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Nongshim eyes 60% export share by 2030 on Shin Ramyun growth
Nongshim CEO Cho Yong-chul poses in front of a digital screen reading “Shin Ramyun cumulative sales 20 trillion won” during a press conference celebrating the product’s 40th anniversary in Seoul, Wednesday. Courtesy of Nongshim
By Ko Dong-hwan
Brand’s 40th anniversary brings new edition
Nongshim on Wednesday announced a new goal for its exports to surpass 60 percent of total sales, building on the global success of its signature instant noodle brand, Shin Ramyun.
“Our goal is clear. As a global food and beverage lifestyle leader, we will reach annual sales of 7.3 trillion won ($4.9 billion) by 2030, achieving operating profit margin of 10 percent,” Nongshim CEO Cho Yong-chul said during a press conference marking the 40th anniversary of Shin Ramyun’s launch.
“Shin Ramyun’s cumulative sales now amount to 20 trillion won ($13.4 billion). If the noodle packages were connected end to end, the distance would equal 2,200 round trips between the Earth and the moon and six trips between the Earth and the sun.”
The announcement came with the launch of the brand’s new edition, Shin Ramyun Rose, which adds tomato and cream flavors to the original product’s signature spiciness. The new product hit shelves in Korea and Japan on Monday and will be rolled out to other markets later. Currently, Shin Ramyun is available in 100 countries.
“We carried out tasting events 7,000 times each year before we entered Walmart and Costco in the United States — the first Korean instant noodle firm to do so. Now, Shin Ramyun accounts for over 20 percent of the U.S. instant noodle market,” Cho said.
From left, Shin Ramyun Original, Shin Ramyun Rose, Shin Ramyun Gold and Shin Ramyun Toomba / Courtesy of Nongshim
“Our exports now account for 40 percent of total sales, placing Nongshim among the world's top five noodle firms. To reach this milestone, we even ran a campaign in China challenging consumers to dare to taste Shin Ramyun and prove their bravery," he said, referring to the meaning of “Shin,” which means “spicy” in Chinese characters, or "hanja."
“We had tested over 1,000 times to achieve a quality worthy for halal consumers across global Muslim markets. Our global distribution has reached as far as 3,450 meters above sea level on top of Mount Jungfrau in Switzerland.”
Shin Ramyun has been Nongshim’s top seller since 1991, a success built in part on Korea’s strong appetite for instant noodles.
Shim Gyu-chul, head of the company’s global marketing, said Korea ranks second to Vietnam in instant noodle consumption by volume.
“Considering the food’s mass volume, Korea actually surpasses Vietnam because Vietnamese noodle packets weigh only 70 to 80 percent of Korean products. Koreans eat instant noodles at least two times a week. CNN selected instant noodles as one of Koreans’ four 'soul foods,'” Shin said.
“Noodle culture originally began in China and its industrial growth was first achieved by Japan. But Nongshim, to preserve Korean instant noodles’ identity, has been using ‘ramyun’ since 1970 when we began exporting Shin Ramyun. Now, the brand has become a foundation of K-ramyeon.”
Nongshim’s global market ambition is reminiscent of a mantra left by late founder Shin Choon-ho.
“He believed that the most authentic Korean flavor will rule the world,” Cho said. “We see that vision through the eyes of a farmer who patiently waits for his produce to grow. Shin Ramyun’s role is now no longer a delicious noodle that sells well. It is to become a global food solution provider.”