K-Ramen Boiling Hot in Global Market... China Tops Exports, Japan Tops Imports

'K-Ramen' Hits Record High Export Value Every Year
China Tops Export Destinations... Growth in Home Consumption and Content Influence
Import Volume Also Rising... Global Market Expands

[Asia Economy Reporter Song Seung-yoon] Korean ramen continues to make strides in the global market. Since gaining popularity as a convenient meal during the COVID-19 pandemic, it is now being recognized as a proper 'one meal.'

According to the Korea Customs Service on the 27th, Korean ramen recorded its highest-ever export value again this year following the first half of last year. Ramen exports in the first half of this year (January to June) amounted to $383.4 million, a 19.9% increase compared to the same period last year ($319.69 million). Ramen exports have been on a continuous upward trend since 2015. Last year's export value also set a record high at $670 million.

By country in the first half of this year, China accounted for the largest export share at $91.91 million, followed by the United States ($47.86 million) and Japan ($30.32 million). Last year's export figures showed a similar pattern, with China ranking first at 22.2%, followed by the U.S. and Japan at 12% and 9.7%, respectively. The top three countries accounted for about 44% of the total export value, nearly half of all exports.

This is attributed to the increased demand for home dining due to COVID-19, which brought global attention to ramen as a one-meal option and emergency food. The popularity of K-content such as K-pop, movies, and dramas has also contributed to this growth. Riding this wave of popularity, spicy Korean ramen challenges became a huge trend on YouTube.

Compared to export volume, import volume is not large, but it is steadily increasing. Ramen imports grew about 2.6 times over the past five years, from $3.86 million in 2017 to $10.24 million last year. The normalization of overseas travel has increased exposure to various international cuisines, naturally leading to greater interest in foreign ramen. Based on last year's import value, Japan accounted for 37.4% ($3.83 million) and China 34.1% ($3.486 million), with over 70% of imports coming from these two countries.

The global ramen market is expected to gradually expand. According to Euromonitor statistics, the global ramen market size was $41.6 billion last year, a 21.3% increase from $34.3 billion in 2017. By 2026, it is projected to grow to $52.7 billion, a 26.6% increase from last year. The COVID-19 pandemic has heightened worldwide interest in healthy foods, and the ramen market is also expected to see continuous growth in demand for ramen made with rich nutrients and quality ingredients, according to industry experts.

The domestic ramen industry is also steadily building a foundation for growth in overseas markets. Samyang Foods, whose global sales exceed domestic sales thanks to the worldwide popularity of products like Buldak Bokkeum Myun, plans to increase the share of its local subsidiaries in the U.S., China, and Japan to 70% by 2025. Nongshim completed and began full operation of its second U.S. factory in May this year, capable of producing 350 million ramen units annually. Through this, it aims to secure the No. 1 position in the U.S. ramen market within a few years and use it as a foothold for the Latin American market. Ottogi also operates local subsidiaries in the U.S., China, Vietnam, and New Zealand, strengthening its overseas market strategy beyond its domestic focus.