Korean Food Exports Surge, Ramen Expected to Exceed $1 Billion

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Researched by Industrial Info Resources (Sugar Land, Texas)--The Ministry of Agriculture, Food and Rural Affairs of South Korea has announced that the cumulative export value of Korean food from January through September in 2024 totaled US$7.3 billion. This marks an 8.3% increase compared with the same period last year, showing consistent growth for 13 consecutive months.

Among Korean food products, ramen has emerged as the most popular item globally. By the third quarter of this year, ramen exports amounted to US$903.8 million. If this growth trend continues, the annual export of Korean ramen is expected to exceed US$1 billion, surpassing last year's record of US$952.4 million.

In response to the booming demand, Korean ramen manufacturers are scaling up their production facilities. Samyang Foods (Seoul, South Korea), a leading ramen producer, invested 164.3 billion won (US$111.2 million) to expand its second factory earlier this year, following the completion of its Miryang factory in 2022. Similarly, Nongshim (Seoul), another major player in the ramen industry, has decided to build a new factory for the first time in 17 years. The new 182,986-square-foot facility, located near its existing site, will focus exclusively on producing ramen for overseas markets. Subscribers to Industrial Info's Global Market Intelligence (GMI) Food & Beverage Project and Plant databases can click here for the project report and here for the plant profile.

Additionally, several companies are planning to expand their production capabilities in the United States and China to meet the rising global demand. This trend of overseas expansion is expected to continue as the popularity of Korean ramen grows worldwide.

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