other sauces such as ketchup and mayonnaise. Among them, mixed condiments accounted for USD 40 million. Major exports included gochujang at USD 62 million, soy sauce at USD 18 million, doenjang at USD 11 million, and chunjang and ssamjang at USD 20 million. Other major products included mayonnaise (USD 19 million), ketchup (USD 5 million), and mustard and curry (USD 8 million). Seasoning sauces accounted for 62.8% of total sauce exports. Between 2019 and 2023, total sauce exports increased by 48.6%.



The export performance for the last five years is as follows: USD 259 million in 2019, USD 322 million in 2020, USD 364 million in 2021, USD 362 million in 2022, and USD 384 million in 2023. In 2023, the largest export markets were the United States with USD 84 million (21.8%), China with USD 51 million (13.2%), and Japan with USD 35 million (9.0%). The number of export destinations also grew steadily from 123 countries in 2020 to 126 in 2021, 124 in 2022, and 139 in 2023.

In 2019, total sauce exports were USD 259 million, including USD 159 million for seasoning sauces (USD 125 million for mixed seasoning sauces) and USD 77 million for fermented pastes. The latter included USD 38 million for gochujang, USD 15 million for soy sauce, USD 9 million for doenjang, and USD 15 million for chunjang and ssamjang. By 2020, total sauce exports increased to USD 322 million, including USD 199 million for seasoning sauces (USD 167 million for mixed seasoning sauces) and USD 100 million for fermented pastes. Of these, gochujang accounted for USD 51 million, soy sauce for USD 16 million, doenjang for USD 12 million, and chunjang and ssamjang for USD 21 million.



In 2021, total sauce exports climbed to USD 364 million, including USD 237 million for seasoning sauces (USD 201 million for mixed seasoning sauces) and USD 103 million for fermented pastes. This included USD 53 million for gochujang, USD 19 million for soy sauce, USD 11 million for doenjang, and USD 21.5 million for chunjang and ssamjang. In 2022, total sauce exports reached USD 362 million, including USD 237 million for seasoning sauces (USD 197 million for mixed seasoning sauces) and USD 99 million for fermented pastes. Of these, gochujang accounted for USD 53 million, soy sauce for USD 17 million, doenjang for USD 11 million, and chunjang and ssamjang for USD 18 million.



'Export Trends and Future Prospects of the K-Sauce Market' 저작물은 "공공누리 2유형 출처표시 + 상업적 이용금지" 조건에 따라 이용할 수 있습니다.