Samyang Foods is aiming for a rebound in the domestic market with the new product "Samyang 1963," which reintroduces tallow (beef fat) for the first time in 36 years. Samyang Foods, which achieved remarkable results in the global market with Buldak spicy ramyeon, now needs to find a "second hit," and attention is focusing on whether Executive Director Jeon Byung-woo, 31, the third-generation owner family member, can find a breakthrough as he steps to the forefront of management.
According to the retail industry on the 18th, Samyang Round Square conducted its regular 2026 executive appointments on the 17th for group affiliates. In this reshuffle, Chief Operating Officer (COO) Managing Director Jeon Byung-woo, the eldest son of Vice Chairman Kim Jung-soo, was promoted to executive director. It is a result achieved six years after joining the company.
Regarding this, the company said, "He successfully led the global project for the Buldak brand and was recognized for contributing to overseas business expansion," adding, "By spearheading the establishment of the Jiaxing plant in China, he secured growth drivers for the overseas business while strengthening the competitiveness of core operations."
However, even if some achievements are acknowledged, there are voices inside and outside the industry questioning whether the pace of promotion is unusually fast. Jeon was promoted to director of the management control division in June 2020, the year after joining the company, setting the record as the youngest third-generation owner family executive in the food industry. He was then promoted in Oct. 2023 to head of the new business division and managing director overseeing strategy at Samyang Round Square, and two years after becoming managing director, he was promoted once more to executive director.
Management performance has not always been strong. The new brand "Maptang," in which Jeon participated in planning, has not gained significant traction. A retail industry official said, "Initial performance after its 2023 launch was fine, but in some distribution channels, sales dropped by double digits," adding, "It needs word of mouth, but two years after launch, consumer awareness is not high."
Jeon concurrently serves as head of the Healthcare BU (business unit), but the performance of the plant-based food and snack brand "Jack & Pulse (now Pulse Lab)," launched in 2024, has also been sluggish. The view is that the notion of reward based on performance is just packaging, and that this promotion was in fact for succession.
One of Jeon's top priorities is to fill the "domestic market gap," a core issue for Samyang Foods. As of the first half of this year, about 77% of Samyang Foods' sales came from overseas, with the domestic share at around 23%. According to Euromonitor, Samyang Foods' domestic ramen market share last year was 9.8%, far behind Nongshim (55%) and Ottogi (20%).
An industry official said, "Buldak spicy ramyeon became a key driver of the 'K-ramen' boom in overseas markets, but in the domestic market there has been no follow-up product after Buldak." Because the brand saw a sudden surge in popularity and Buldak spicy ramyeon is the only mega brand, a follow-up hit is needed.
Attention is therefore focusing on whether the recently launched new product "Samyang 1963" can carry on the popularity of Buldak spicy ramyeon. It is a product that reintroduces tallow, which disappeared from the production line after the 1989 tallow controversy. At the new product presentation held on the 3rd in Jung District, Seoul, Samyang Foods Vice Chairman Kim Jung-soo personally stepped up to explain the product. Even for the launch of the "Maptang" brand, no separate briefing was held, which is interpreted as the company putting significant weight behind the new product.
At the briefing, Vice Chairman Kim said, "Tallow, which was once treated as taboo, was the ingredient of sincerity that completed the flavor of Samyang Ramen," adding, "It feels like we have, even a little, relieved the lifetime regret held by the late Honorary Chairman Jeon Joong-yun, the founder and my father-in-law."
The price is 6,150 won for a pack of four, about twice that of Samyang Ramen. It targets premium products such as "Shin Black" and "The Gourmet Artisan Ramen." The strategy is to enter the premium ramen market by restoring the spirit of the early founding recipe in a modern way.
An industry official said, "Jeon's biggest task is to newly define Samyang's presence in the domestic market and secure trust in management leadership," adding, "'Samyang 1963' is expected to be not only a test of the product's box-office success but also a starting point and proving ground that simultaneously evaluates Samyang Foods' brand strategy and Jeon's management capability."