Kim Jung-soo, who spearheaded the success of the Buldak brand, is now focusing on the next growth strategy for Samyang Foods as he steps into the role of chairman. The company, which rose to prominence as a global food enterprise largely due to its Buldak Bokkeumyeon, is now preparing for a second leap forward by establishing local production facilities in China and expanding its global supply chain.
On May 17, Samyang Foods reported that its revenue last year reached 2.3517 trillion won. This figure represents more than a 3.5-fold increase compared to the 642 billion won recorded in 2021 when Kim became vice chairman. During the same period, the operating profit margin surged from around 10% to 22%. Given that most food companies struggle to maintain single-digit profit margins amid rising costs and intensified competition, this achievement is remarkable.
At the center of this growth is Kim Jung-soo. He drew inspiration for the development of Buldak Bokkeumyeon in 2011 after observing young people relieving stress at a spicy food restaurant in Myeongdong. Despite initial concerns about its spiciness and skepticism, Kim steadfastly promoted the product's identity as a spicy noodle. The subsequent rise of the 'Fire Noodle Challenge' on YouTube helped propel Buldak Bokkeumyeon into a global mega brand.
Samyang Foods has ensured that this global trend does not fade into a mere fad. By linking the challenge culture in digital spaces to its marketing strategy, the company has cultivated the Buldak brand into a worldwide fan favorite. This innovative cycle has established a structure where consumer experiences with the product lead to digital content consumption, which in turn stimulates strong product sales. As a result, the Buldak brand is on the verge of surpassing 10 billion units sold, following the achievement of 9 billion units last year.
The growth in international markets is evident in the figures. Samyang Foods' overseas sales surged from 93 billion won in 2016 to 1.8838 trillion won last year, nearly a 20-fold increase over nine years. Starting with its first $100 million export award in 2017, the company has consistently broken records, achieving $900 million in exports last year. The share of overseas sales has expanded from 26% to 80% during this period, with exports now reaching over 80 countries. Currently, Samyang Foods accounts for 60% of South Korea's total ramen exports.
Samyang Foods is now accelerating investments in large-scale infrastructure to support global demand. A key focus is the establishment of a local production facility in China, the company's largest export market. Construction began in July 2022 in Jiaxing, Zhejiang Province, with the factory expected to be completed in 2027, capable of producing up to 1.13 billion units of Buldak Bokkeumyeon annually. Domestically, the Milyang factories 1 and 2, completed in 2022 and 2025 respectively, support an annual production capacity of up to 1.3 billion units. The company is also considering establishing additional global hubs, including regional offices.
Kim is also focusing on shifting the brand's direction. At the 2023 Samyang Round Square Vision Declaration ceremony, he introduced the concept of 'Food for Thought,' emphasizing that food should serve as a medium for presenting ideas and attitudes beyond mere sustenance, aiming to expand the brand into an experience-based food company.
Meanwhile, on May 12, Samyang Foods held a board meeting where it resolved to promote Kim Jung-soo to chairman. This marks a promotion approximately five years after he became vice chairman in December 2021. His official start date is June 1. A company representative stated, "This personnel change is part of our efforts to strengthen responsible management for global market expansion and enhancing corporate value."
* This article has been translated by AI.
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