K-Food Aims to Conquer $10 Trillion Global Market with $2.6 Billion Investment
Creatrip Team
a year ago
Major South Korean food companies are investing over 2.6 trillion won ($2.6 billion) to expand their production facilities domestically and internationally, aiming to globalize K-food. Companies like CJ CheilJedang and Orion are setting up or expanding factories in the U.S., Europe, and Asia. For example, CJ CheilJedang is building a large Asian food production facility in South Dakota, USA, and expanding operations in Hungary to cover Europe. Orion is enlarging its facilities in Russia and Vietnam. This expansion is a strategic move to overcome the limited growth in Korea's domestic market and meet the rising international demand for K-food, which is popular due to its quality and cultural appeal. As the global food market is estimated at $10 trillion, securing production infrastructure is vital for gaining a competitive edge.
