Samyang Foods sets ambitious Middle East goals with partner
Samyang Foods, known for its spicy Buldak Ramen, is teaming up with Sarya General Trading to sell products in the United Arab Emirates.
Sarya General Trading, located in Abu Dhabi, trades and retails food products.
Samyang Foods had two local partners in the UAE previously including Sarya General Trading.
Samyang Foods already controls 71 percent market share for Korean instant ramyeon sold in UAE. Sarya General Trading’s goal is to raise the figure to 85 percent by 2023, according to Samyang Foods.
The spicy Buldak noodles are Samyang's most popular noodle product in the UAE.
Samyang sells its products in 13 countries in the Middle East and the UAE is the biggest market. Its products are sold in major discount marts like Carrefour and convenience stores.
Samyang hopes to enter more countries in the Middle East through Sarya General Trading’s retail networks.
Samyang estimates it will export 25 billion won ($22 million) worth of products to the Middle East this year and aims to double that by 2023.
“The UAE is a crucial market in the Middle East because it has large economy and is a hub of culture and retail,” said a spokesperson for Samyang Foods in a statement. “Through the partnership, we plan on expanding the Middle East market starting from the UAE.”
Samyang Foods, 33.26 percent owned by Samyang Naturals, saw its net profit plunge 16 percent on year in the third quarter to 14.73 billion won on sales that declined three percent to 161.67 billion won.
BY JIN MIN-JI [email@example.com]