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South Korean instant noodle maker Samyang Foods Inc. saw its overseas sales surpass 1 trillion won ($688 million) for the first time in 2024, driven by the global popularity of its Buldak (Hot Chicken) brand.

The company announced on Wednesday that its consolidated overseas revenue reached 1.33 trillion won in 2024, up 65 percent year-on-year.

Samyang Foods has been setting record-breaking overseas sales each year, experiencing exponential growth.

Its international revenue jumped from 90 billion won in 2016 to 300 billion won in 2020, surpassing 600 billion won in 2022, and then exceeded 800 billion won in 2023 before breaking the 1 trillion won threshold within just a year.

The overseas business now accounts for nearly 80 percent of the company’s entire revenue.

The sharp rise in overseas revenue was driven by Samyang’s local subsidiaries, particularly in the United States and China.

The company’s U.S. subsidiary saw sales skyrocket by 127 percent year-over-year, reaching $280 million in 2024.

This growth was fueled by expanding distribution across Walmart, Costco, Kroger, and Target, strengthening its presence in major retail channels.

Meanwhile, the Chinese subsidiary posted a 75 percent jump in sales, recording 2.1 billion yuan ($290 million). The surge was attributed to localized marketing strategies, including the launch of new flavors like Tom Yum Kung Buldak Stir-Fried Noodles and promotions for Buldak sauce.

Samyang Foods anticipates another year of robust overseas growth, as the company prepares to complete its second Miryang plant in June.

Despite operating its factories at full capacity, Samyang has struggled to keep up with surging international orders.

The Miryang 2 plant will add six new production lines, capable of manufacturing up to 690 million ramyun units annually, ensuring the company can meet rising global demand.

“With our overseas subsidiaries and new production capacity, we are accelerating global expansion,” said a Samyang Foods official. “This year, we aim for both growth in scale and operational efficiency.”

For 2024, Samyang Foods reported consolidated revenue of 1.72 trillion won, up 45 percent, and an operating profit of 344.6 billion won, up 133 percent.

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]