South Korean food giant Samyang Roundsquare, under the leadership of CEO Kim Jung-soo, has been avidly pursuing its global market strategy, particularly focusing on key regions such as China and the US.
With China contributing to 35 percent of overseas sales, the company is intensifying efforts to expand to the US, Europe and Southeast Asia, identified as the next growth drivers.
During China's Singles Day shopping festival from late October to November, Samyang Roundsquare reached record sales of 13.2 billion won ($10.2 million), a 40 percent upturn from the previous year. The success was attributed to strategic partnerships with Alibaba, JD.com, and newer platforms like Douyin, Kuaishou and Pinduoduo.
On top of the most popular Buldak series, Samyang's diverse ramyeon product portfolio, including Samyang Ramyeon and Chacharoni, also played a significant role in driving overall sales growth.
The standout performer at the festival was the Buldak Ramyeon's "Sweet and Spicy Korean Chicken Flavor" launched exclusively for Chinese consumers, to commemorate the 11th anniversary of the Buldak series' Chinese debut. The product seamlessly blends a spicy chicken flavor with the signature Buldak noodles, and became a rapid success, topping flagship store rankings.
Meanwhile, during the sixth 2023 China International Import Expo held from Nov. 5-10, Samyang Roundsquare held interviews with some 20 Chinese media outlets, including CGTN, ICS and Xinhua. Through these interactions, Kim, the Samyang Roundsquare CEO, highlighted the importance of the Chinese market, deliberated on future business opportunities, and conveyed a steadfast commitment to targeting the market.