Korean noodle giant Samyang Foods Co. is betting on China’s appetite for ultra-spicy instant noodles with plans to build its first overseas factory, expanding production of its viral hit Buldak Bokkeum Myeon.
The South Korean food maker will invest 64.7 billion won ($50 million) through its Singapore unit to establish a manufacturing facility in China, where it currently generates a quarter of its export revenue. The company will hold a 90% stake in the new venture.
The expansion comes as Samyang’s signature “Fire Chicken” ramen brand crossed 1 trillion won in global sales this year, driving the company’s export value to 809.3 billion won in 2023 – a nearly ninefold jump from 2016. Exports now account for 68% of total sales, up from 26% seven years ago.
The new plant aims to prevent potential supply shortages in China by 2027, even as Samyang constructs its second domestic facility in Miryang. The company currently exports to China from its main Miryang plant in South Korea’s Gyeongsang province.
The investment highlights how Korean food companies are capitalizing on the growing global popularity of Korean cuisine, particularly in China’s vast consumer market.
