Red ginseng selected as the most popular Chuseok (Korean Thanksgiving day) gift in Korea

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SEOUL, South Korea, Sept. 17, 2021 /PRNewswire/ — KGC (Korea Ginseng Corp), which makes the No. 1 red ginseng brand, CheongKwanJang in Korea, announced that the most popular Chuseok gift in Korea is red ginseng. The announcement was based on Korea Health Supplements Association. According to the association, the health functional food market in Korea recorded the highest sales in the past year, reaching 4.98 trillion won, an increase of 6.6% from the previous year. The big 3 leading this market are red ginseng, probiotics, and vitamins, accounting for 60% of the total market. Among them, red ginseng took the undisputed first place with a market share of nearly 30%.

Looking at the Chuseok gift sales data of a large online food market in Korea last year, it can be seen that the high interest in health was reflected in purchasing Chuseok gifts. Looking at the sales of gift sets in the month before Chuseok, health functional foods accounted for the highest at 41%. Instead of traditionally popular products such as meat, fruits, and seafood, health functional foods such as red ginseng, healthy juice, and lactic acid bacteria took the top spot. Among health functional foods, red ginseng products were the most popular with 33%.

In particular, red ginseng is gaining popularity as a gift during holidays such as Lunar New Year and Chuseok. In the case of agricultural and livestock products, shipments and commercial properties vary depending on various variables such as weather and pests, and prices fluctuate widely. Also, since health is everyone’s greatest concern, red ginseng gift is a so-called ‘a gift that does not fail’ in Korea.

Chuseok (Korean Thanksgiving day) is coming soon. In Asia, Chuseok has a very important meaning as a holiday to share and close the fruits of the year. Especially in Korea, during the Chuseok period, they exchange gifts with each other to express their gratitude to their loved ones.

As the COVID-19 pandemic continues, the trend of ‘non-face-to-face’ and ‘distancing’ is expected to continue on Chuseok this year, following last year. Gatherings are kept to a minimum by family unit, and instead, they are trying to replace their hearts with Chuseok gifts, which are more expensive than usual.

The keywords for this holiday gift set in Korea are ‘premium’, ‘health’ and ‘unique’. The price spectrum has also expanded, expanding the market volume and scope from 10,000 won food gift sets to 200 million won high-end cognac gift sets. In particular, in the food category, red ginseng, nutritional supplements, and vitamins occupy the top ranks, reflecting the health-conscious consumption trend.

According to KGC (Korea Ginseng Corp)’s CEO Kim Jae-soo said, “Red ginseng is the most common health food for Koreans, so it is an advantage to give it to anyone as a gift. In addition, the gift of red ginseng has a strong meaning of gifting health, so it is expected that red ginseng will continue to lead in the future.”