Suhyup Launches Ready-to-Eat Food Market... Diversifying Export Markets and Exploring New Markets

[Asia Economy Reporter Kwangho Lee] The National Federation of Fisheries Cooperatives (Suhyup) is launching an attack on the home meal replacement (HMR) market, which is emerging as a blue ocean for seafood products. Through this, they aim to diversify export markets and pioneer new markets.

According to related industries on the 18th, Suhyup established the 'Seafood Food Research Lab' last year and is promoting the development of processed foods using seafood as raw materials.

Last year, they renewed 'Cooking 9 Haejo Plus' for the online market and pollack gangjeong, and developed seasoned crab and octopus jeotgal for military supply. They also developed a patented unique yuzu-soaked mackerel by enzymatically decomposing yuzu juice to remove fishy odors.

In particular, the cube-shaped snack product 'Mr. Jalsaenggim,' made from domestically produced seaweed raw materials, was launched on Amazon and eBay in the U.S., followed by Amazon Japan, Qoo10 Japan, and Wowma.

In line with the New Southern Policy, they have also opened the door to online channel development in the ASEAN market. They signed a business agreement with VTV Hyundai Home Shopping (Hyundai Home Shopping Vietnam branch) and are actively building a new supply chain in Vietnam.

Additionally, in the Thai and Malaysian markets, they are focusing on expanding consumer contact points. Last year, they succeeded in entering major local online markets such as Lazada, Shopee, and 411 Mall with seaweed and dried pollack snacks and grilled mackerel jerky. Building on this, they plan to further narrow the distance with consumers through viral marketing using local influencers and the Trade Support Center’s social network services (SNS).

This year, Suhyup is researching and developing apple mackerel, which uses 450~500g of mackerel, removes 99.9% of fine bones with V-cutting, and removes fishy odors by hydrolyzing apple concentrate. It will be used later for military supply and group catering.

They also plan to target not only the domestic market but also overseas markets by launching seaweed rice noodles containing hijiki and kelp and fish cake noodle tteokbokki using domestic fish paste for export.

Furthermore, they are developing fresh foods (such as meal kits) that are simply processed seasonal seafood, maximizing Suhyup’s strengths, including dried pollack heads and natural seafood packs.

A Suhyup official emphasized, "Demand for foods using seafood is steadily increasing, but the development capabilities of the fisheries industry have not yet caught up," adding, "Suhyup will grow seafood processed foods into a future business through bold investment and contribute to increasing fishermen’s income."

Earlier, at this year’s opening ceremony, Suhyup Chairman Im Joon-taek said, "We must hurry efforts to diversify new distribution channels such as exports, processing, and direct transaction markets," and "We need to expand seafood demand through the food ingredient processing industry and the development of various home meal replacements."

Meanwhile, the domestic home meal replacement market is growing by double digits every year. As of 2018, it reached about 4 trillion won, and it is expected to surpass 7 trillion won this year.