Powered by upbeat overseas sales, Pulmuone, Orion see continued sales growth

Korean food giants Pulmuone and Orion will join the list of food companies with over 3 trillion won ($2.09 billion) in sales for 2024, driven by the rising global popularity of Korean food.
According to the market consensus issued by Korean securities companies in the December-January period, health-focused food company Pulmuone is expected to log 3.18 trillion won in sales last year, a 6.5 percent increase from a year prior.
Leading snack food brand Orion will also see its sales rise 6.6 percent on-year to 3.1 trillion won. Each figure represents a record high for the companies.
With the dual debuts, the number of Korean food companies with over 3 trillion won in yearly sales will rise to 11.
Overseas performance propels sales
Riding high on social media fame and Korean cultural content, the companies’ products are expanding their global presence.
Pulmuone’s record sales were driven by the health-conscious US market, which makes up over 50 percent of its overseas sales. While sales up to the third quarter grew by 11.5 percent, the figure for the US alone increased by 33 percent, reaching 117 billion won.
Occupying about 70 percent of the tofu market in the US, Pulmuone's sales of the soybean curd product in the country increased by 12.1 percent last year. The company’s other health-focused product line, featuring non-fried, Asian-food-inspired noodles, also grew 21.1 percent.
Supported by the robust sales, the company’s operating profit for last year is projected to surge 33.9 percent on-year to 83 billion won, marking another record high.
“We plan to expand tofu production, leveraging its consistently growing demand, while optimizing production channels and enhancing our logistics system. These efforts are designed to solidify our position in the US mainstream market, increasing profits,” said Cho Gil-soo, CEO of Pulmuone USA.
Orion, on the other hand, continued to beef up its presence in China, Vietnam and Russia last year.
The firm, known for its flagship Choco Pie, logged 62 billion won in sales in Russia and surrounding countries such as Kazakhstan and Azerbaijan in the third quarter, marking 28 percent growth on-year. For the fourth quarter, its expected sales are around 68 billion won, up 32 percent on-year, according to Kyobo Securities.
Orion is expected to earn 517.8 billion won in Vietnam and 1.26 trillion won in China for the full year, reflecting 8.9 percent and 7.4 percent growth on-year, respectively.
Orion’s sales growth came despite unfavorable business conditions, including price increases for key raw materials used in snacks — such as cocoa butter, sugar and potatoes — driven by climate change and the weak Korean won.
Food giants stay resilient amid weak demand
Despite sluggish domestic food demand due to an economic slowdown and political turmoil, Korean food companies with over 3 trillion won in annual sales are still expected to show growth for 2024.
The country’s food exports set a fresh record at $10 billion with 10 percent on-year growth.
The largest Korean food company, CJ CheilJedang, is expected to record 29.3 trillion won for last year, reflecting 1.1 percent growth. Most others, including leading kimchi-maker Daesang Group and canned tuna manufacturer Dongwon F&B, will also witness sales growth of between 1 and 5 percent.
Meanwhile, beverage giant Lotte Chilsung Beverage will see 25.3 percent growth in sales, reaching 4.39 trillion won in the same period, as sales of the Philippines Pepsi business, which Lotte merged with in 2023, are added to the company’s total.