Samyang Foods Breaks Record with Best Performance Last Year... 'Buldak' Spicy Flavor Wins Worldwide

Samyang Foods achieved its highest performance last year by securing both scale and substance through explosive growth in its overseas business division.

Samyang Foods exterior. [Photo by Samyang Foods]

Samyang Foods announced on the 23rd through a public disclosure that its operating profit last year increased by 42% compared to the previous year to 90.3 billion KRW, and sales rose by 42% to 909 billion KRW. In particular, the growth in the overseas business division was remarkable. Samyang Foods' overseas sales last year recorded 605.7 billion KRW, a 56% increase compared to the same period the previous year. This is the first time overseas sales have surpassed 600 billion KRW. It is close to the total sales of 642 billion KRW from the previous year. The export ratio also increased significantly to 67%, and Samyang Foods' share of Korea's ramen export amount (945.3 billion KRW) last year rose to 55%.

This strong performance was mainly due to the establishment of local subsidiaries and the pioneering of new markets. In recent years, Samyang Foods has been focusing on expanding online and offline distribution networks by setting up local sales subsidiaries in key export markets such as China. The subsidiaries in the United States and China have been conducting full-scale operations since last year. The Japanese subsidiary, Samyang Japan, established in 2019, is strengthening local sales with the Buldak and Samyang brands. In the Middle East, Samyang Foods became the first Korean ramen brand to enter over 220 stores nationwide of Panda, the number one supermarket in Saudi Arabia.

A Samyang Foods official said, “The local market penetration through subsidiaries in Japan, the United States, and China, as well as the pioneering of new markets such as the Middle East, were effective. The Miryang factory, which serves as an export forward base, began operations and was able to create synergy with overseas subsidiaries. This year, we plan to continue the growth trend through diversification of export product portfolios, strengthening sales and marketing by region, and investment in research and development.”