Orion, a confectionery company known for producing snacks such as Choco Pie and Turtle Chips, is venturing into the sale of seaweed for the first time since its founding, in collaboration with the National Federation of Fisheries Cooperatives (Suhyup). Suhyup, known for its expertise in seaweed production, will handle manufacturing, while Orion, with its robust global distribution network, will manage sales.

On the 18th, Orion and Suhyup signed a joint venture agreement at the Suhyup headquarters to establish a seafood processing joint venture named 'Orion Suhyup'. The plan is to manufacture and sell seasoned seaweed and other products. Both companies will invest a total capital of KRW 60 billion, each holding a 50% stake in the joint venture.

Orion and Suhyup aim to combine their seafood supply capabilities with global manufacturing and distribution strengths to promote the globalization of seafood. Suhyup will supply high-quality seafood such as dried seaweed, which Orion Suhyup will use to produce finished products for Orion. Orion will then handle branding and sales domestically and internationally, leveraging its global food processing capabilities and marketing and distribution strengths.

Orion has previously excelled in markets such as China and Russia, primarily with Choco Pie. Last year, Orion achieved record results with consolidated sales of KRW 3.1043 trillion and an operating profit of KRW 543.6 billion. Overseas sales accounted for 65% of the total, indicating stronger performance abroad than domestically. Utilizing Orion's global distribution network is expected to significantly increase sales of various seaweed-related products, such as seasoned seaweed and seaweed snacks.

Initially, the two companies plan to produce seaweed products using dried seaweed and expand their business scope by developing products such as seafood-based snacks that align with consumer trends. They aim to commence construction of a factory within the year and plan to target the global market in the future.

South Korea's seaweed industry holds over 70% of the global seaweed market. In 2024, approximately 150 million sheets were produced annually, with one sheet consisting of 100 pieces of seaweed. Exports reached a record high of about USD 1 billion (approximately KRW 1.4 trillion). Seaweed is considered one of the most competitive export items in the K-food industry, although the lack of global industrialization has been noted as a limitation.

At the contract signing ceremony, Heo In-cheol, Vice Chairman of Orion Group, stated, "We will actively work to expand the overseas market for our seafood and establish a global presence," adding, "This joint venture with Suhyup will become another future growth engine for Orion."

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