Samyang Foods Achieves $700 Million Export Tower Just Two Years After Reaching $400 Million
1 Billion Units Sold Annually in Over 100 Countries
Miryang Plant 2 to be Completed Next Year... Export Growth Expected to Accelerate
Samyang Foods, which received the $400 Million Export Tower in 2022, has achieved the remarkable feat of reaching $700 million in exports in just two years.
On the 5th, Samyang Foods announced that it was awarded the "$700 Million Export Tower" at the 61st Trade Day ceremony held at COEX in Gangnam-gu, Seoul, becoming the first in the food industry to do so.
Kim Jeongsu, Vice Chairman of Samyang Foods, received the $700 million export tower award. Photo by Samyang Foods
원본보기 아이콘The Export Tower is an award given to companies that contribute to export growth. It is based on export performance over a one-year period from July 1 of the previous year to June 30 of the current year.
This is the company's fifth time receiving the award, following previous wins for $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 increased by 74% compared to the same period two years ago, reaching $700 million.
Driven by the global popularity of its flagship export product, the Buldak brand, Samyang Foods has continued its rapid growth, breaking record sales each year. Export sales, which stood at KRW 93 billion in 2016, soared to KRW 809.3 billion in 2023?a nearly ninefold increase in seven years. During the same period, the proportion of exports in total sales also jumped from 26% to 68%. This year, export sales reached KRW 963.8 billion by the third quarter, pushing the export ratio up to 77%.
In particular, the Buldak brand has created an unprecedented challenge culture and has grown into a leading K-food global brand, selling about 1 billion units annually in over 100 countries. Its popularity has soared not only in Asia but also in the US and Europe, where people are less accustomed to spicy flavors, pushing Buldak brand sales past KRW 1 trillion this year alone. This is the first time annual sales of the Buldak brand have exceeded KRW 1 trillion since its launch in 2012. Cumulative sales since launch now total KRW 4 trillion, with cumulative sales volume reaching 7 billion units.
Samyang Foods plans to continue its export growth by diversifying its product lineup and leveraging synergies between its Miryang export hub and overseas subsidiaries. The company recently established a European sales subsidiary in the Netherlands, securing sales bases across Asia, the Americas, and Europe. With the completion of Miryang Plant 2 scheduled for the first half of next year, export growth is expected to accelerate further.
Vice Chairman Kim Jungsu said, "Achieving $700 million in exports demonstrates the strong competitiveness and potential of Korean food. We will continue to lead efforts to raise global awareness of Korean food and culture."
Meanwhile, at the event, three Samyang Foods employees?Song Hyunjun, Head of SCM Division; Jeon Junho, Head of Facilities; and Lee Seungwon, Head of Overseas Support?received commendations from the Minister of Trade, Industry and Energy for their contributions to export growth.
