(Bloomberg) -- South Korea’s largest food company CJ CheilJedang Corp. is targeting to double the sales of its food business within the next decade as Korean food gains global popularity riding the K-culture wave.
The company behind Bibigo brand, known for its mandu, kimchi and ready-made K-street foods, is scaling up its manufacturing facilities by investing in factories in the US, Southeast Asia and Europe to keep up with the rising global demand, CJ Foods Chief Executive Officer Minsok Pak told Bloomberg Television in an interview.
Europe, where it’s seeing more than 50% year-on-year growth, will become an important plank of its overseas expansion, he said.
“We have aspirations to become a leader in food and that means we’d love to see this business double within the next ten years” Pak said. “Korea will continue to grow, but the rest of the world will become a bigger mix.”
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With K-pop and K-drama becoming a global phenomenon, demand for Korean food and cosmetics has soared and social media is playing a key role in amplifying the interest, Pak said.
CJ will continue to look at mergers and acquisitions opportunities to expand its global business, he said. The company has been growing its production volume and gaining global market share, despite rising food prices, he added, without giving out specifics.
--With assistance from Heesu Lee, Katria Alampay and Andy Hung.
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