Nongshim Co., a leading South Korean food and beverage company, has reported a stellar performance for its flagship instant noodle brand, Shin Ramyun. Last year, the brand achieved a record 1.21 trillion won ($903 million) in sales, marking a robust 14% increase from the previous year. This surge in revenue marks the second consecutive year Shin Ramyun’s sales have exceeded 1 trillion won.
A significant shift in the brand’s performance was observed in 2021, when international sales outpaced domestic revenue, contributing 710 billion won and accounting for 59% of total sales. The company’s strategic focus on expanding its global footprint, particularly in the United States, has been a key driver of this success. In the US alone, Shin Ramyun sales soared by 19%, propelling nearly half of the overall international growth.
The opening of Nongshim’s second factory in the US in May 2022 played a crucial role in bolstering supply and enhancing sales through major US retailers such as Costco and Walmart. Furthermore, Shin Ramyun has experienced significant sales increases in Japan, Australia, and Vietnam, with respective growth rates of 19%, 26%, and 58%.
Nongshim’s subsidiaries have been proactive in adapting their strategies to local markets. In Japan, the focus on convenience store distribution of Shin Ramyun cup noodles has been met with positive consumer response. The Australian subsidiary broadened its retail presence and launched a pop-up store in Sydney. Meanwhile, the Vietnamese subsidiary tailored its sales approach to key urban and tourist regions, supplementing it with strategic online and flagship store promotions.
Domestically, Shin Ramyun’s sales reached 500 billion won, a 14% increase from the previous year. This growth is attributed to the rising demand for affordable ramen amid persistent high prices, highlighting the brand’s resilience and adaptability in varying market conditions.
