A foreigner is holding up Samyang Foods’ Buldak cup noodles. Courtesy of Samyang Foods

Samyang Foods, which has been the biggest performer in the overseas sector thanks to the popularity of its “Buldak” brand, surpassed 1 trillion won in overseas sales for the first time in its history last year.

On a consolidated basis, Samyang Foods recorded overseas sales of 1.36 trillion won last year, up 65 percent from the previous year, the company said on March 19.

The company’s overseas sales, which were around 90 billion won in 2016, surpassed 300 billion won in 2020 and 600 billion won in 2022, and surpassed 1 trillion won in a year after recording 800 billion won in 2023. Overseas sales accounts for nearly 80 percent of the company's total sales, which means that its products are captivating the taste buds of people around the world.

The biggest contributor to its success in the global market is the “Buldak” ramen series. In 2016, four years after the launch of Buldak Bokkeummyeon, the Buldak series sold 130 million units each at home and abroad. In 2020, 580 million of the total 720 million units were sold abroad, and in 2022, 740 million of the total 900 million units were sold abroad. In 2023, 910 million out of 1.09 billion units were sold overseas and 1.3 billion out of 1.48 billion units were sold around the world last year.

Growth was particularly strong in the U.S. and China. The Samyang’s U.S. subsidiary recorded sales of $280 million (about 380 billion won) last year, up 127 percent on-year. The company’s success in entering Walmart, Costco, Kroger, Target, and other stores across the U.S. had a noticeable effect on gaining popularity there.

Its Chinese subsidiary posted sales of 2.1 billion yuan (about 200 billion won), up 75 percent on-year, thanks to customized strategies, including the launch of new products, such as Pu Pad Pong Curry Buldak Bokkeummyeon, and Buldak Sauce promotional events.

Samyang Foods expects its overseas business division to grow significantly once again this year because the company’s new plant in Miryang will be completed in June. The company has been operating at full capacity since last year, but has struggled to keep up with the surging global orders. When the new plant is completed, up to 690 million instant noodles can be produced annually in six lines.

“We will accelerate our expansion into overseas markets with our local subsidiaries and the new plant in Miryang,” said an official from Samyang Foods. "We will continue to grow substantially this year as well as expand the size of the business.”

On the same day, Samyang Foods’ stock was trading at 954,000 won a share on the benchmark Kospi stock exchange, recording a new 52-week high.