Domino Price Reductions on Ramen, Snacks, Bread, and Convenience Stores

The entire industry is focusing on price stabilization as bakery companies and convenience stores join the wave of price reductions that began with ramen and snack manufacturers.

Nongshim will lower the wholesale prices of Shin Ramyun and Saewookkang by 50 won and 100 won respectively starting from the 1st. The photo shows the ramen display at a large supermarket in Seoul on the 30th of last month. Photo by Jinhyung Kang aymsdream@

According to the food and beverage industry on the 1st, Nongshim lowered the wholesale prices of Shin Ramyun (bag noodles) and Shrimp Crackers by 4.5% and 6.9%, respectively, starting that day. As a result, the retail price of one pack of Shin Ramyun, sold at 1000 won, dropped by 50 won, and Shrimp Crackers, priced at 1500 won, decreased by 100 won.

Samyang Foods also reduced the prices of 12 representative products, including Samyang Ramen, Jjajjaroni, Delicious Ramen, and Yeolmu Bibimmyun, by an average of 4.7% starting that day, while Ottogi lowered the prices of 15 ramen products by an average of 5%.

Previously, Ottogi had frozen the price of Jin Ramen from 2010 until August 2021 despite increases in raw material and labor costs. An Ottogi official said, "We hope the ramen price reduction will help stabilize prices for ordinary citizens," adding, "We will continue to repay customers with better taste, quality products, and services."

From the same day, Paldo also reduced the consumer prices of 11 ramen products, including Ilpum Seafood Ramen, Wang Ttukgeong Bag Noodles, and Namja Ramen, by an average of 5.1%. Accordingly, the prices of Ilpum Seafood Ramen, Wang Ttukgeong Bag Noodles, and Namja Ramen dropped from 1000 won to 940 won, a 60 won decrease.

The snack industry also began price reductions. Starting that day, Lotte Wellfood lowered the prices of three products?Butter Coconut, Lottem, and Zec?by 100 won each, and Haitai Confectionery reduced the price of Ivy Original by 10%.

Following ramen and snacks, bread prices were also adjusted downward. SPC reduced the prices of 30 representative items, including bread, cream bread, and baguettes, by an average of 5% starting that day.

First, Paris Baguette lowered the prices of 10 types of bread, including sliced bread and baguettes, by 100 to 200 won each. Key price reductions by item are as follows: ▲‘Geudaero Toast’ from 3700 won to 3600 won (2.7%) ▲‘Jeongtong Baguette’ from 3900 won to 3700 won (5.1%) ▲‘Sweet Honey Donut’ from 900 won to 800 won (11.1%).

SPC Samlip lowered the prices of 20 items, including sliced bread and cream bread, by 100 to 200 won. ‘Suk Sliced Bread’ changed from 2980 won to 2880 won (3.4%), ‘Jeongtong Cream Bread’ from 1400 won to 1300 won (7.1%), and ‘Sweet Sweet Honey Ball’ from 2000 won to 1900 won (5.0%).

An SPC official explained, “We decided to reduce the prices of representative products such as sliced bread and cream bread to ease consumer burdens and actively participate in price stabilization.”

Convenience stores also joined the wave of price reductions by manufacturers of ramen, snacks, and bread. Starting that day, CU lowered the prices of three Heyroo snack PB products and two milk PB products by 100 won each. These products are popular, selling over 200,000 units monthly. Heyroo Whole Wheat Sweet Potato, King Conch, and Oranda snacks were reduced from 1500 won to 1400 won. Heyroo White Milk (1ℓ) dropped from 2600 won to 2500 won, and Milk Deuktem (1.8ℓ) from 4500 won to 4400 won.

From the same day, Seven Eleven also lowered the prices of two PB Seven Select snack products and two beverage products by 100 won each. The affected products are Seven Select Roasted Maparing, Seven Select Sindang-dong Tteokbokki, Seven Select Honey Peach Ade, and Seven Select Sangju Gotgam Sujeonggwa. Additionally, prices of nine PB products, including Seven Select Dongwon Tuna Ramen, Seven Select Spicy Seasoned Jerky, and Seven Select Our Taste Chestnuts, were frozen. To ease the operational burden on small and medium partner companies, costs were increased by 5-10%, but selling prices were not raised.

Emart24 decided to freeze prices of one PB bottled water product, four PET coffee products, and one milk product until the end of the year. These products include I’m e Haru One Liter Water (500ml), I’m e 500ml PET Coffee, and I’m e Haru e One Cup Milk (1ℓ).

A convenience store industry official said, “Amid recent price increases, we proactively decided to reduce prices of PB products to minimize customer burdens,” adding, “We will continue to pursue win-win management that benefits society by considering the positions of customers, partners, and franchise stores.”

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