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Samyang's overseas sales hit record high as China, U.S. investments pay off

Published: 19 Mar. 2025, 11:56 Updated: 20 Mar. 2025, 13:25

KIM JU-YEON
[email protected]

A shopper looks at Samyang Foods' Buldak Ramen products at a supermarket in Seoul on March 19. [YONHAP]

Samyang Foods once again smashed its sales record last year in a sign of continued growing global demand for its instant meals.

The Buldak Ramen maker's overseas revenue rose 65 percent on year to 1.34 trillion won ($919 million) last year, surpassing 1 trillion won for the first time, the company said in a press release Wednesday. Exports made up 77 percent of total sales.

Samyang Foods, which recently announced that it would establish its first overseas factory in China, had an explosive 2024 in the U.S. and Chinese markets.

Its sales in the United States grew by 127 percent on year to $280 million after its Buldak Ramen products were stocked at major retailers like Walmart and Costco Wholesale.

Its instant noodles had been sold at Walmart branches on the west coast since 2023 but expanded to the east coast and central regions in mid-2024. Samyang Foods also started stocking its ramyeon at Target and Kroger in late 2024.

Chinese exports grew by 75 percent. Samyang Foods said its new Pu Pad Pong Curry Buldak Ramen and promotional events for its Buldak sauce had boosted sales.

Exports have made up a growing proportion of Samyang Foods’ sales since 2016, surpassing domestic sales in 2019. Even when the firm saw a slight dip in total sales in 2021 on lower domestic demand, overseas revenue continued to grow.

The food firm plans to accommodate rising demand with its new plant in Miryang, South Gyeongsang, set to finish construction by June and start production later this year.

Samyang Foods also filed to create a Chinese unit, which will construct a plant in the country, last December.

“We will step up our efforts in overseas markets through our local subsidiaries and Miryang plant,” a Samyang Foods spokesperson said, adding that the company will focus on achieving profitable growth.

Samyang Foods' exports surpassed domestic sales from 2019.

Analysts raised Samyang Foods’ stock target price in the beginning of 2025 citing its potential to grow in its stronghold U.S. and Chinese markets and achieve a breakthrough in Europe.

Hana Financial Investment analyst Shin Eun-ju raised Samyang Foods’ target price from 900,000 won to 1.1 million won on March 13, on expectations that its exports would grow 35.3 percent year on year to 1.8 trillion won. The Miryang plant will significantly contribute to exports should Samyang Foods’ achieve its goal of expanding its retail channels in China and the United States, and potentially in Europe, where the unit set up a unit last August.

Hanwha Investment & Securities suggested a target price of 1.2 million won. Analyst Han Yoo-jung sees more upside potential than down risks as the firm continues to enter global mainstream retail channels, incorporate regional units and expand sales in existing overseas markets.

Samyang Foods’ shares ended at 921,000 won on Wednesday, down 0.54 percent from the previous trading session. Prices reached a 52-week high of 954,000 won shortly after markets opened.

BY KIM JU-YEON [[email protected]]