Samyang Foods eyes Buldak sauces as next money makers

Industry

Samyang Foods eyes Buldak sauces as next money makers

Published: 08 May. 2023, 13:14 Updated: 08 May. 2023, 16:17

Models promote Samyang Food's sauces including the original Buldak Sauce on Monday. [SAMYANG FOODS]

Samyang Foods, well known for its popular Buldak Ramen products, will concentrate on its Buldak Sauce business to grow its worth to 100 billion won ($75.5 million).

The food manufacturer released its Buldak sauce lineup in 2018 due to rising demands to sell only the sauce from its Buldak Ramen products. Starting with original Buldak Sauce, it expanded its sauce lineup to Buldak Sauce Carbonara and Buldak Mayonnaise.

It will release Buldak Chipotle Mayonnaise this month.

Sales of sauces and seasonings in 2022 jumped 36 percent on year to 29 billion won, according to the company’s annual report on public disclosure released in March.

The manufacturer will focus on expanding distribution channels and marketing promotions globally.

Buldak Sauce was featured as a product placement advertisement on tvN variety show “Jinny’s Kitchen” in February.

In terms of distribution, sauces will be introduced to shopping platforms frequently visited by global consumers, although the company has yet to announce on which channels the sauces will be promoted.

“We plan to develop our sauce unit as one of our new growth engines with rising global interest in Korean food,” said a Samyang Foods spokesperson. “Through strengthening our sauce lineup and marketing and distribution channels, we will develop the Buldak Sauce brand to annually generate 100 billion won in sales.”

Domestic sauce production grew 22.4 percent to some 2.03 trillion won in 2020 from 2016’s 1.66 trillion won, according to Korea Agro-Fisheries & Food Trade Corporation. During the same period, export sales grew 13.2 percent to $183 million from 2016’s $98.8 million.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]