It is a representative red ginseng product of the Republic of Korea, and its functions are listed as functions that can help blood circulation, memory improvement, and antioxidation through fatigue recovery, immunity enhancement, platelet aggregation inhibition.
Red ginseng products are Korea's representative health functional foods, and various companies have already entered overseas markets. Brands are known to some extent for large companies, but they are priced high due to the high marketing costs. In the case of our company, we supply OEMs to various companies including local sales through European subsidiaries, thereby minimizing margins and leading the company in price competitiveness. In addition, we are producing good quality products through various excellent partners who have been certified by GMP in Korea. In the case of design, we export our designs to suit the local situation in consultation with the buyers except for the LAVIVANT brand which is sold in European branch. We take advantage of SMEs and maintain good relations with many companies through prompt response.
The main target market is Europe, and we aim to expand into many regions such as North America and Asia. Due to the nature of our products, we are not limited to a specific market, and we are targeting a wide range of areas. We will have a good effect if we approach buyers with price competitiveness, good quality including patent, quick response.
As of 2010, the domestic market for health functional foods is slightly over KRW 1 trillion, of which about 580 billion won is the number of red ginseng products, accounting for 54.5% of the total for the sixth consecutive year (KFDA - Market Status). The growth rate has been slightly decreasing recently but continues to grow to over 10%. The company, Jeongkan-jang, has dominated more than 70% of the domestic red ginseng market with its image and technology accumulated since the re-marketing period. The remaining 30% of the market is dominated by major companies such as Mime, Woongjin and Nonghyup and general SMEs.