+ A

[Sponsored Report] KGC presents ginseng to globe

May 16,2019
이미지뷰
The brand zone of CheongKwanJang at the 2019 Tax Free World Association World Exhibition & Conference. [KOREA GINSENG CORPORATION]
The Korea Ginseng Corporation (KGC) is joining the global duty-free market.

On May 13, KGC announced that it is participating in the 2019 Tax Free World Association World Exhibition & Conference held in Singapore from May 12 to 16.

Hosted by the Tax Free World Association (TFWA), the TFWA World Exhibition & Conference is Asia’s largest duty-free fair, and various world-famous brands and duty-free businesses are participating in it.

KGC has been participating in the fair for three consecutive years since 2017 and has operated the CheongKwanJang brand zone. CheongKwanJang is a leading health product brand in Korea.

The CheongKwanJang brand zone operates the largest booth for health product brands and informs visitors of the excellence and value of red ginseng, which has been valued for centuries. In addition, various red ginseng products with CheongKwanJang’s brand story are displayed in the booth.

Due to the great growth potential of the global duty-free market, KGC, the No. 1 health product brand in Korea, is paying attention to its entrance in the overseas duty-free market.

Over the past two decades, the development of air transportation and e-commerce has led to a rapid increase in the number of international travelers worldwide and the explosive growth of the duty-free market.

Domestic duty-free sales exceeded 18 trillion won ($17.2 billion) in sales last year, four times the 4.5 trillion won of sales in 2010.

Recently, domestic distribution companies have been aggressively entering the overseas duty-free market and governments have been putting efforts into increasing the number of duty-free shops in airports and cities to attract more foreign tourists.

While most products sold in the global duty-free market are limited mainly to cosmetics, liquor and fashion, CheongKwanJang is actively opening up new categories in the health and functional foods market.

KGC has already opened stores at duty-free shops in Japan, Indonesia and Vietnam. It is leading the healthy food category by selling CheongKwanJang red ginseng at Taiwan EVA Air and Royal Caribbean Cruise duty-free shops.

“Most customers who go shopping at duty-free shops usually have high purchasing power and enjoy buying something new,” said a KGC official. “Duty-free shops are the most convenient place for foreigners to encounter red ginseng for the first time. Therefore, we will continue to expand the overseas duty-free market.”

By Shim Ji-yong [shim.jiyong@joongang.co.kr]