On the 5th (local time), at a large supermarket Tesco Extra on the outskirts of London, England. As I headed toward the area displaying various vegetables, I noticed products labeled Shiitake Mushrooms and Oyster Mushrooms prominently placed. Their appearance was similar to the mushrooms I often saw in Korea, and after buying some to taste, I also sensed their unique flavor.
These mushrooms are products directly cultivated by Hyundai Corporation Holdings in the UK. Hyundai Corporation Holdings established Smithy Mushroom Holdings in 2018 in partnership with the agricultural company Green Corporation, located in Cheongdo, North Gyeongsang Province, and set up a mushroom farm in Lancashire.
The items primarily produced at the local farm are Shiitake mushrooms and Oyster mushrooms. Considering their origin and main consumption culture, they are classified as typical 'Eastern mushrooms.' However, in recent years, they have emerged as ingredients to replace meat in the UK, leading to increased demand. In particular, Eastern mushrooms are perceived as 'healthy ingredients,' transforming them into high-value products.
Hyundai Corporation Holdings supplies its products to all Tesco branches (950 locations) and 230 Marks & Spencer locations in the UK. Starting last month, supply has begun to 69 Tesco Express locations, which are convenience store-sized shops operated by Tesco, and there are plans to expand supply to all branches (2,000 locations) in the future.
Tesco is recognized as one of the largest retail companies in the world, alongside Walmart in the U.S. and Carrefour in France. In a press release last year, Tesco noted, 'Demand for exotic mushrooms, previously unknown, has surged due to the plant-based food boom,' adding that the business scale of Smithy Mushrooms, a specialized grower based in West Lancashire, UK, has nearly tripled over the past three years.
Hyundai Corporation Holdings expanded its second mushroom factory in November last year, establishing the largest Eastern mushroom farm in the UK. The ribbon-cutting ceremony was attended by Chairman Jeong Mong-hyeok and Vice Chairman Kim Won-gap, among other key executives.
Utilizing the expanded production facilities, the company plans to increase its production of Shiitake and Oyster mushrooms from the current annual level of about 400 tons to 800 tons by 2026, and to diversify varieties including King Oyster mushrooms and Lion's Mane mushrooms. The annual revenue of the UK branch, which has been around 14 billion won since 2019, is expected to rise above 17 billion won starting next year.
A company official said, 'With the completion of the second factory's facilities, not only has the production volume increased, but we now produce the raw materials (substrate) that we were previously reliant on imports for right here in the UK,' adding, 'We can now use clear British labeling (such as the Union Jack) on our product packaging, which enhances consumer trust.'
Hyundai Corporation Holdings was established in October 2015 after a spin-off from the trading company Hyundai Corporation. It is engaged in licensing businesses using the HYUNDAI brand, wholesale livestock trading, and mushroom production and sales.
Hyundai Corporation Holdings is expanding its Eastern mushroom business to Australia. The Australian mushroom production company generated approximately 18 billion won in sales from 2022 to this year, and plans to establish its own Shiitake mushroom substrate production facility based on the UK model. The company is also discussing partnerships and investments in North America.
A representative from Hyundai Corporation Holdings said, 'We are implanting the business know-how from the UK in various parts of the world and have begun to be recognized for our unique brand value in the global Eastern mushroom sector,' adding, 'We anticipate that as successful cases increase, brand value will expand, creating synergies among businesses in different countries.'