Business › Revenue Model

Revenue Model

From seedlings to sales,
run as three businesses

This page introduces the work that the cooperative business runs on: seedling raising, growing seedlings; crop cultivation, growing crops in the Air Dome; and B2C sales, selling directly to consumers.

This page explains how the business is structured. It does not promise members any profits, dividends or principal, and it does not forecast sales.

① Seedling Business · Market

The seedling market is growing

Seedling raising is the work of germinating seeds and growing them into seedlings that can be transplanted into fields or facilities. We look at the market using published survey data.

Seedling sales (2024)
KRW 281.8 billionKorea Seed & Variety Service (KSVS) survey, 2024 basis
Growth over 2 years (2022 → 2024)
41.1%KRW 199.7 billion → KRW 281.8 billion
Seed sector growth over the same period
2.1%Entire seed industry: KRW 971.9 billion (2024)
Share of exports (2024)
Mainly domestic salesExports were 0.1% of seedling sales in 2024; most are sold within Korea

Source: Korea Seed & Variety Service (KSVS), Seed Industry Status Survey for 2024 (published December 30, 2025)

Seedling sales by year (Unit: KRW 100 million)
View as table
YearSeedling sales
2021KRW 198.9 billion
2022KRW 199.7 billion
2024KRW 281.8 billion

Sources· 2021 figure: Seedling Industry Survey for 2021 (Ministry of Agriculture, Food and Rural Affairs (MAFRA))· 2022 and 2024 figures: Korea Seed & Variety Service (KSVS), Seed Industry Status Survey for 2024 (published December 30, 2025)※ The KSVS Seed Industry Status Survey is conducted every 2 years.

Sources· 2021 figure: Seedling Industry Survey for 2021 (Ministry of Agriculture, Food and Rural Affairs (MAFRA))· 2022 and 2024 figures: Korea Seed & Variety Service (KSVS), Seed Industry Status Survey for 2024 (published December 30, 2025)※ The KSVS Seed Industry Status Survey is conducted every 2 years.

What is sold?

  • Vegetable seedling sales of KRW 221.5 billion, up 40.5% (2024)
  • Food crop seedling sales up 43.2% (2024)
  • Share of vegetable seedlings in total seedling sales: 80.0% (2022) → 78.6% (2024)

Sources· 2024 figures: Korea Seed & Variety Service (KSVS), Seed Industry Status Survey for 2024 (published December 30, 2025)· 2022 share: Press release on the Seed Industry Status Survey for 2022 (Ministry of Agriculture, Food and Rural Affairs (MAFRA))

The figures above are public statistics on Korea's entire seedling industry. They are not figures forecasting the cooperative's sales or profits.

① Seedling Business · Industry Profile

Many small businesses, and fewer people working

The market has grown, but most seedling businesses are small, with annual seedling sales of less than KRW 150 million, and the number of workers was lower in 2024 than in 2022.

Registered seedling businesses (end of 2024)
1,594 businessesRegistered businesses surveyed
Businesses with seedling sales under KRW 150 million
72.4%1,134 of 1,567 responding businesses
Businesses with seedling sales of KRW 900 million or more
3.1%48 of 1,567 responding businesses
Mandatory registration of seedling businesses
December 2017Amendment of the Seed Industry Act

Sources· Number of businesses and sales size: Korea Seed & Variety Service (KSVS), Seed Industry Status Survey for 2024 (published December 30, 2025)· Mandatory registration: Amendment of the Seed Industry Act

Seedling industry workers (Unit: people)
View as table
YearWorkers
20217,437 people
20227,812 people
20246,102 people

Sources· 2021 figure: Seedling Industry Survey for 2021 (Ministry of Agriculture, Food and Rural Affairs (MAFRA))· 2022 and 2024 figures: Korea Seed & Variety Service (KSVS), Seed Industry Status Survey for 2024 (published December 30, 2025)※ The KSVS Seed Industry Status Survey is conducted every 2 years.

Sources· 2021 figure: Seedling Industry Survey for 2021 (Ministry of Agriculture, Food and Rural Affairs (MAFRA))· 2022 and 2024 figures: Korea Seed & Variety Service (KSVS), Seed Industry Status Survey for 2024 (published December 30, 2025)※ The KSVS Seed Industry Status Survey is conducted every 2 years.

Where are seedlings sold? (2024, share by buyer)

Source: Korea Seed & Variety Service (KSVS), Seed Industry Status Survey for 2024 (published December 30, 2025)※ The percentages are rounded, so their sum may differ slightly from 100%.

Illustration of an automated seedling nursery: seedling trays lined up on rail racks, with sensors and record screens managing the environment Trays · rail racksClimate log Less labor, same quality
A concept drawing of an automated seedling nursery, made to be easy to understand. It may differ from reality.

① Seedling Business · The Need

That is why automated seedling nurseries are needed

The seedling market has grown, but the industry has many small businesses, and fewer people were working in it in 2024. We believe nurseries are needed that raise seedlings of consistent quality with machines and records, rather than relying only on manual labor.

  • The Hwaseong Demonstration Site also has a seedling nursery. Seedlings raised in the nursery are moved to the Air Dome and grown there.
  • The press has reported a research consortium's plan to put KRW 57.2 billion in 2026⁠–⁠2030 into developing agricultural robots.

Sources· Company materials · AgDome introduction· AgDome introduction on the online store run by a D&W Group affiliate (BUCKET BAG)· Agricultural robot research consortium (Herald Business report)

② Crop Cultivation · Method

Grown in the Air Dome by set methods

For each crop, the temperature, light, nutrients and growing period are set in advance (a cultivation recipe), and that method is followed the same way every time.

  1. Transplanting seedlings

    Seedlings raised in the nursery are transplanted into Air Dome pots

  2. Managed by the cultivation recipe

    Managed within the temperature, humidity and nutrient ranges set for each crop

  3. Rail pots · 2⁠-⁠tier growing

    Pots ride on rails to the worker, and both upper and lower tiers (2 tiers) are used

  4. Daily and weekly records

    Environment, watering and nutrients are recorded daily; growth, pest observations and equipment are recorded weekly

Sources· AgDome and cultivation standards introduction on the online store run by a D&W Group affiliate (BUCKET BAG)· Blog “A Farm Built on Air” (maca_holdings)More in Technology

② Crop Cultivation · Hwaseong Demonstration Site Records

One HARUCHO growing cycle in Hwaseong

This is the record of one 2026 growing cycle of 'HARUCHO', a functional pepper grown in the Hwaseong Air Dome.

  1. 2026. 2. 10

    Transplanting seedlings

    Transplanted into pots

  2. 2026. 4. 21

    First harvest

    Then harvested at about 1⁠-⁠week intervals

  3. April – July

    15 harvests in total

    Monthly records: see the Hwaseong Demonstration Site menu

  4. Shipping

    Sorted and packed on the day of harvest

    Each shipment is recorded

Shipped (one 2026 growing cycle)
24,090kgout of 24,500kg harvested
Share of the harvest that was shipped
98.3%The rest was non-marketable

When reading these records

  • These figures were recorded by the operator in its own management log and have not been verified by an outside organization.
  • This is a record of one growing cycle, not a full 1⁠-⁠year result. There is no comparison record for the same variety grown in a regular greenhouse.

Sources· Blog series “A Farm Built on Air” and Hwaseong visit report (citing the operator's management log)· “Operational measurement records” on the online store run by a D&W Group affiliate (BUCKET BAG)· Company materials: “Shipment rate 98.3%”See the Hwaseong records

② Crop Cultivation · Crops

Crops grown in Hwaseong

A D&W Group affiliate has grown functional and high-value-added crops itself at the Hwaseong Demonstration Site.

HARUCHO (functional pepper)RoseWasabiAralia shootsPurslaneKorean chrysanthemumGotu kola

Source: Company materials · business introduction

③ B2C Sales · Product Concepts

HARUCHO, being prepared in these forms

We are planning products that offer HARUCHO grown in the Hwaseong Air Dome as fresh produce, or in forms that are easy to eat.

  • Advertising image of fresh HARUCHO in a clear container

    Fresh produce

    Clear container packaging that holds harvested HARUCHO as it is

  • HARUCHO daily pack packaging image

    Small daily packs

    Individual packs divided into easy single portions

  • HARUCHO leaf and stem tea packaging image

    Leaf and stem tea

    A concept of drying the leaves and stems left after harvest to use as tea, making use of parts that used to be thrown away

  • HARUCHO raw powder stick packaging image

    Powder sticks

    A concept of sticks of dried, powdered HARUCHO to mix into water, yogurt or smoothies

  • HARUCHO gift set packaging image

    Gift set

    A gift packaging concept with stick packs and pouches in one box

  • HARUCHO brand image

③ B2C Sales · FarmCast Concept Videos

FarmCast in video

The videos below are concept videos made with AI

FarmCast booth installed at an indoor event venue: promotional screen on the side, kiosk in the middle, 2 product display cases on the right
An actual FarmCast booth

③ B2C Sales · FarmCast Booth Layout

All the equipment needed in one unit

FarmCast is a 24⁠-⁠hour unmanned sales booth installed in daily-life areas such as apartments and shopping arcades.

Front of a FarmCast booth: FARMCAST sign on top, 2 freezers on both sides, kiosk in the middle, promotional screen on the left side
SizeW 2,900 × H 2,500 × D 1,100mm
Front2 freezers + kiosk in the middle
Storage-18°C frozen storage
screenProduct promotion screen (DID)
TopLED sign
LightingLED line lighting
InstallationCan be installed close to a wall

③ B2C Sales · Two FarmCast Models

Choose to suit the installation site

Both models use the same equipment and operating system. They differ only in whether there is a platform at the front.

Platform-model FarmCast booth with a wide platform in front

Platform model

A model for places with plenty of space in front

  • Easy to choose products and pay while standing on the platform
  • Convenient to use even on rainy days
  • Recommended sites Places with spare space, such as apartment shopping arcades, plazas, parking lots and access roads
FarmCast booth without a platform, placed against a building wall

No-platform model

A slim model that can be placed even in narrow spaces

  • With no platform, it gets in the way of passers-by less
  • Good for installing against building exterior walls or next to entrances
  • Recommended sites In front of shops, officetels, beside sidewalks, and places where it must be placed against a wall

③ B2C Sales · FarmCast Installation Examples

Right outside your home, right outside the supermarket

These are installation examples of placing a booth where people come and go every day, such as apartments and supermarkets.

FarmCast booth placed next to the entrance of an apartment community center

Apartment type

Inside an apartment complex, next to the community center entrance

Placed on the path residents pass every day, it sells small-packaged produce and convenience foods. Residents can buy what they need, right when they need it, close to home.

FarmCast booth placed against the wall next to a supermarket entrance

Supermarket type

Next to a supermarket entrance

Placed along the route supermarket customers walk, it is run together with the supermarket’s product operations.

The installation site and operating conditions are discussed separately with the building’s management.

③ B2C Sales · FarmCast Installation Sites

Where people pass every day

  • Near apartment complex entrances

    The route residents use every day

  • In front of apartment shopping arcades

    Used by both shoppers and residents

  • Officetels and dense residential areas

    Places with many 1⁠-⁠person households and office workers

  • Near everyday amenities

    Near supermarkets, hospitals, pharmacies and gyms

  • Public outdoor spaces

    Local government halls, parks, etc. (can be considered)

6 things to check when choosing a site

  • Foot traffic

    Whether people pass by steadily throughout the day

  • Accessibility

    Whether it is easy to reach from homes, shops and public transport

  • Power supply

    Whether power can be brought in reliably, and whether the circuit breaker capacity is sufficient

  • Pedestrian safety

    Whether it does not obstruct the path or safety of passers-by

  • Agreement with managers

    Whether an agreement can be reached with the building owner, management office and local government

  • Local demand

    What nearby competition and local demand are like

③ B2C Sales · FarmCast Operation · Remote Management

Even with no one there, monitored remotely

It operates unmanned 24 hours a day and is managed through remote monitoring, regular inspections and repairs when faults occur.

  • 24⁠-⁠hour remote monitoring

    Checks temperature, power and operating status

  • Freezer temperature control

    Keeps frozen food stored safely and detects problems

  • Payment and network management

    Checks the kiosk, payments and network connection

  • Regular inspections

    Checks exterior, equipment, lighting and functions

  • Repairs when faults occur

    Repair support when a fault occurs

Inspection itemWhat is checked
FreezersTemperature holding, cooling performance, door condition
KioskScreen, payment, ordering functions
Promo screen · LED signScreen, brightness, display condition
Power · networkPower, wiring, electrical leakage, network connection
Exterior · structureFinish, lighting, cleanliness, fixing condition

③ B2C Sales · FarmCast Quality Control (DQA)

The same standards, wherever it is made

DQA (Design & Quality Assurance) is a system that ensures the same design standards and quality are kept even when products are made in different places.

  1. Fixing standards

    Design standards and specifications are set

  2. Drawing review

    Checks that the drawings meet the standards

  3. Sample and prototype inspection

    Checks the first products made

  4. Mass production and delivery inspection

    Checks function, exterior and documents before shipping

  5. On-site installation check

    Checks position, level, fixing and electrical connection

Principles we keep

  • Specifications are not changed without approval
  • Inspection results are kept in writing
  • Anything that does not conform is corrected right away

Source: FarmCast business proposal brochure

Online sales flow illustration: crops harvested in the Air Dome are ordered online and sent to the home in parcel boxes Air Dome harvestOnline orderDelivery
An illustration of the online sales flow, made to be easy to understand.

③ B2C Sales · Online Shopping

A D&W Group affiliate sells HARUCHO online

HARUCHO grown in the Hwaseong Air Dome is sold online through ‘BUCKET BAG’, an online store run by a D&W Group affiliate.

  • Sold per shipment batch, only as much as is harvested
  • Orders are delivered to the home by parcel
  • Preparations are underway to publish cultivation records from planting to shipping

Sources· BUCKET BAG online store (bucketbag.store, operated by a D&W Group affiliate)· Company materials · business introduction

How the cooperative's produce will be sold is explained during the consultation.

BUCKET BAG introduction video ①
Pots on rails and AgOS records
BUCKET BAG introduction video ②
Hwaseong Air Dome

Check your questions in a consultation

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