Multiple Pie Brands, Including Chamm Bungeoppang, Enter Growth Trajectory
Orion's global pie product lineup is entering a full-fledged expansion phase. In overseas pie markets, which have traditionally centered around Choco Pie, emerging brands such as Chamm Bungeoppang and Fresh Pie are achieving double-digit growth rates and increasing their presence. While mega brands continue to provide a stable foundation for sales, multiple brands within the pie category are now entering a growth phase.
According to financial information provider FnGuide on the 29th, Orion's estimated annual sales for this year are 3.3095 trillion won, up 6.6% from the previous year, and its operating profit is projected to rise by 1.4% to 550.9 billion won. As of the cumulative third quarter of this year, overseas sales accounted for 68.8% of the total, and analysts expect that annual overseas sales will likely surpass 2 trillion won for the second consecutive year.
Orion's overseas business has accounted for roughly two-thirds of its total sales over the past three years. Annual sales have steadily increased from 2.8732 trillion won in 2022, to 2.9124 trillion won in 2023, and to 3.1043 trillion won in 2024. During the same period, the share of overseas sales was 68.4%, 63.7%, and 65%, respectively. This stable overseas sales structure is seen as the foundation for Orion's mid- to long-term growth.
The absolute scale of overseas sales is driven by mega brands. As of last year, Orion had nine global mega brands, including Choco Pie, Oh! Potato, Swing Chip, Yegam, Goraebap, Custard, Poca Chip, My Gummy, and Choco Songi. These brands have formed the backbone of Orion's overseas business by maintaining stable sales in key markets such as China, Vietnam, and Russia.
On top of this structure, the growth of emerging pie brands is becoming increasingly prominent. Although Chamm Bungeoppang and Fresh Pie have not yet reached the absolute sales scale of the existing mega brands, they are rapidly expanding their share of the overseas business by achieving double-digit growth rates. This is driving a gradual diversification of pie sales, which have long been centered around Choco Pie. In fact, the combined global sales of major pie brands-Choco Pie, Custard, Chamm Bungeoppang, and Fresh Pie-reached 617 billion won in the third quarter, up 16% from 534 billion won a year earlier. As a result, the pie category's growth rate within Orion's total sales also reached 15%.
Among these, Chamm Bungeoppang stands out as a representative high-growth case. Since its domestic launch in 2011, it has built brand recognition in Asian markets such as China and Vietnam. After establishing local production in China in 2019 and in Vietnam in 2024, Orion has now set up a local production system in Russia this year. With the expansion of production bases, both the number of export countries and export volumes are increasing simultaneously.
The growth in the U.S. market is particularly remarkable. After entering more than 300 Costco warehouse stores in the U.S. earlier this year, Chamm Bungeoppang's U.S. export value from January to November increased by 366% compared to the same period last year. This is seen as evidence of the growth potential of brands other than Choco Pie in the U.S. pie market.
The growth momentum is continuing in Asian markets as well. In Vietnam, Chamm Bungeoppang was launched in 2024 under the local brand name "Bong Bang," and as of November this year, sales increased by 150% compared to the previous year. Analysts attribute this success to the product's unique chewy rice cake texture and its adaptation to local consumer preferences.
Fresh Pie is also strengthening its presence in Orion's overseas pie portfolio. As of November this year, Fresh Pie sales in Russia rose by 35% year-on-year. This indicates that multiple brands within the pie category are now growing simultaneously.
The industry is paying attention to this as a "post-Choco Pie growth strategy." While Choco Pie remains the core of overseas sales, there is a consensus in the industry that it is difficult to sustain mid- to long-term growth with a single-brand-focused structure. Accordingly, Orion's strategy of nurturing multiple brands within the same pie category is seen as an efficient way to leverage both its accumulated brand assets and global production infrastructure.
An Orion official stated, "We are expanding our global pie portfolio by introducing Custard, Chamm Bungeoppang, and Fresh Berry, including Choco Pie, which generates about 600 billion won in annual sales, to overseas markets," adding, "We will continue to enhance the status of 'K-Pie' abroad."
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