Samyang Foods, Satto Bap, and Other Snack Prices Rise 15.3%... "No Plans to Increase Ramen Prices"

[Asia Economy Reporter Eunmo Koo] Samyang Foods is raising the prices of some snack products.

According to the industry on the 26th, Samyang Foods will increase the convenience store prices of three products?Satobap, Jjanggu, and Popeye?by 15.3%, citing the rise in raw material costs.

A Samyang Foods official stated, "Unlike ramen, snacks are focused more on the domestic market than exports, and due to recent increases in ingredient costs, we are inevitably planning to raise prices." However, they added, "The specific timing of the price increase is currently under internal discussion."

Additionally, Samyang Foods announced that there are no plans to raise prices for its main ramen products, such as Samyang Ramen and Buldak Bokkeum Myun, for the time being. Since exports account for 70% of ramen sales, and the Korean won exchange rate has recently risen, the company explained that they still have room to monitor market conditions.

Since the beginning of this year, major ramen manufacturers except Samyang Foods have successively raised prices. Nongshim increased the shipment prices of ramen by an average of 11.3% on the 15th. Shin Ramyun rose by 10.9%, and Neoguri by 9.9%. Paldo will raise prices of 12 ramen brands by an average of 9.8% starting next month on the 1st. The increases include Paldo Bibimmyeon by 9.8%, Wang Ttukbaegi by 11.0%, and Teumsae Ramen Red Rice Cake by 9.9%. Ottogi will also raise ramen prices by an average of 11.0% starting next month on the 10th. Based on large supermarket retail prices, Jin Ramen will increase from 620 won to 716 won.

This content was produced with the assistance of AI translation services.