South Korean ramen exports nearly reached US$1 billion last year. According to the Ministry of Agriculture, Food and Rural Affairs on Jan. 17, ramen exports stood at US$952.4 million last year and marked a whopping increase of 24.4 percent compared to the previous year. Ramen exports have been consistently growing, setting new records for the highest export figures.
The ramen exports, which were in the US$200 million range in 2015, doubled to the US$400 million range in 2018. Subsequently, the figures surpassed US$600 million and US$700 million in 2020 and 2022, respectively. Considering that domestic ramen companies also produce products overseas, it is estimated that the sales of K-ramen might exceed the export figures.
According to industry sources, it has been revealed that Nongshim, Ottogi, and Samyang Foods all experienced a significant increase in operating profit last year, with double-digit growth compared to the previous year.
Nongshim is expected to report last year’s sales of 3.42 trillion won (US$2.54 billion), showing a 9.2 percent growth compared to the previous year and an operating profit of 229.2 billion won, reflecting a remarkable increase of 104.2 percent. Ottogi, on the other hand, is predicted to achieve sales of 3.05 trillion won, representing a 10.0 percent year-on-year increase, with an operating profit of 263.8 billion won, marking substantial growth of 42.0 percent.
Thanks to the worldwide popularity of its “Spicy Chicken Stir-fried Noodles” product, Samyang Foods’ performance growth significantly outpaces both Nongshim and Ottogi. It is observed that the company’s sales last year increased by 30.2 percent compared to the previous year, reaching 1.18 trillion won, while operating profit surged by 65.0 percent to 149.2 billion won.
Nongshim plans to expand production facilities at its second factory in the United States in the second half of this year and initiate the establishment of a third factory in the United States next year. Ottogi has established “Ottogi Food America,” a direct production subsidiary in the North American region, under its U.S. subsidiary, Ottogi America Holdings. Samyang Foods continues its efforts to increase export volume, focusing on overseas subsidiaries, and has decided to build a second factory in the city of Miryang in South Gyeongsang Province.