Samyang Foods Co., a trailblazer in South Korea’s instant noodle market, has reported a remarkable year, setting new records in both earnings and sales, largely driven by the global popularity of its Hot Chicken Flavor Ramen. In 2023, the company’s operating profit soared by 62.5% to reach an all-time high of 146.8 billion won ($110.1 million), while sales surged by 31.2% to 1.2 trillion won, marking the first time the company has exceeded the 1 trillion won revenue milestone since its inception in 1961.
This significant growth is attributed to the company’s strategic focus on the international market, with overseas sales comprising about 70% of its total revenue. The expansion was particularly notable in the third quarter of last year, where overseas sales exceeded 200 billion won for the first time, thanks to robust performance in key markets such as China, the United States, and Southeast Asia. Hot Chicken Flavor Ramen, also known as buldak-bokkeum-myeon, is now a global phenomenon, available in major US retailers like Walmart and Costco, and exported to approximately 100 countries worldwide.
The product’s success story began in 2012, crafted by Kim Jungsoo, the vice chairman and CEO of Samyang Roundsquare Co., and a daughter-in-law of the group’s founder. Her innovation not only revitalized Samyang Foods during a competitive phase but also set the stage for the company’s aggressive expansion plans. With investments totaling over 404.3 billion won in new manufacturing facilities aimed at boosting production capacity and furthering global market penetration, Samyang Foods is poised for continued growth. The introduction of Meptaeng, a new spicy noodle soup variant, underscores the company’s commitment to diversifying its product range to cater to the evolving tastes of its global customer base.
