On the 1st, Boram Group announced that it is launching its subsidiary Boram F&B to embark on a full-scale food and beverage business. The company plans to prioritize the launch of convenient meals for ceremonies to grow in the F&B market.
Boram F&B's first brand is the home meal replacement (HMR) brand 'Boram Serving,' which encompasses all aspects of ceremonial rites. The brand slogan 'Serving through food' conveys the company's determination to go beyond simply providing meals and position itself as a cultural partner accompanying customers through life's events.
The first product will be the premium home meal replacement ceremony set 'Hyocheoreum'. Hyocheoreum is designed to allow for easily preparing a ceremonial table while following the traditional ceremony format. All products are individually packaged and available for next-day delivery.
The reason Boram Group has chosen F&B as a new growth driver is the growth potential of the convenient meal market. The domestic HMR market has grown to approximately 6.5 trillion won in 2023 and continues to grow by 7-10% annually. In particular, the convenient meal market for ceremonial rites is expected to rapidly expand from 35 billion won in 2021 to 140 billion won by 2026.
Boram F&B plans to expand not only into HMR but also into OEM alcoholic beverages and supply chain management (SCM) business to establish a sustainable growth model.