Samyang Foods announced on the 19th that its overseas sales on a consolidated basis reached 1.3359 trillion won last year, a 65% increase compared to the previous year, driven by the global popularity of its Buldak brand.
According to Samyang Foods, overseas sales, which were in the 90 billion won range in 2016, surpassed 300 billion won in 2020 and 600 billion won in 2022, and exceeded 800 billion won in 2023, marking the first time it crossed 1 trillion won within a year.
The proportion of overseas sales in total revenue also steadily increased, recording 77% last year.
The rapid increase in overseas sales was led by local subsidiaries, particularly the growth of its U.S. and China subsidiaries. The U.S. subsidiary recorded sales of $28 million, a 127% increase from the previous year, which is approximately 4.065 billion won.
Completing entries at Walmart across the United States and starting entries at leading distribution channels including Costco, Kroger, and Target proved effective.
The China subsidiary achieved sales of 2.1 billion yuan, approximately 4.217 billion won, a 75% increase from the previous year, thanks to the launch of new products like Poo Pah Pong Curry Buldak and tailored strategies such as collaborations on Buldak sauce.
Samyang Foods expects significant growth in its overseas business this year through the completion of the Miryang Plant 2 in June.
Samyang Foods has been operating its production plants at maximum capacity since last year but is struggling to keep up with the influx of orders. The company aims to support this surge in global demand based on the additional production capacity secured through the Miryang Plant 2.
The Miryang Plant 2 can produce up to 690 million packets of noodles annually across six production lines.
A representative from Samyang Foods noted, 'We will intensify our efforts to penetrate overseas markets with our local subsidiaries and the Miryang Plant,' adding, 'This year, we will not only expand our scale but also ensure solid growth.'