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Biz News Korea(Eng)
Lotte Wellfood to invest $164 mn to build largest ice cream factory in Korea
- Collected
- 2023.10.21
- Distributed
- 2023.10.22
- Source
- Go Direct
Lotte Wellfood Cheonan factory
According to the company on Thursday, it signed a memorandum of understanding with South Chungcheong Province and Cheonan City on the investment.
Lotte Wellfood plans to expand its Cheonan factory and increase ice cream production facilities, positioning itself as the leading ice cream producer in the country.
With the latest investment, Lotte Wellfood, formed by the merger of Lotte Confectionery and Lotte Food last year, aims to turn the Cheonan plant into the largest producer of frozen treats in Korea.
The Cheonan plant has been producing frozen treats, food and oil products since its completion in 1996.
The Korean ice cream market is dominated by Lotte Wellfood and Binggrae.
Binggrae grew in size in 2020 when it acquired ice cream assets from Haitai Confectionery. Lotte Wellfood is the No. 1 player in the ice cream market by a narrow margin, but it aims to maintain its dominance by making bold and active investments.
Recent improvements in ice cream sales, both in Korea and overseas, have also played a significant role in driving this investment.
Industry experts anticipate growth in the ice cream market worldwide due to prolonged summers amid climate change.
By Ahn Byung-joon and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]