South Korean snack exports will likely hit a record high of $700 million this year, riding the wave of popularity of Korean culture and food overseas.

From January to August, exports of Korean snacks were tallied at $494.2 million, marking a 15.4 percent increase compared to the same period last year, according to the Ministry of Agriculture, Food and Rural Affairs on Monday.

Snacks were the third-largest export in the agricultural sector, following instant noodles and tobacco products. By mid-September, snack exports had already surpassed $529.1 million, with the annual figure expected to reach a new all-time high of $700 million by year-end.

Over the past five years, annual snack exports have risen from $431.4 million in 2018 to $656.4 million in 2022, a 1.5-fold increase. Industry experts project that the figure could soon reach 1 trillion won ($740 million), fueled by the global popularity of Korean cultural content, also known as Hallyu, and companies rolling out a wider range of flavors to cater to local demand.

Major confectionery companies are ramping up their efforts to capitalize on the popularity.

Lotte Wellfood is continuing its global marketing campaign in 15 countries, featuring popular K-pop group NewJeans for its well-known chocolate stick snack, Pepero. Last year, Lotte’s Pepero exports reached 54 billion won, an 80 percent increase from 2020. Sales were largely driven by aggressive marketing efforts overseas during Pepero Day, which falls on November 11 and is a day when friends and loved ones exchange the chocolate-covered snacks.

Orion is considering building a local manufacturing facility in the US if its popular Turtle Chips annual sales surpass 40 billion won. Last year, the sales of Turtle Chips in the US came to 12 billion won, around 200 times higher than the figure in 2017 when the company first introduced the snack in the country.