Wuyang Supplies Products to HMR No.1 Company 'Fresh Easy'... Expanding Sales Channels

Initial Supply of Ready-to-Eat Meals Completed

[Asia Economy Reporter Lim Jeong-su] Home Meal Replacement (HMR) specialist company Wuyang (CEO Lee Gu-yeol) announced on the 13th that it will officially supply HMR products to Fresh Easy, the number one meal kit company in the market.

Fresh Easy supplies meal kits to a total of five countries, including Vietnam and Singapore, based on its 8,000-pyeong scale HMR specialized production facility and distribution capabilities, not only domestically but also internationally.

Starting with this supply, Wuyang plans to secure new sales channels such as new online distribution networks. The company is already supplying various HMR products including cheese balls, frozen noodles, frozen rice, tteokbokki, and convenient porridge, in addition to hot dogs, through its largest clients CJ and Pulmuone.

Recently, the HMR market has been continuously growing due to the prolonged COVID-19 pandemic. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the domestic HMR market size grew 76% over four years, from 2.27 trillion KRW in 2016 to 4 trillion KRW in 2020. The market size is expected to reach 5 trillion KRW by 2022.

Wuyang anticipates that the explosive growth of the HMR market will lead to product diversification. Accordingly, the company plans to strengthen its HMR business capabilities and expand its market share.

A Wuyang representative said, "Since Fresh Easy is expanding the meal kit market not only domestically but also overseas, this supply of HMR products will be a great opportunity to elevate Wuyang's sales to the next level," and added, "We expect to supply various HMR products that can be manufactured by Wuyang in the future."