'Power of Buldak'... Samyang Foods, First in Food Industry to Receive $700 Million Export Tower

Samyang Foods, which received the $400 million Export Tower award in 2022, has achieved the remarkable feat of reaching $700 million in exports in just two years.

On the morning of the 5th, Samyang Foods announced that it received the ‘$700 Million Export Tower’ award for the first time in the food industry at the ‘61st Trade Day’ ceremony held at COEX in Gangnam-gu, Seoul.

Kim Jung-soo, Vice Chairman of Samyang Foods, received the $700 million Export Tower Award. Photo by Samyang Foods

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The Export Tower award is given to companies that have contributed to increasing exports. Selection is based on export performance over one year, from July 1 of the previous year to June 30 of the current year.

This award marks the fifth time Samyang Foods has been honored, following $100 million in 2017, $200 million in 2018, $300 million in 2021, and $400 million in 2022. From July last year to June this year, Samyang Foods’ export performance reached $700 million, a 74% increase compared to the same period two years ago.

Samyang Foods continues its high-growth trajectory by setting new record-breaking performances every year, driven by the global popularity of its flagship export product, the ‘Buldak Brand.’ Exports, which were 93 billion KRW in 2016, soared nearly ninefold to 809.3 billion KRW in 2023. During the same period, the proportion of exports in total sales also expanded significantly from 26% to 68%. This year, exports reached a total of 963.8 billion KRW through the third quarter, increasing the export ratio to 77%.

In particular, the Buldak Brand has created an unprecedented challenge culture and grown into a leading K-food representative and global brand, selling approximately 1 billion units annually in over 100 countries. Beyond Asia, it has gained great popularity in the United States and Europe, where spicy flavors are less common, with Buldak Brand sales exceeding 1 trillion KRW this year alone. This is the first time since its launch in 2012 that the Buldak Brand’s annual sales have surpassed 1 trillion KRW. Cumulative sales since launch have reached 4 trillion KRW, with total sales volume hitting 7 billion units.

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Samyang Foods plans to continue its export growth by diversifying its product lineup and leveraging the synergy between its export base at the Miryang factory and overseas subsidiaries. Recently, it established a European sales subsidiary in the Netherlands, securing sales hubs across export continents including Asia, the Americas, and Europe. With the completion of the Miryang Plant 2 scheduled for the first half of next year, export momentum is expected to accelerate further.

Vice Chairman Kim Jung-soo said, “Achieving $700 million in exports demonstrates the high competitiveness and potential of Korean food,” adding, “We will continue to lead efforts to raise global interest in Korean food and culture.”

Meanwhile, at the event, three Samyang Foods executives?Song Hyun-joon, Head of SCM Division; Jeon Jun-ho, Facilities Team Leader; and Lee Seung-won, Overseas Support Team Leader?received commendations from the Minister of Trade, Industry and Energy for their contributions to increasing exports.

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