Nongshim is accelerating a portfolio overhaul that puts snacks at the forefront, moving away from a ramen-centered business structure. The strategy aims to overcome structural limits in which most sales come from ramen and to secure a new growth engine for expanding into global markets.
According to the food industry on the 14th, Nongshim last year unveiled its "Vision 2030," naming a "dual-core" strategy with ramen and snacks as its two pillars as a key task. Vision 2030 includes goals of achieving 7.3 trillion won in revenue and a 10% operating margin by 2030, while raising the share of overseas sales to more than 60%.
Nongshim posted 3.5143 trillion won in revenue and 183.9 billion won in operating profit last year. Of that, domestic revenue was 2.4542 trillion won. In Korea, ramen revenue was 1.6378 trillion won and snack revenue was 425.1 billion won. While ramen accounts for 67% of domestic sales, snacks remain at about 17%.
Nongshim's declaration of Vision 2030 reflects a plan to grow the snack business into a core pillar that, alongside ramen—which has driven growth so far—will support results, and to diversify the revenue structure on that basis.
To expand its snack business, Nongshim is pursuing an aggressive new-product rollout strategy. In April last year, it launched "Melon Kick," the first new "Kick series" product in 50 years since Banana Kick. In August, it introduced "Wasabi Shrimp Cracker," a variation on an existing hit brand.
It also released "Meoktaekkang Gochujang Mayo Flavor," three varieties of "Cleopatra," and "Potato Chips K-Seasoned Chicken Flavor," and expanded its lineup by unveiling "Nurungji Pop" via an original equipment manufacturing (OEM) approach. Nongshim launched a total of nine new snack products last year.
The pace of new product launches has continued this year. In January, it released "Crispy Churri Gotwi," and in March, it introduced "Potato Chips Kyochon Soy Sauce Chicken Flavor" in collaboration with Kyochon.
It also filed numerous trademarks for the "Kick series," including "Peach Kick," "Mocha Kick," "Yogurt Kick," "Grape Kick," "Lemon Kick," "Blueberry Kick," "Milk Kick," and "Aemang Kick." While trademark filings do not necessarily lead to actual product launches, they are seen as a sign that the company is actively pursuing new product development and lineup expansion.
Nongshim is also expanding the growth base of its snack business in overseas markets. In Japan, it operates the "Bbang Bujang" brand, and in China, it has established its own production and sales system to respond to the local market. In North America, it has expanded its sales network by entering major retail channels such as Walmart and Costco. It is also expanding its product lineup into Latin American markets including Brazil, Argentina, and Chile, pushing to grow its snack business globally.
According to Euromonitor, as of 2024 the global snack market is worth $680 billion (about 1,023 trillion won). Last year it is estimated to have exceeded $700 billion (about 1,054 trillion won). In its "2024 Global Snack Market Study" report, Euromonitor said, "As high inflation persists worldwide and more people pursue convenience, more consumers in various countries are replacing meals with snacks such as confectionery and chocolate."
In the United States, 1 in 6 adults (17%), and in the United Kingdom and Brazil, 1 in 8 adults (13%) each answered that they replaced meals with snacks. In Hong Kong, the share who said they eat snacks as meals rose 5 percentage points from 6% in 2023 to 11% in 2024, and in Singapore it increased from 8% to 11% over the same period. In Korea, the figure was 13% in both 2023 and 2024.
Kang Eun-ji, an analyst at Korea Investment & Securities Co., said, "Nongshim's aggressive strategy to expand overseas sales will continue this year," adding, "It recently opened a Shin Ramyun snack shop in the food court at New York's JFK Airport, selling ramen products such as Shin Ramyun, Shin Toomba, Shin Black, and Sun Ramyun (vegan ramen) alongside snack products such as Banana Kick and Shrimp Cracker. It is part of a strategy to build global recognition."