According to Mr. Junho Lim, the CEO of Jidubang Co., Ltd., a major importer of Korean food and beverage products, the company’s business strategies from now on are to upbeat the growth of seafood product line under K•Fish brand. After being marketed in Thailand for 3 years, it has sold more than 40 million baht in 2018 and is believed to increase to 70 million baht in 2019 as the result of the expansion of its distribution channels and significantly positive factor of Thai consumer behavior trend to the growth of business.
For 5 years in the past, Thai people tend to be interested to go to Korean restaurant. As a result, the ratio of Korean food consumers increase to more than 70% from overall. There were more Korean consumers than Thai going to Korean restaurant in the past years for 80%. Today, Thailand market is important to Korean restaurant entrepreneur and it is believed that the Korean food fever will still go on and on.
From above factors, the company wish to release seafood products to the market under K•Fish brand. Jidubang is a major importer and distributor of Korean food products in Thailand. The launch of its Korean seafood product line this time enables them to enter premium seafood product market for the product can effectively reach to Thai consumers.
The Republic of Korea, a country with three seas and high quality seafood, is actively promoting Korean seafood and has created, with the Ministry of Oceans and Fisheries led by Minister Kim Young-Choon, the K•Fish brand as the first government-certified fishery export.
“The 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 (canned and retort). We can guarantee the quality of Korean seafood thanks to our specific weather and geography. K•Fish products are produced in a sanitary and safe environment and only select marine products, meeting the above-mentioned guidelines, are allowed to carry the K•Fish name. Therefore, Thai consumers can trust K•Fish products as premium food items, that are clean, safe and reliable.”, said Junho Lim, CEO of Jidubang Co., Ltd.
Jidubang currently sell the product at its own shops as one of the 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 pararell with the undergo online platform development through website and application of the company. The new e-commerce platform is expected to complete around March 2019. The 20% of next year sales will come from online channels with 60-70% sales growth goal in the next 5 years.
However, after the development of online distribution channel plus the new product line in the market, it is believed that next 5 years sales will increase to 272 Million baht from 136 million baht in 2018. 40 Million baht sales came from K•Fish this year and it is likely to reach 70 Million baht next year.