Expanding into Overseas Markets and Selling Healthful Foods
Companies driving Korea’s group meal service market are expanding their businesses in many ways — encompassing healthcare, healthy meal sales, and store renovation — beyond its core businesses of group meal service and food material distribution. They are also expanding their food service business into apartment complexes, airline meals, and also overseas markets — beyond corporate, school and hospital cafeterias.
According to industry sources, the combined sales of Samsung Welstory — Our Home, Hyundai Green Food, CJ Freshway, and Shinsegae Food, which lead 80% of the domestic group meal service market — are on the rise, expanding into new businesses.
In fact, the combined sales of these five companies, which amounted to KRW 8.57 trillion in 2020, are growing annually, reaching KRW 10.324 trillion in 2022 and KRW 12.456 trillion in 2024. This year, they are projected to reach KRW 13 trillion.
Among them, Hyundai Green Food, which operates in-house cafeterias at 650 domestic locations, is steady expanding its business areas in line with its core business. In 2020, the company launched “Greeting,” a healthy convenience food brand, expanding its reach from business-to-business (B2B) to business-to-consumer (B2C).
Our Home is the only company in the industry that focuses on the North American in-flight meal market. Through its U.S. in-flight meal company “Haco,” acquired in 2018, the company supplies up to 15,000 in-flight meals per day, including Korean, Western, and Halal cuisine, to airlines in over 10 countries. The company is also striving to secure more overseas orders. Our Home is operating in over 100 business locations through overseas subsidiaries in five countries, with overseas sales accounting for 12% of its revenue.
After concluding a contract to operate a cafeteria at a large private school in Vietnam in 2023, Our Home also secured the rights to operate a cafeteria at Kumho Tire’s local factory in Vietnam last year. An Our Home representative remarked, “Within just six years since entering the Vietnamese market, we have expanded to approximately 60 locations, and 53% of these contracts are the result of receiving orders directly from local companies.”
Samsung Welstory is also providing business district analyses, menu development, and space consulting services to restaurant franchises. The company plans to expand its consulting services overseas, increasing its overseas sales share from 10% to 30% by 2033.
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