In a historic achievement for the Korean food industry, Samyang Foods has reached $700 million in global exports. This milestone was recognized at the ‘61st Trade Day’ ceremony, where the company was awarded the “7 Billion Dollar Export Tower,” making it the first Korean food company to receive such an honor. The success of their iconic Buldak Ramen has been pivotal in driving this extraordinary growth, positioning the brand as a global phenomenon.
Launched in 2012, Buldak Ramen was introduced as a bold and spicy instant noodle, targeting adventurous food lovers. Its fiery flavor profile quickly gained attention, particularly among younger consumers looking for novelty. Over the years, the product became a viral sensation, fueled by spicy ramen challenges on platforms like YouTube and TikTok. This cultural wave transformed the brand from a domestic hit into a global favorite.
Samyang Foods’ export journey has been marked by steady milestones. After crossing the $1 billion export threshold in 2017, the company’s overseas revenue continued to climb, reaching $2 billion in 2018, $3 billion in 2021, $4 billion in 2022, and now $7 billion in 2023. This remarkable growth has solidified Samyang Foods’ position as a leader in the global food industry.
China accounts for 35% of Samyang Foods’ overseas sales, making it the brand’s most significant market. During the country’s Double 11 shopping festival in 2023, Buldak Ramen achieved record sales of ₩13 billion, a 39% increase compared to the previous year. This reflects the product’s growing integration into Chinese consumer culture.
In the United States, Buldak Ramen gained prominence through social media platforms, where the spicy ramen challenge became a viral trend. Young consumers, inspired by the broader Korean Wave, embraced the brand as a cultural and culinary adventure. The product is now a staple in Asian grocery stores and is steadily entering mainstream supermarkets.
European markets are rapidly catching on to the Buldak craze. With its distinctively spicy flavor, Buldak has become a novelty product among younger consumers looking for unique culinary experiences. The establishment of a European sales base in the Netherlands further strengthens Samyang Foods’ foothold on the continent.
In Southeast Asia, the region’s love for bold and spicy flavors has made Buldak Ramen a natural hit. Countries like Indonesia, Malaysia, and the Philippines have reported strong sales, bolstered by targeted marketing campaigns featuring regional influencers.
In regions like the Middle East and South America, Buldak Ramen is finding new fans as consumers become more adventurous in their food choices. These emerging markets present significant opportunities for growth.
The success of Buldak Ramen has redefined Samyang Foods’ business model, with exports now accounting for 77% of the company’s revenue as of the third quarter of 2023. This marks a dramatic shift from 2016, when exports contributed just 26% of total sales. Beyond economic gains, the product’s global appeal underscores the increasing influence of Korean culture and cuisine worldwide.
Samyang Foods invests heavily in production and infrastructure to sustain and accelerate its growth. The upcoming completion of the Millyang 2 factory in early 2024 will significantly enhance production capacity to meet rising global demand. Additionally, the company’s new European sales base in the Netherlands will be a critical hub for expanding its presence across the continent.
