CJ CheilJedang is set to launch its next-generation "natural seasoning materials" business to tap into the global market, which is expected to grow to about 2 trillion won (some $1.6 million) within five years.
CJ CheilJedang made an announcement on May 26 that it has released "TasteNrich®," a 100% natural fermented condiment material equivalent to the Clean Label. Clean label refers to food or materials that have characteristics such as non-GMO, non-allergy, natural ingredients, and minimal processing, as well as 'no additives'. It has recently been considered the most important value in the global food market.
"TasteNrich" is a natural seasoning material that combines CJ CheilJedang's 60 years of microbial fermentation R&D capabilities and cutting-edge technology. It is made of various flavored fermented ingredients produced in the process of fermenting vegetable ingredients such as sugarcane without any additives.
After 10 years of research and development, CJ Cheiljedang succeeded in eliminating artificial processes such as refining and chemical treatment, developing differentiated natural fermentation methods, and mass-producing them.
The global market for natural condiment materials that conform to the clean label is expected to be the main force of "TasteNrich." It has the highest growth potential in the entire food seasoning material market, which consists of MSG, nucleic acid and yeast extract.
Natural condiment materials account for 18 percent of the food seasoning material market, which amounted to $5.7 billion (7 trillion won) as of last year.
However, the MSG market, which accounts for more than 75% of the total, is stagnant, while the natural seasoning material market is growing by 6-10% every year, which is expected to expand to more than 2 trillion won within the next five years.
Unlike yeast extract, which is a key item in the existing natural seasoning material market, "TasteNrich" differentiated itself by completely eliminating its unique smell or some allergy components.
Because it is 100% plant-derived, it is expected to be in the spotlight as a vegan material, which has recently become a global mega trend. CJ CheilJedang plans to quickly expand its influence by settling into the global market early on with "TasteNrich."
In fact, the company signed strategic supply contracts with leading global food companies in Europe and the U.S. last year. CJ CheilJedang is planning to produce and supply stable supplies by establishing a production line exclusively for "TasteNnrich" at its Jombang plant in Indonesia.
In addition, the company aims to become the No. 1 in the natural seasoning material market within five years based on its unique status of "no similar products in the market" and the global supply chain secured during the growth of the green bio business.
" TasteNrich will be a good answer for global food manufacturers who want to make healthier products," a CJ CheilJedang official said. "Just as it first entered the nucleic acid market in 1977 and is currently ranked No. 1 in the overwhelming global market, I am confident that TasteNrich will also become a new growth engine to dominate the natural seasoning material market."
