Nongshim announced that Shin Ramyun's sales in South Korea and overseas reached a record 1.21 trillion won in 2023, up 14% year-on-year.
Last year, the company sold 1.66 billion packets, which translates to 53 packets sold every second around the world. From the launch of Shin Ramyun in 1986 to 2023, cumulative sales totaled 17.51 trillion won and cumulative sales volume was about 38.6 billion units.
Shin Ramyun, which held the top spot in the Korean instant noodle market for 33 years, from 1991 to 2023, has recently seen a strong growth trend centered on overseas markets. In 2021, overseas sales surpassed domestic sales for the first time, followed by KRW 1 trillion in sales in 2022, and in 2023, the company recorded its largest sales ever as domestic and overseas sales continued to strengthen.
In particular, Shin Ramyun sales in the U.S. grew 19% year-on-year, accounting for about half of Shin Ramyun's overseas sales growth. The company expanded its supply through its second plant in the U.S., which began operation in May 2022, and achieved significant sales growth mainly to large U.S. retailers such as Costco and Walmart. Based on the production capacity of the second plant, Shin Ramyun has been actively promoting and marketing Shin Ramyun, which is analyzed to have had a virtuous cycle effect that manifested itself in increased sales.
Shin Ramyun's sales in Japan, Australia, and Vietnam also contributed, growing 19%, 26%, and 58% year-on-year, respectively. In Japan, Shin Ramyun's strategy of expanding sales of instant noodles centered on the convenience store channel was effective.
In Australia, Shin Ramyun expanded its presence through direct sales in large local retail channels and strengthened its customer experience marketing, including operating a Shin Ramyun pop-up store in Sydney. In Vietnam, Nongshim achieved significant sales growth through sales strategies tailored to the characteristics of key metropolitan areas and tourist destinations such as Hanoi and Ho Chi Minh City, as well as online and flagship store promotions to attract consumers.
Nongshim plans to continue Shin Ramyun's achievements as a global instant noodle brand by accelerating overseas market penetration, especially in the U.S., while marketing its signature instant noodles that accompany everyday life in Korea.
Meanwhile, Shin Ramyun's sales in Korea increased 14% year-on-year to KRW 500 billion.
