Spicy Flavor Addiction and Exchange Rate Effects 'Profitable'... K-Ramen Exports Surge 30% Last Year

$1.249 Billion Export in 2024
10 Consecutive Years of Record Highs Since 2015
'Buldak' Samyang Foods Awarded $700 Million Export Tower
Addictive Spicy Flavor Captivates Global Consumers

The growth of K-Ramen is intense. Fueled by the global popularity of K-Culture, ramen export revenue, which has rapidly expanded, recorded a historic highest growth rate of 31% last year, surpassing 1.2 billion dollars. It also succeeded in breaking its record for the highest performance for 10 consecutive years. K-Ramen is thus permeating the daily lives of people worldwide at a steep pace, regardless of the US, Europe, or Southeast Asia. As major companies are rapidly expanding production facilities to keep up with the overflowing demand, the golden age of K-Ramen is expected to continue for the time being.

According to the Korea Trade Statistics Promotion Institute on the 7th, ramen export revenue was tentatively tallied at 1.2485 billion dollars (approximately 1.8363 trillion KRW) until December last year. This represents a 31.1% growth compared to 952.4 million dollars (1.4008 trillion KRW) in 2023. This is the highest export growth rate ever recorded.

Ramen exports, which surged sharply after the COVID-19 pandemic, recorded growth rates of ▲29.34% in 2020 ▲11.59% in 2021 ▲13.5% in 2022 ▲24.44% in 2023. With the export growth rate steepening day by day, K-Ramen has renewed its record for the highest performance for 10 consecutive years since 2015. At that time in 2014, ramen exports were only 210 million dollars (308.9 billion KRW).

The key factor behind the expansion of K-Ramen exports is the spread of K-content coinciding with the COVID-19 pandemic period since 2019. Along with K-pop, Korean dramas, movies, and other popular culture gained popularity in the global market, naturally raising the awareness of Korean ramen. A representative example is 'Jjapaguri (Jjapaghetti + Neoguri)' from the movie 'Parasite,' which won the Best Picture award at the 2020 US Academy Awards.

The recipe for Buldak Bokkeum Myun introduced by BTS's Jungkook also received a hot response. Since the COVID-19 pandemic, convenience foods have been spotlighted worldwide, and K-Ramen has successfully expanded its reach by squeezing into that niche.

In addition, the addictive spiciness of Korean ramen is captivating consumers worldwide, leading to repeat purchases. In particular, the influence of Samyang Foods' Buldak Bokkeum Myun, which accounts for a significant portion of ramen exports, can be described as a phenomenon. Thanks to the Buldak craze, exports account for 80% of Samyang Foods' sales.

With export performance surging, Samyang Foods recently became the first in the food industry to receive the 700 million dollar export tower award. This achievement was also significantly aided by the exchange rate effect. As the dollar value has been soaring recently, Samyang Foods, which produces all its ramen domestically and sells it overseas, has enjoyed the largest foreign exchange gains.

In line with the rapidly increasing overseas demand, major companies such as Samyang Foods and Nongshim are expanding production facilities, so K-Ramen exports are expected to continue increasing for the time being. Samyang Foods is scheduled to start operating its second factory in Miryang at the end of May. Additionally, in 2027, it plans to complete a production plant in China, the number one export destination for Buldak. Afterwards, the company intends to meet Chinese demand through the local factory and supply more of the volume previously sent to China to the US and Europe. Nongshim also plans to build a new factory on the site of its Noksan plant in the first half of this year to increase production of export-dedicated ramen.

Researcher Kwon Woo-jung of Kyobo Securities said, "Ramen-centered export growth is expected to continue in 2025," adding, "The recent trend of a weak Korean won is expected to be favorable for export-oriented companies."