Samyang Foods Joins Price Increase Trend... 'Ramyun Big 4' Simultaneously Raise Prices in Second Half

Samyang Foods to Raise Ramen Prices by an Average of 9.7% Starting Next Month on the 7th

[Asia Economy Reporter Koo Eun-mo] Recently, as ramen prices have been rising one after another, Samyang Foods has also decided to join the price hike starting next month, resulting in all four major domestic ramen manufacturers raising prices in the second half of this year.

According to the industry on the 23rd, Samyang Foods announced that it will raise the prices of 13 brand products, including Buldak Bokkeum Myun and Samyang Ramen, by an average of 9.7% starting from the 7th of next month.

With this increase, the prices of Buldak Bokkeum Myun and Samyang Ramen in packet form will rise by 8.7% and 9.3%, respectively. Accordingly, the retail price at large discount stores for Buldak Bokkeum Myun will increase by 84 won from 936 won to 1,020 won per packet, and Samyang Ramen will increase by 68 won from 700 won to 768 won. Actual selling prices may vary depending on the distribution channel.

A Samyang Foods official stated, "Like many domestic food companies, the cost burden has increased due to the sharp rise in production costs such as flour, palm oil, major imported raw materials, logistics, and utilities, but we have endured this through export expansion so far. However, as the deficit in the domestic business has accumulated and the situation is worsening in the second half of the year, we have inevitably decided to raise prices." He added, "We apologize for the burden this places on customers' grocery bills and will repay them with better quality."

With Samyang Ramen raising prices, all four major ramen companies have increased prices since last month. Previously, Nongshim raised the shipment prices of major ramen products, including Shin Ramyun, by an average of 11.3% starting from the 15th of last month. This is the first price adjustment in about a year since the increase in August last year. The items raised this time include 26 ramen brands. The main products' price increases based on shipment prices are 10.9% for Shin Ramyun and 9.9% for Neoguri.

Ottogi also raised the prices of ramen products by an average of 11.0% based on shipment prices starting from the 10th of this month. This is the first price adjustment in 1 year and 2 months since the adjustment made in August last year after 13 years. Based on large discount store retail prices, Jin Ramen increased from 620 won to 716 won by 15.5%, Jin Bibim Myun from 970 won to 1,070 won by 10.3%, Jin Jjambbong from 1,495 won to 1,620 won by 8.4%, and Cup Noodles from 1,280 won to 1,380 won by 7.8%.

Paldo also raised ramen prices by an average of 9.8% starting from the 1st of this month. The price increase applies to 12 ramen brands, with major products increasing by 9.8% for Paldo Bibim Myun, 11.0% for Wang Ttukgeong, and 9.9% for Teumsae Ramen Bbalgyettok based on supply prices. A Paldo official said, "The manufacturing cost pressure has intensified due to rising raw material, logistics, and labor costs," adding, "We decided to minimize the price increase considering the impact on consumer prices."

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