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Nissin Foods, the Hong Kong-based instant noodle giant, has acquired Korean snack company Gaemi Food in a move to bolster its presence in the Korean and overseas markets. Under the HK$271.7 million ($34.6 million) deal, Nissin will take full ownership of Gaemi Food, a manufacturer of crispy roll snacks in the Korean market. The acquisition will add Gaemi's flagship 'Baked Crispy Roll' brand and other kid-focused snack lines to Nissin's product portfolio. "The addition of Gaemi Food represents a strategic milestone for Nissin Foods in developing our business in the Korean and overseas markets," said Kiyotaka Ando, executive director, chairman and CEO of Nissin Foods. Gaemi Food generated revenue of around 20.15 billion won ($15.5 million) in 2023, making it a top national brand in Korea's domestic crispy roll segment. Nissin said the acquisition will allow it to leverage Gaemi's strong brand recognition and sales networks to expand its non-noodle business. Ando added: "While leveraging Nissin Foods' core competencies in marketing and food technology, the Group is developing a non-noodle business that can create synergies with the instant noodle business". The strategic move comes as Nissin seeks to diversify its revenue streams and deepen its understanding of local markets beyond its core instant noodle operations. The company said the snack bars market is expected to experience robust growth globally, driven by rising consumer demand for convenient food products. Expanding into the Korean market diversifies Nissin's business and allows the company to "build stronger relationships with local consumers, enabling us to identify and pursue additional opportunities," Ando stated. The acquisition of Gaemi Food, which includes the 'Kemy' confectionery brand, will complement Nissin's existing instant noodle and non-noodle product portfolios. The company plans to leverage its distribution capabilities in China and Southeast Asia to drive growth for Gaemi's snack brands overseas.