Korean ginseng maker expands biz horizon
All companies tend to expand their business horizon to chalk up organic growth, and Korea Ginseng Corporation (KGC) is no exception as it taps into the pet food market.
The Seoul-based ginseng giant announced on June 22 that it would wade into the cat food market by coming up with two grain-free “Balance-Up The Cat” products.
One is made of salmon and chicken, while the other is composed of chicken and duck. Both contain Korean red ginseng, which is widely used as a dietary supplement for humans.
In particular, the products contain six-year-old red ginseng, which is believed to have the highest effects in strengthening immunity, according to KGC.
The corporation noted that its new products met the standards of the Association of America Feeding Control Officials for all the nutritional contents.
“For cats that are allergic to grain ingredients, our products are designed to be grain-free. Instead, we put organic foods like carrots, pumpkins, and sweet potatoes,” a KGC official said.
“We have operated a dedicated research team for pet food. Our researchers are working on pet diet and nutrition based on our know-how on Korean red ginseng.”
This is not the first time for KGC to launch pet food. The company debuted the Ginipet brand in 2015 to introduce dog food.
The company said that a study done with Seoul National University had confirmed its products’ safety for dogs and effectiveness in improving immunity.
The Grand View Research said that the international pet food market size was valued at $94.76 billion in 2021. The dog segment accounted for some 41.5 percent of the market, closely followed by the cat segment.
The outfit also expected that the market size would expand at an annual growth rate of 4.4 percent through 2030 to reach $139.29 billion.