Korea’s ramyeon exports expected to reach $1.1 bn in 2024

(News1)

South Korea’s ramyeon exports have surpassed 1 trillion won ($750 million) as of August, reaching a milestone two months earlier than last year.

According to the Ministry of Agriculture, Food and Rural Affairs on Wednesday, the country’s ramyeon exports from January to August totaled $800 million, up 31.7 percent from the same period last year.

In 2022, the 1 trillion won mark was surpassed in October.

China remained the largest importer of Korean ramyeon, with exports increasing 26.9 percent to $160 million. Exports to the United States grew by 61.5 percent, reaching $140 million.

Sales are also climbing in Europe, where Korean ramyeon companies had been slower to enter the market.

The Netherlands ranked third with exports up 58.3 percent year-on-year to $60 million. Exports to the United Kingdom and Germany also grew substantially, increasing by 64.9 percent and 47.4 percent, respectively.

Korean ramyeon manufacturers plan to intensify their efforts in overseas markets during the fourth quarter.

Nongshim, currently evaluated as the second-largest player in the U.S. ramyeon market after Japan’s Toyo Suisan, aims to triple its U.S. subsidiary’s sales to $1.5 billion by 2030 and secure the top market position.

Another Korean ramyeon producer Samyang Foods is expanding its production facilities, led by its popular Hot Spicy Chicken Stir Fried Ramen. Ottogi is also enhancing its promotional activities abroad and increasing its presence in international distribution channels.