Samyang Foods said Wednesday its overseas sales last year surged 65 percent on-year, exceeding 1 trillion won ($689.2 million) for the first time, driven by robust growth in the US and Chinese markets.
Thanks to its globally popular spicy Buldak noodles, the Korean food firm has been showing a rapid growth in overseas sales. It logged 1.33 trillion won in sales abroad in 2024, compared to 800 billion won a year earlier.
Nearly 80 percent of all sales posted by Samyang came from overseas last year, according to the firm.
The US unit of Samyang Foods reported sales of $280 million, up 127 percent year-on-year, buoyed by its aggressive retail channel expansion.
Last year, the Buldak noodles made their debut on the shelves of Walmart stores across the US, with plans for availability at other major retailers, including Costco, Kroger and Target, in the second half of the year.
Sales of its Chinese arm stood at 2.1 billion yuan ($290 million), up 75 percent from a year ago, largely due to localized strategies such as the launch of new products tailored to Chinese consumers and promotional collaboration events.
Samyang Foods expects its overseas business will take another leap this year, as its second plant in Miryang, South Gyeongsang Province, is scheduled to be completed in June.
“We will accelerate our advance into overseas markets with the local units and the Miryang factory,” a Samyang official said.
The new facility, featuring six production lines, will have an annual capacity of 690 million instant noodle packs.
Samyang Foods reported consolidated sales of 1.728 trillion won and operating profit of 344.6 billion won last year. Sales increased by 45 percent and operating profit increased by 133 percent compared to the same period a year earlier.
hnpark@heraldcorp.com
