Samyang Foods Surpasses 800 Billion KRW in Overseas Sales... Record High

Diversifying Export Markets... Expanding Sales Share in Regions Outside Asia

Samyang Foods has achieved its highest overseas sales for five consecutive years.

On the 21st, the Financial Supervisory Service's electronic disclosure system reported that Samyang Foods recorded overseas sales of 809.3 billion KRW last year, a 34% increase compared to the previous year. This is the first time overseas sales have surpassed 800 billion KRW, and the proportion of overseas sales in total sales has expanded to 68%. The share of overseas sales for Samyang Foods has been steadily increasing since it first exceeded 50% in 2019 and surpassed 60% in 2021.

The synergy effect between overseas subsidiaries and the export forward base, the Miryang factory, significantly increased export volumes, driving performance. In particular, the growth in the American market was remarkable. Thanks to entry into major markets such as Walmart and Costco, Samyang America achieved sales of 122 million USD, a 154% increase compared to the previous year. In China, the largest export market, Samyang Foods Shanghai Co., Ltd. realized sales of 1.2 billion yuan, a 76% increase compared to the previous year.

Export markets and product categories have also diversified. The sales proportions in the Americas and EMEA (Europe, Middle East, and Africa) regions expanded to the 20% range each, improving the previously Asia-focused sales distribution. Export sales in the sauce segment also steadily grew by 35% compared to the previous year. The main export product, Buldak sauce, is currently sold in over 40 countries.

A representative from Samyang Foods stated, “This year, we plan to continue the growth of our overseas business by strengthening local sales and marketing centered on our overseas subsidiaries. We will also continuously pursue diversification of export markets and expansion of export product categories such as sauces and frozen foods.”

Meanwhile, to support the steep export growth, Samyang Foods is investing 164.3 billion KRW to construct Miryang Plant 2. The Miryang Plant 2 will have a total floor area of 34,576㎡, with three above-ground floors and one basement floor, and will house a total of five ramen production lines. The plant is scheduled for completion in the first half of 2025, and upon completion, Samyang Foods’ maximum annual ramen production capacity will increase from the current 1.8 billion units (Wonju, Iksan, and Miryang Plant 1) to approximately 2.4 billion units.

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