SEOUL, May 15 (Korea Bizwire) — South Korean confectionery company Orion Corp. said Thursday it plans to strengthen its market presence with a reasonably priced snack line in China and Vietnam following its launch in South Korea.
The reasonably priced snack line will offer products that focus on “cost-effectiveness” by setting prices based on convenience store sales at 1,000 won (US$0.81), including Chicken Pop, which was re-launched in 2019.
Orion explained that cheap snacks are gaining popularity among young people who weigh price and quality, with Chicken Pop becoming a popular product with annual sales of around 20 billion won (US$16.2 million).
Accordingly, the company plans to expand its market share in China’s small and medium-sized cities by launching small-volume, cost-effective products in China as well.
Last month, it released four products, including Chicken Pop Sweet and Sour Chicken Flavor, as cost-effective snacks.
These products have adopted a long packaging design unique to cost-effective snacks so that they are easy to hold with one hand and sell for an affordable price of 2 Chinese yuan (US$0.28) in local prices.
In Vietnam, small-volume products such as Pockachip and Swing Chip are also receiving favorable responses, accounting for about 70 percent of the total potato snack sales at Orion’s Vietnamese subsidiary.
“Cost-effective snacks that have increased consumer satisfaction are popular not only in Korea but also in overseas markets, leading the growth of the snack category,” an Orion official said.
D. M. Park (email@example.com)