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Samyang Foods Co. Ltd. is planning to grow its Buldak sauce brand as it sees it as the company's next money maker. The South Korean food manufacturer and instant noodle company said its sauce and seasoning business soared by 36% last year.
The percentage is the total increase based on the sales earned in the previous year. Samyang Foods said on Monday, May 8, that it would step up its Buldak sauce business, especially its hot chicken flavor, in an effort to find new growth engines.
According to The Korea Economic Daily, the 36% sales increase in the company's sauce and seasoning business is equivalent to KRW29 billion or about $21.88 million in additional earnings.
It turned out that Samyang Foods has been scaling up its sauce biz since 2018, and it started with the company's release of its Buldak sauce products which were developed in response to the customers' request.
People asked for a sauce that could be added to the liquid soup of Sanyang's own Buldak fried noodles, and thus the sauce was developed. With the aim for further expansion, the company is now preparing to launch more sauces, such as the Buldak mayo and Carbo Buldak sauce.
The food manufacturer is currently securing deals with leading restaurants to promote the sauces. It will also increase its exports to bring new products to many countries.
The noodle and sauce manufacturer is also focusing on boosting its marketing and sales strategies. It will find more channels for promotion with the goal of achieving steady sales for its sauces and eventually becoming its new growth driver.
"We plan to continuously grow our sauce business as a new business and establish a solid position in the domestic and international sauce market by strengthening our product lineup, marketing and expanding our sales channels," an official at Samyang Foods said in a statement. "We will grow the Buldak sauce into a 100 billion won ($75 million) brand."
Photo by: Jonathan Borba/Unsplash
