S. Korean food manufacturer expects surging sales as it expands in China

Samyang Roundsquare Co Ltd, a South Korean foodstuff manufacturer and a two-time participant to the annual China International Import Expo, is expecting its sales revenue to surge 30 percent year-on-year to 1.7 billion yuan ($234.72 million) in China this year, according to its top executive.

In addition to diversifying its portfolio with ramyeon (Korean-style instant noodles) to align with the increasing trend of health-conscious choices in China, the Seoul-headquartered company plans to invest in expanding its range of additive-free frozen food in China.

"This strategic investment reflects our commitment to meeting consumer needs. China is a key overseas market for us," said Kim Jung-soo, the company's CEO.

"Upon the completion of our localized production in China in the next phase, we will seek inspiration from traditional Chinese cuisine to produce more localized flavors for Chinese consumers. We will take innovative products incubated in China to other parts of the world," she said.

After establishing its subsidiary with more than 100 employees in China two years ago, she said the Chinese market has also become a source of inspiration for Samyang Roundsquare to produce new food options thanks to the country's unique consumer ecosystem, food innovation climate and culture. As of the third quarter of 2023, about 35 percent of the company's exports, particularly its Buldak Ramyeon, were attributed to the Chinese market.

"China's commitment to high-level opening up has also boosted our confidence in investing more in the country and embedding our production, research and development, and other value chains in the Chinese market," Kim added.