TasteNrich®, savory solution launched by CJ CheilJedang in May 2020, is on its way to become the ‘next-generation savory solution’ as it leads innovative changes within the global food industry. Savory ingredients, which are mainly sold through business-to-business (B2B) transactions, refer to ingredients used to enhance certain flavors or scents of processed foods during their manufacturing phase.
CJ CheilJedang’s plant-based savory solution TasteNrich® has surpassed 20 billion KRW ($15 million USD) in cumulative sales during its first year of launch. Compared to the first six months of sales, which totaled 5 billion KRW ($4 million USD), the following six months of sales tripled to 15 billion KRW ($11 million USD) and are continuing to grow rapidly.
TasteNrich® Takes the Market by Storm Thanks to Natural Fermentation Techniques
TasteNrich® utilizes CJ CheilJedang’s industry leading R&D innovations, such as its fermentation technology, that the company has developed over 60 years, differentiating it from other savory ingredients. It is made with only natural ingredients that are produced via fermentation of plant-based raw materials without any additives or artificial ingredients. TasteNrich® amplifies the original flavor of ingredients and enhances the saltiness of a food with minimal addition to the overall sodium content.
While the global savory market is dominated by MSG and nucleic acid, TasteNrich® stands out from other competitors through its ‘Clean Label’* commitment. Other savory ingredients, such as MSG and nucleic acid, are classified as additives and do not align with the values that fall under the ‘Clean Label’ standard. However, through its use of natural fermentation without additives, TasteNrich® is classified as ‘Clean Label,’ paving the way in the global market industry by creating a new standard. Accordingly, TasteNrich®’s rapid market expansion can be attributed to its ‘Clean Label’ status and use of natural fermentation technology as opposed to the use of additives.
Additionally, due to the increasing number of global consumers seeking alternative meat products, including consumers who follow vegetarian or vegan diets, TasteNrich® is being recognized as a next generation savory ingredient because of its ability to meet these specific consumer needs.
Worldwide, there are 120 companies in 33 countries that are described as ‘future innovative food product’ companies that deal in alternative meat or vegan food products. When searching for ingredients that could enhance the flavor of the product while simultaneously maintaining the integrity of an alternative meat product.
With growing demand for alternative meat increasing, future global expansion of TasteNrich®’s market share is set only to increase. According to the U.S. market research firm CFRA, the global alternative meat market is estimated to grow from about 22 trillion KRW ($17 billion USD) in 2018 to about 116 trillion KRW ($91 billion USD) in 2030. This is expected to serve as a catalyst for the increase in demand for next generation solution such as TasteNrich®. In addition, consumers all over the world have developed an increasing interest in healthy and nutritious foods due to the lifestyle changes brought on by the global pandemic, a space in the market that TasteNrich® is positioned to fill.
Moreover, TasteNrich® is continuing to expand its position in the global market as CJ CheilJedang has recently signed a large-scale contract with leading spice and sauce product companies in North America and Europe. TasteNrich® is currently being used in a variety of products, including various bibigo products and the reduced-sodium version of spam called ‘Spam Mild,’ and will also be used in ‘Creeat’, a recently-introduced B2B brand.
Going forward, CJ CheilJedang is planning to further accelerate the market leadership of TasteNrich®. Last year, CJ CheilJedang established an exclusive production line for TasteNrich® at its Jombang manufacturing plant in Indonesia. Along with this, CJ CheilJedang plans to provide its insight into technology marketing in order to grow and expand the business. Technology marketing is a future-oriented sales and marketing method that offers customized solutions for the specific needs of customers. Using insight gained from the global growth process of its green bio business, CJ CheilJedang plans to achieve 30 billion KRW ($24 million USD) in sales of TasteNrich® this year. CJ CheilJedang also plans to promote TasteNrich® as a key brand that is a follow up to nucleic acid, a current top product that is overwhelmingly dominating the premium savory market.
“It is inspiring that TasteNrich® is being recognized as the premium savory solution by global companies aiming to make healthier products,” said an official from CJ CheilJedang. “We will continue to lead changes in the global savory solution market.”
*Clean Label: A term for foods or ingredients with certain characteristics, such as being free from additives, non-GMO (Genetically Modified Organism), non-allergy, containing natural ingredients, and made with minimal processing. It has recently emerged as the most important value for consumers when considering purchasing a product.
