CJ CheilJedang Achieves Significant Growth in Global Markets with Bibigo Room Temperature Tteokbokki and Expanded Product Offerings

Published Sep 13, 2024

CJ CheilJedang reported a 2.5-fold increase in Q2-24 sales of its Bibigo Room Temperature Tteokbokki, a ready-to-heat version of the popular Korean street food. This growth was driven by expanded exports from 29 to 41 markets and increased popularity of Korean street food in Europe due to the reality show "Jinny’s Kitchen." The company also grew in Australia, expanding its product offerings and sales channels in major retailers and introducing new products like Protein Basak Chips at Costco. Building on its success in Oceania, CJ CheilJedang launched Bibigo dumplings in New Zealand and plans further expansion across the region. To sustain growth, the company aims to broaden distribution channels for Bibigo products globally while leveraging marketing collaborations to enhance brand visibility.

CJ CheilJedang, a South Korean food giant, reported a significant increase in sales for its Bibigo Room Temperature Tteokbokki in Q2-24, with a rise of 2.5 times compared to the previous quarter. This growth is largely driven by the product's expanded export reach, from 29 markets at the start of 2024 to 41 countries, including the United States (US), Vietnam, Europe, Australia, and South America. Available in three flavors (original, spicy, and cheese), the product was launched in Jun-23 and is designed to be a convenient, shelf-stable, ready-to-heat version of the popular Korean street food, tteokbokki, made of chewy rice cakes with savory seasoning.

A notable factor behind the sales surge is the increasing popularity of Korean street food in Europe, sparked by the reality show Jinny's Kitchen. In this program, which aired on TVN and Amazon Prime Video, the cast opened a temporary Korean restaurant in Iceland, featuring tteokbokki and drawing widespread attention to the product.

Figure 1. Bibigo Tteokbokki

Expansion in the Australian Market

CJ CheilJedang has also seen significant growth in Australia, where it has expanded its sales channels and product offerings. After launching Bibigo dumplings in Woolworths supermarkets in May-23, the company introduced 14 products, including Bibigo Tteokbokki, seaweed snacks, and instant rice, in the EzyMart convenience store chain in Nov-23. In 2024, it released locally produced items such as Bibigo Pork & Kimchi Wang (King) Gyoza, Bibigo Sliced Cabbage Kimchi, and ready-to-heat gimbap (rice rolls) in the Australian market.

As a result, CJ CheilJedang’s Oceania food sales increased 51% year-on-year (YoY) in Q2-24. Building on this growth, the company continues diversifying its product portfolio, launching the Protein Basak Chip and Bibigo Spring Roll at Costco Australia in Aug-24. The Protein Basak Chip, a protein-rich, crispy popped rice snack made from upcycled rice flakes, aligns with the preferences of Australian consumers who value environmental sustainability and healthy food options. Originating from an in-house venture project in 2022, this product was first launched outside Korea in Dec-23 in the US, Malaysia, and Hong Kong.

Expansion Plans in Oceania

Encouraged by its success in Australia, CJ CheilJedang plans to expand further into New Zealand and other markets in Oceania. Starting early Sept-23, the company launched two of Bibigo's signature products - Homestyle Pork Dumplings and Homestyle Pork & Kimchi Flavored Dumplings - at major New Zealand supermarket chains New World and PAK’nSAVE, which have around 200 stores across the country. This move will significantly enhance consumer awareness and accessibility to Bibigo products in New Zealand.

Figure 2. New World Supermarket, New Zealand

Future Strategies

To sustain and accelerate growth, CJ CheilJedang plans to expand the distribution channels of Bibigo Room Temperature Tteokbokki beyond local Korean marts and online stores to mainstream markets in major global locations. The marketing collaboration with Jinny’s Kitchen continues to serve as an excellent platform for increasing exposure to Korean food products, allowing more global consumers to experience Bibigo. The company remains committed to introducing new products to broaden its appeal and strengthen its global footprint.