South Korean food companies, long challenged by the country’s low birthrate and aging population, are now experiencing rapid growth, fueled by rising exports and the global K-food trend.
Orion and Pulmuone reached a significant milestone last year, surpassing 3 trillion won in revenue for the first time. With this achievement, the number of South Korean food companies in the “3 trillion won club” has grown to 11. Previously, only nine companies — CJ CheilJedang, Dongwon F&B, Daesang, Lotte Wellfood, Lotte Chilsung Beverage, Nongshim, SPC Samlip, Ottogi, and CJ Freshway — had reported annual revenues exceeding 3 trillion won.
What was once considered a low-value domestic industry, the food sector is now thriving in international markets, driven by the sustained popularity of K-food. According to the Ministry of Agriculture, Food and Rural Affairs, South Korea’s agricultural and food exports hit a record high of $9.98 billion (about 14.3 trillion won) last year, marking a 9% increase from the previous year. Agricultural and food exports have seen consistent growth for the past nine years, since 2015.
