Yuanta Securities forecasted on the 22nd that new sales will be reflected as Wuyang exports frozen gimbap to major retail chains in the United States.
Wuyang is the No. 1 frozen hot dog manufacturer in Korea and produces not only hot dogs but also frozen gimbap, HMR, purees, and beverage bases. The sales ratio by region is 91.5% domestic and 8.5% export.
Son Hyun-jung, a researcher at Yuanta Securities, stated in a report on the same day, “Starting from April, Wuyang will export frozen gimbap through major local retail chains in the U.S., and new sales are expected to be reflected from the second quarter.” He explained, “The monthly CAPA for frozen gimbap is about 900,000 units, which can generate monthly sales of 2 to 2.5 billion KRW.”
Frozen gimbap is a K-food that recently became a hot topic in the U.S. due to a shortage crisis. Since Wuyang secured large distribution channels such as Costco through hot dogs last year, the export of the new frozen gimbap product is expected to accelerate further.
Additionally, the flagship product, frozen hot dogs, are gaining great popularity in the U.S., leading to expanded exports. Researcher Son Hyun-jung explained, “Thanks to the export of hot dogs to the U.S. that began in the first half of last year, Wuyang’s export ratio increased from 5% in 2022 to 11% in 2023.” He added, “Due to the global K-food craze, hot dogs have been confirmed as a Costco global sourcing item, and discussions are underway to expand to global Costcos in Australia, Japan, Taiwan, and other countries in the first quarter of this year.”
He continued, “Wuyang holds a supplier’s advantage in the HMR hot dog market,” and analyzed, “Wuyang is responsible for OEM of all hot dog brands sold at Costco in Korea, and it is currently the only company capable of supplying to large overseas supermarkets.”
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