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| yna@yna.co.kr 2023-10-31 18:19:21
Koreans cannot do without good 'gukbap,' says self-built soup CEO
By Chung Joo-won
SEOUL, Oct. 31 (Yonhap) -- Koreans simply cannot do without a good, steaming hot bowl of gukbap, says Min Gwan-woon, founder and CEO of food maker Eat To Heaven.
This Korean soul food comes in countless mouthwatering recipes, depending on their ingredients and broth.
"My soul food is sundae-guk (blood sausage soup). Sundae-gukbap with shots of soju takes me to heaven, even when my pockets are shallow,” the 39-year-old CEO said during his interview with Yonhap in downtown Seoul on Wednesday.
Min is an up-and-rising maker of home meal replacement (HMR) who started his company in 2021 with the motto “To heaven through taste.” His signature products are ready-to-eat soups with premium ingredients, such as hanwoo yukgaejang (spicy soup with local beef) and gomtang (long-simmered beef bone soup).
The firm’s annual revenue was 400 million won (US$300,000) in the founding year, and 2 billion won in 2022. This year, the numbers are expected to rise to around 3 to 3.5 billion won.
His food products come in two types of brands, including its own private brands (PB) and rented brands from famous traditional Korean restaurants like Sariwon and Saebekjip.
According to the latest report from the Korean Rural Economic Institute (KREI), South Korea’s HMR market is estimated to be in the range of 480 billion won. On-year growth stood at 5.2 percent based on its 2020 data, far higher compared to the food manufacturing industry's 1.1 percent during the same year.
Looking back to his younger days, Min never imagined that he would be running his own business. He hated studying at school, and food was not even his first choice of career in his twenties, he said.
He entered CJ O Shopping, a commerce leg of conglomerate CJ Group, as a fashion merchandiser (MD) for online sales. Before long he decided that fashion was not his strength. He tried to transfer to the living department, but ended up in the food department. “I thought it worked, since I was a foodie and liked cooking,” he said.
With the rise of mobile live-broadcasting, Min opened a food reviewing channel on YouTube to utilize his talents after work, like many of his peers. Videos about "spicy food" were especially popular.
But one day, his company gave him a six-month pay cut for double career. He was shocked and quit his job. Job hunting was not as easy as he had thought.
“Many people told me to work with them, only in words. I came to realize I was not that special. I could't even afford to open a food stand at the time.”
In 2020, he finally positioned himself at a small online store selling “banchan,” or salty side dishes.
He said, "If you are from a big company and want to start a business, you need experience working for a small store. Those from small stores should try working for a big firm. You will see what you did not notice on the other side.”
Min also emphasized the importance of private brands (PB), which comes in strong advantages like flexibility in marketing and zero royalty payments. Building strong networks with other food MDs is crucial in business, he added, with over 500 contacts saved in his phone.
“The power of the brand slogan cannot be underestimated, either, especially when your business is small. It sticks to the customer’s memory and raises the brand’s value.”
Min said countries with cold winter seem to outgo in soup culture. “We have four seasons, so the ingredients and cooking methods are diverse. I've been to over 40 countries and delved into the regional foods. I think soup recipes are most advanced in Korea."
He added, "Koreans have different soup cravings depending on the weather or their condition. Clear soup, spicy soup, meat-based soup, seafood-based soup like saengtae and hwangtae. I personally favor meat-based soup, like gomtang and yukgaejang."
While he is not considering export at the moment, Mr. Min emphasized that Korean gukbap is a taste that can be enjoyed anywhere around the globe.
"Please try gukbap. Korean soul is in it. Its taste changes as it cools down, just like human personality changes as he ages."
jwc@yna.co.kr
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