Ramen appeared on the menu at the “Korea 2024 Small and Medium Business Conference,” which took place on the grounds of the Presidential Office in Yongsan-gu, Seoul, on Mar. 23. This is Samyang Food’s “Buldak Ramen.” It is reportedly the first ramen that appeared on the menu of an official dinner to which the president has invited business leaders. Guests were asked to grab their own ramen from a cup noodle corner at one side of the venue. Buldak Ramen was served at 30 of the 50 tables, including the one where President Yoon Seok-yul and Samsung Electronics Chairman Lee Jae-yong sat.
Samyang Food reported 385.7 billion won (about $282.95 million) in sales and an operating profit of 80.1 billion won (about $58.76 million) in the first quarter of this year, owing to the launch of Buldak fried noodles in 2012. Sales jumped 57% yearly while operating profit increased by 236%, which led to the stock price rising 140% this year. The company’s market value is 3.917 trillion won (about $2.87 billion) and will soon reach 4 trillion won. In first-quarter earnings, Samyang Food surpassed Nongshim (61.4 billion won in operating profit and 2.624 trillion won in market value), South Korea’s top ramen maker since 1985. In the ramen sector, it is said that “Buldak Ramen” beats “Shin Ramyun.”
Buldak Ramen’s quick rise can be attributed to export. In the first quarter, 75% of its revenues came from outside. To meet the export demand, the company’s three domestic production units have been forced to postpone the manufacture of its hallmark snacks, Samyang Jjanggu and Samyang Satobap. Initially, its exports were focused on Southeast Asia, but the business has recently expanded into the Americas and Europe. China held the highest share (30%), followed by Southeast Asia (25%), the Americas (20%), and Europe (15%).
Buldak Ramen was more of an eating challenge than a food item overseas at first. On YouTube and TikTok, the “Buldak Ramen Challenge” has gone viral. Famous American food YouTuber Matt Stonie has over 140 million views on his challenge video, while the video on “People Vs Food” channel recorded 14 million views. Once considered exclusive to fanatics, Buldak Ramen gained mainstream in 2022 after BTS consumed them live. Additionally, well-known American female rapper Cardi B caused a scarcity of Buldak Ramens in US shops by sharing a video of herself eating Carbo Buldak on her TikTok account.
Since then, mixing the ramen with other dishes like cheese, tuna, and eggs has grown famous as a way to reduce the fried noodles’ spicy flavor. Additionally, bizarre foods have been paired with Buldak Ramen, like ramen noodles as a filler for rice wrappers or crushed Pringles potato chips as a topping.
Southeast Asia was the first region to be targeted. The Korea Muslim Federation (KMF) certified Samyang Foods in 2014 to sell to Muslims in Southeast Asia, where over 60% of the world’s Muslims reside. Agreements for mutual recognition of halal certification have been reached between South Korea and Southeast Asian nations, notably Malaysia. After Buldak Ramen became well-known, it tailored its approach to suit the tastes of regional customers. “Tom Yum Buldak” was introduced in Asia in 2023, “Mara Buldak” in Thailand in 2022, “Habanero Lime Buldak” with fiery sauce “Habanero” in the Americas in 2022, and “Buldak Yakisoba” in Japan in 2023.
They also worked along with neighborhood eateries. Samyang Foods collaborated with Yuan Ji Yun Jiao, a dumpling franchise company in China, to offer the “Wonton Noodles with Buldak Sauce” menu until the beginning of June. The company has concentrated on growing its sales outlets in the Americas, and as a result, the Bulldog brand is currently offered in significant retail channels, including Walmart and Costco.
