How the Seoul Food Startup Center resident company PUNGGI FARM (CEO Kim Bo-hyeong) was established was special. CEO Kim, who established the company in 2020, suffered from a headache after taking a garcinia product sold out on the market. AVING News met CEO Kim of PUNGGI FARM, who came out to develop her own product to solve the side effects, at the Seoul Food Startup Center on June 18 and listened to his story.
Q1. Background of starting the company
Kim: Garcinia, a fruit grown in India, is classified as a health functional food ingredient. Commercial products often contain the highest level of garcinia content within the figures notified by the Ministry of Food and Drug Safety. To develop a product with reduced side effects by mixing red ginseng with a high content of garcinia, the company established the company in full force and started making products after checking the product formulation and mass production potential in the factory LAB room for about a year.
Q2. About our product
Kim: By combining red ginseng and garcinia, which are effective for strengthening immunity, we made a product that minimizes side effects and can help strengthen immunity and break down body fat. “The Lady” is a liquid type stick product containing only red ginseng and garcinia.
In the past, garcinia was released in solid form because it has a weak property to heat, but to increase absorption, it was developed and produced as a liquid type product for the first time in Korea. As a health functional food, it has been certified by the Ministry of Food and Drug Safety and ISO22000, and is made in a manufacturing facility that has been certified by GMP, HACCP, and US FDA.
Using Punggi ginseng and Indian garcinia cambogia extract, it is antioxidant and improves blood condition, relieves fatigue, and improves menopausal women’s health. Also, it helps reduce body fat by inhibiting carbohydrate synthesis into fat.
Q3. Main target
Kim: In the prolonged COVID-19 pandemic, people around the world are becoming increasingly interested in immunity regardless of nationality, and naturally, interest in red ginseng is also rising. Accordingly, we plan to hold an individual exhibition in the UAE in the second half of this year, with our main target audience being the overseas market. We are aiming at entering three overseas open markets in the first half of this year, including Amazon, EBAY, and Shopee, and are also planning a live broadcast in China.
Q4. Future plans
Kim: Starting with “The Lady,” we are currently in the final stages of product formulation and design to launch “The Premium” and “The Gentleman” this year. Currently, people in Korea and overseas are interested in K-food, especially food that is good for immunity. So, we are going to do our best to develop overseas markets following this trend.
The global news network AVING News has begun holding the MIK HOT SPOT (Made in Korea Online Exhibition) to help small and medium-sized companies enter the market and attract investment 365 days a year. AVING News held 976 exhibitions since 2005 with astonishing results with 112,446 exhibitors, 126.90 million visitors, 1,073 average visitors per company, and 123,793 monthly average visits per online exhibition.
The MIK HOT SPOT online exhibition is scheduled to be held regularly according to the field, target market, and participating institutions, and it will be presented as a new type of online business by transforming the know-hows and values of the participating companies according to the trend. Companies that want to participate can apply and apply through the marketing support projects from supporting institutions in the local governments. Refer to the institutions for more information.