Huons Group Enters HMR Market Through Acquisition of Food Assemble
Huons Global announced on the 25th that it will enter the home meal replacement (HMR) business through an equity investment in Food Assemble, a company specializing in meal kit manufacturing and distribution. The contract is scheduled to be signed on the 26th.
Huons Global will secure a 50.1% stake in Food Assemble through an investment of 5.4 billion KRW. By entering the HMR business, the group plans to diversify its business areas and establish new growth engines for the future.
According to the Food Industry Statistical Information from the Korea Agro-Fisheries & Food Trade Corporation, the domestic meal kit market size is expected to grow from 188.2 billion KRW in 2020 at an average annual growth rate of 31%, reaching 725.3 billion KRW by 2025.
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A Huons Global representative stated, “We decided this considering changes in dietary patterns, the increase in single-person households, and market growth potential. Through the HMR business, we aim to diversify our areas and create new growth engines for the group.”
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