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Nongshim Co., South Korea's leading instant noodle maker, announced an aggressive growth plan on Thursday to triple annual sales to $1.5 billion by 2030, focusing on conquering the U.S. ramyeon market. CEO Shin Dong-won shared this vision on his second anniversary in office, aiming to capitalize on the company's skyrocketing North American sales.
The top instant noodle maker in South Korea, Nongshim Co., plans to triple its annual sales to reach $1.5 billion by 2030. In an email to the company's executives and employees, Nongshim CEO Shin Dong-won shared this ambitious goal and expressed his determination to dominate the U.S. ramyeon market.
Nongshim's sales in North America skyrocketed to $490 million last year, nearly doubling the figure from 2018, reflecting the growing popularity of its products. As part of its expansion plans, the company intends to establish a new factory in the U.S. as early as 2025. At present, Nongshim operates two factories in California.
According to Euromonitor, Nongshim held a 25.2 percent market share in the U.S. in 2021, securing the second position after Japan's Toyo Suisan with 47.7 percent. Nongshim noted that the demand in the U.S. exceeded its production capacity in 2021, fueled by the popularity of its products during the pandemic.
Nongshim's reputation was boosted after "Parasite," the Oscar-winning South Korean film, showcased the combination of Chapagetti and Neoguri as "Chapaguri." In fact, Nongshim's Shin Black Noodle Soup, the premium version of its flagship noodle Shin Ramyun, was named the world's best instant noodles by The New York Times in 2020.
As early as 2017, Nongshim made history as the first South Korean food brand to be available in all Walmart stores across the U.S. Nongshim is actively exploring new opportunities in smart farms, vegan foods, and health functional foods to drive future growth.
With these ambitious plans, Nongshim is determined to solidify its position as a global leader in the food industry, delivering delicious and innovative products to consumers worldwide.
