South Korean food company to expand in China

Orion Food Co Ltd of South Korea will diversify its product categories in China to earn a bigger share of the market as China moves to expand consumption, the company's top executive said.

The company introduced new products — including bottled water from Jeju Island and nut bars — during the third China International Import Expo held in Shanghai earlier this month.

"We came to the expo with the expectation of further figuring out what our consumers really need, and therefore do better in offering selected brands and products around the world to Chinese consumers," said Lee Kyu-hong, president of Orion.

"With the COVID-19 pandemic pushing more consumers to pay attention to healthy foods and lifestyles, we hope our new products will enter both high-end and low-end markets in China," he said, adding more food consumption is reflective of a more successful economy.

He noted food consumption has been rising across a diverse spectrum in China.

The company wants more consumers, as well as its industrial counterparts, to know Orion is not just a snack company only but also a comprehensive food provider. It plans to introduce more products to China over time.

Thanks to more combination packages sold via e-commerce platforms, the company saw its sales revenue surge 15 percent year-on-year in the first 10 months of 2020.

Lee said the company will increase its purchases of local raw materials, such as nuts, to support production in China.