US commodity trading company Cargill Inc. said Friday it has set an annual revenue target of 1.5 trillion won ($1.33 billion) for its livestock feed business in South Korea by 2025, vowing to push for an aggressive expansion down the road.

David MacLennan, CEO of the global agricultural commodity firm, said the company plans to increase its annual feed production to 2.7 million tons from the current 1.6 million tons over the next eight years to meet the revenue target for the Korean market. 

"We are proud of our legacy built by the hard work of our employees in Korea, and we are committed to continue to invest in and grow in this market," MacLennan told a media briefing in Seoul earlier in the day. 

He was in Seoul to celebrate the 50th anniversary of Cargill's presence here. The Minneapolis-based, largest privately held company in the United States has the third-biggest market share in the animal feed business here. As of end-2016, it raked in some 820 billion won in sales in Korea.

MacLennan pinned high hopes on the local market, currently the ninth-largest globally with an annual production of 19 million tons, as Korea holds great growth potential as a society with strong infrastructure and political stability in spite of continuing jitters, he said.

Given that Cargill's total production of livestock feed stands at some 15-17 million tons per year, its Korean portion will likely rise to around 20 percent, according to market analysis.

The company entered Korea in 1967, setting up its local unit, Cargill Agri Purina. In 2015, it built a feed mill facility in Pyeongtaek, south of Seoul, and is now Cargill's largest production line in the world. (Yonhap)