CJ Foods, a Major Korean Food Company, Invests $10 million to Expand to Australia.
- May 29, 2023
- FMCG HORECA BUSINESS
CJ Foods, a Korean food maker, is entering the Australian market for the first time with a $10 million investment in local production and a business office.
Mandu dumplings will be the first item to reach the shelves as the business prepares to debut its Bibigo brand at Woolworths shops throughout the country.
Following its success in the US, where Bibigo produced $1.8 billion in sales last year, the business decided to expand to Australia.
According to Ministry of Home Affairs & Census 2021 data, the Korean migrant population in Australia quadrupled over the previous ten years, providing a "fertile environment" for the company's growth.
CJ Foods, a significant player in the food business and a member of the CJ Group, a significant South Korean conglomerate with a market value of $48.8 billion, operates in the food production, distribution, and service sectors as well as in music, sports, and other forms of entertainment including theaters.
The business is also renowned for its broad assortment of genuine Korean foods, including dumplings, sauces, marinades, and ready-to-eat meals.
The Tous Les Jours café chain, renowned for its freshly baked foods and pastries, Annie Chun's, which sells Asian-inspired culinary items, Cheiljemyunso, a Korean rice cake brand, and Haechandle, a well-known Korean condiment brand are notable companies that fall under the CJ Group.