It has been over 20 years since the well-being craze of 'let's eat well and live well' swept the nation. During that time, the natto introduced into the domestic market through the well-being trend has become established.
The natto market, which once required explanation to the question 'what is natto,' has grown rapidly over the past 20 years. According to market research firm Linkaztec, the market size of natto at the time it first formed in Korea in 2006 was around 2.5 billion won.
To gauge the value of 2.5 billion won in 2006, it is comparable to the official price of a 244㎡ Tower Palace, which was once referred to as a 'symbol of wealth,' and was only about 60% of the price of the most expensive house at that time. That was when it was said that the natto market was too small to generate revenue.
According to the food industry on the 14th, the size of the natto market has grown to a level of 67.8 billion won as of 2023. This means the market has expanded over 20 times. Industry sources unanimously noted that Pulmuone played a significant role in growing the natto market.
While latecomers were eyeing the entry into the natto market, Pulmuone took the initiative by introducing the advertisement copy 'bringing plant-based protein to tomorrow's table' to spread positive recognition of natto.
This is why Pulmuone once held more than 90% market share in the natto market. An industry insider noted, 'Pulmuone started to secure the market when consumers had no concept of natto.'
As the market grew, other food companies like CJ CheilJedang and Daesang also entered the natto market. Pulmuone's market share slightly decreased. Generally, companies try to regain lost market share in such situations, but Pulmuone's choice was somewhat different.
Rather than worrying about the drop in market share, they focused more on expanding their consumer base by releasing a variety of natto flavors. A Pulmuone representative stated, 'There were consumers who felt uncomfortable with the slippery and sticky texture, so we judged that solving this issue would help the natto market grow, leading us to decide on launching natto with various textures and flavors.'
The first product was 'kim sesame sun raw natto' launched in September 2023. The addition of sesame allows for a smooth texture while also providing a nutty flavor. Following kim sesame sun raw natto, they introduced green onion soy sauce natto in February of this year, which enhanced the thickness of the soy sauce and added green onion to create a crispy texture.
In the food industry, it is noted that 'even if Pulmuone's market share in the natto market has decreased, they still hold over 80% market share, which shows a degree of leeway,' and 'introducing new products is a commendable effort as it represents a new initiative.'
Future projections for the growth of the natto market vary. For now, the prevailing outlook is that it has stagnated. Although it is a completely different food category, the soybean paste market, which consumers tend to think of similarly, is also growing, buoyed by interest in traditional Korean fermented foods.
On the other hand, some believe that the natto market could grow by leveraging the keyword 'slow aging.' In fact, there is an increasing number of subscription consumers who seek natto every morning rather than just occasionally buying it.
What does the future hold for the natto market? It is worth paying attention to whether the new products continuously released by Pulmuone can expand their consumer base.