Sung Gyung Food targets U.S. market with seasoned laver

2023.09.15 12:55:01 | 2023.09.15 13:06:29

[Image captured from Sung Gyung Food homepage]이미지 확대

[Image captured from Sung Gyung Food homepage]

Sung Gyung Food Co., a South Korean manufacturer of seasoned laver, is gaining attention among investors as its value grows as a key exporter of dried laver.

According to sources on Thursday, Sung Gyung Food’s overseas sales accounted for 40 percent of its entire revenue in the first half of this year, up from 0.8 percent in 2017.

The sharp increase in sales from exports came after Sung Gyung Food was acquired by a private equity fund (PEF), Affirma Capital, in 2017. Affirma Capital was reported to have invested 100 billion won ($75.3 million) in the acquisition.

The PEF anticipated an increase in global demand for dried laver amid the growing popularity of Korean culture and cuisine. It focused on expanding global distribution channels for the company.

In the U.S., Sung Gyung Food partnered with major local grocery chains. After securing contracts with stores like Whole Foods Market, Trader Joe’s, Kroger, Costco, and more, it is now set to supply products to Walmart.

In the first half of 2023, sales to U.S. retailers have grown by 1.4 times compared to a year earlier.

The company’s active pursuit of domestic and international quality certifications has also contributed to increasing its global sales.

In addition to receiving Korea’s HACCP certification, the company obtained internationally recognized quality certifications such as the U.S. Department of Agriculture (USDA) Organic and FSSC 22000.

The diversification strategy of developing products tailored to children and infants and health-sensitive adult consumers has also proven successful.

Sung Gyung Food’s revenue surged from about 65.5 billion won in 2017 to 97.3 billion won last year.

By Park Chang-young and Minu Kim

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