"Thank You, Buldak Brand" Samyang Foods Surpasses 1 Trillion Won in Overseas Sales Last Year

Overseas Sales Reach 1.3359 Trillion KRW Last Year, Up 65%
Local Subsidiaries Drive Growth, US Subsidiary Surges by 127%

Samyang Foods has entered the era of 1 trillion KRW in overseas sales.

Samyang Foods announced on the 19th that its overseas sales on a consolidated basis last year reached 1.3359 trillion KRW, a 65% increase compared to the previous year.

[Photo by Samyang Foods]

Samyang Foods' overseas division has shown growth by breaking its record every year due to the popularity of the Buldak brand. Overseas sales, which were in the 90 billion KRW range in 2016, surpassed 300 billion KRW in 2020 and 600 billion KRW in 2022. Then, just one year after exceeding 800 billion KRW in 2023, it surpassed 1 trillion KRW for the first time in history. The proportion of overseas sales in total sales is close to 80%.

The increase in overseas sales was led by local subsidiaries. In particular, the growth of the US and China subsidiaries stood out.

The US subsidiary recorded sales of 280 million USD (406.3 billion KRW), a 127% surge compared to the previous year. Successfully entering Walmart stores nationwide in the US and actively advancing into major distribution channels such as Costco, and starting to enter Kroger and Target in the second half of the year, were key factors.

The China subsidiary achieved sales of 2.1 billion CNY (421.6 billion KRW), a 75% increase compared to the previous year, thanks to local customized strategies such as launching new products like Phu Phat Phong Curry Buldak Bokkeummyeon and collaboration events with Buldak sauce.

Samyang Foods expects the overseas business division to continue its growth trend this year as well. This is because the completion of the Miryang Plant 2 is scheduled for June. Although Samyang Foods has been operating its production plants at full capacity since last year, it has been struggling to handle the influx of orders. The company plans to support the increasing overseas demand based on the additional production capacity secured through Miryang Plant 2. Miryang Plant 2 can produce up to 690 million ramen units annually across six production lines.

A Samyang Foods official said, "We will accelerate our overseas market penetration by leveraging local subsidiaries and the Miryang plant," adding, "This year, we will continue not only to expand our scale but also to achieve solid growth."

Meanwhile, Samyang Foods achieved consolidated sales of 1.728 trillion KRW and operating profit of 344.6 billion KRW last year. Sales increased by 45% and operating profit by 133% compared to the same period last year.