The World's #1 Ginseng Brand, CheongKwanJang, opens U.S. R&D center in a major push to expand its American market share

Rhea-AI Summary

Korea Ginseng Corp. has announced the opening of its new U.S. R&D center, marking a significant step in its strategy to broaden its global health food portfolio. The center will focus on developing products tailored to the American consumer, highlighted by the recent launch of HSW herbal beverages and KORESELECT products. Additionally, the company is enhancing its marketing efforts, appointing actress Arden Cho as the new brand ambassador. With a forecasted growth of the global dietary supplement market to USD 327.4 billion by 2030, Korea Ginseng aims to capitalize on increasing demand for functional foods in the U.S.

Positive

• Opening of a new U.S. R&D center to enhance product development.
• Launch of innovative products like HSW herbal drinks and KORESELECT line.
• Appointment of Arden Cho as brand ambassador to boost marketing efforts.

Negative

• None.

• Their state-of-the-art R&D Center will focus on research and development products to global appeal
• A series of brand expansion, including the launch of herbal beverage HSW and new KORESELECT products, etc.
• In partnership with brand consulting groups, plans to expand distribution channels.
• Strengthens marketing with selection of Hollywood star, Arden Cho to be the brand ambassador.

CERRITOS, Calif., March 15, 2023 /PRNewswire/ -- Korea Ginseng Corp., the world's #1 ginseng brand, has been busy transforming itself into a comprehensive global health foods company.  Last year, Korea Ginseng Corp. launched their new KORESELECT product line to meet the specific needs of the American consumer. This year, with the grand opening of their new U.S. R&D center,  Korea Ginseng Corp. will dramatically expand that commitment.

According to the market research analysis firm Grand View Research, the global dietary supplement market is forecast to grow by leaps and bounds, reaching USD 327.4 billion in 2030. Chul-ho Her, CEO of Korea Ginseng Corp., noted at the opening ceremony, "The U.S. is a promising region for us, with growing interest in functional foods and preventive health care. The opening of this center demonstrates our commitment to becoming a global health food company."

As part of these expansion plans, Korea Ginseng Corp. recently unveiled several new products at the largest natural, organic and healthy products event, Natural Products Expo West 2023. These included five new HSW red ginseng-based herbal drinks, and KORESELECT products such as blood sugar support, muscle health support (Muscle Rejuv), and a sleep and mood support (Stress Ease) which its benefits are coming into the limelight after the pandemic. With the opening of the new R&D Center, Korea Ginseng Corp. will focus on meeting the unique preferences of the U.S. consumer, in the form of innovative gummy, jelly sticks, nutrition bars, and powders.

Korea Ginseng Corp. intends to boost their marketing activities to match, selecting Korean-American actress Arden Cho to be their new brand ambassador. Arden, whose Hollywood resume includes The Honor List, Teen Wolf, Chicago Med, and CSI: NY, recently played the leading role in the Netflix legal drama Partner Track. She began her full-fledged ambassadorial activities in February, filing the upcoming KGCUS "The Secret to My Health and Beauty" advertising campaign. 

In partnership with a brand strategy consulting group, Korea Ginseng Corp. is equally committed to growing its distribution channels.

"This will be a momentous year for our global business," noted Heung-sil Lee, CEO of Korea Ginseng Corp. US, and added "as we meet the unique needs of our U.S. customers by actively developing products specifically tailored to their lifestyles."

About Korea Ginseng Corp.

Korea Ginseng Corporation (KGC) is the world's number one ginseng brand and  herbal dietary company. Established in 1899, it is one of the most proven and trusted herbal dietary supplement manufacturers, providing the highest quality, traditionally harvested Korean Red Ginseng products to support health and well-being. KGC runs four regional headquarters in the United States, China, Japan, and Taiwan, in addition to South Korea, and exports products to over 60 countries. With over 40% world market share, its presence spans Asia, Europe, the Middle East region and the U.S. KGC's family of brands include KORESELECT, CheongKwanJang, Good Base, and Donginbi. The KGC brands, inclusive of over 250 products, use the most exceptional ginseng combined with the finest herbs and ingredients to deliver superior products to meet everyone's needs.

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SOURCE KGC (Korea Ginseng Corp.)

FAQ

What is the significance of the new R&D center opened by Korea Ginseng Corp. (KTCIY)?

The new R&D center aims to develop products tailored to American consumer preferences, enhancing Korea Ginseng Corp.'s market presence in the U.S.

What new products were launched by Korea Ginseng Corp. (KTCIY) recently?

Korea Ginseng Corp. launched HSW herbal beverages and new KORESELECT products, focusing on blood sugar support and muscle health.

Who is the new brand ambassador for Korea Ginseng Corp. (KTCIY)?

Korea Ginseng Corp. has appointed Arden Cho as their new brand ambassador to strengthen marketing efforts.

What is the projected growth of the dietary supplement market according to Korea Ginseng Corp. (KTCIY)?

The global dietary supplement market is forecasted to reach USD 327.4 billion by 2030.