The fierce "Buldak" (fire chicken) craze is sweeping the globe. As the Korean spicy flavor brand Buldak gains explosive popularity overseas, Samyang Foods' market capitalization has surpassed 7 trillion won for the first time, marking a remarkable achievement.
On April 17th, Samyang Foods' stock price closed at 936,000 won, a 4,000 won increase from the previous day (932,000 won), setting a new all-time high. Its market cap reached 7.0509 trillion won, eyeing the so-called "emperor stock" status of exceeding 1 million won per share.
After becoming the leading food stock in the market in October last year, Samyang Foods' market cap has doubled that of CJ CheilJedang in just half a year. CJ CheilJedang's market cap stands at around 3.5 trillion won, with its stock price recently hovering in the 240,000 won range after exceeding 400,000 won in June last year. Nongshim, the leading ramen company, has a market cap of approximately 2.5 trillion won and a stock price of around 400,000 won.
Notably, concerns that the US-China trade war under the Trump administration might hinder Buldak's growth in its largest export market, the United States, have been allayed. Following the US announcement of a 90-day mutual tariff suspension on the 10th, the stock price has risen for six consecutive trading days. Securities firms are now suggesting a target price of 1.1 million won for Samyang Foods.
Samyang Foods' rise as a global food company is attributed to the Buldak brand. In fact, Samyang Foods' overseas performance is soaring.
Since the full-scale export of "Buldak Bokkeummyeon" (spicy stir-fried noodles) began in 2016, the proportion of overseas sales (93.1 billion won) out of the total sales (359.3 billion won) was only 26%. However, in 2019, overseas sales (272.8 billion won) accounted for 50% of the total sales (543.6 billion won). After surpassing 1 trillion won in total sales (1.1929 trillion won) in 2023, the proportion of overseas sales (809.3 billion won) increased to 68%. Last year, overseas sales (1.3359 trillion won) accounted for 77% of the total sales (1.728 trillion won), with exports making up nearly 80% of the total.
The number of Buldak products sold globally is also noteworthy. In 2016, out of the total sales of 260 million units, 130 million Buldak products were sold overseas. This increased to 580 million out of 720 million in 2020, and 910 million out of 1.09 billion in 2023. Last year, 1.3 billion out of 1.48 billion Buldak products captivated the taste buds of people worldwide.
Samyang Foods' momentum shows no signs of stopping. The Korean Wave (K-Pop, K-Drama, etc.) continues to spread, creating new consumer bases not only in existing Asian markets but also among locals in the United States and Europe.
In particular, Carbo Buldak Bokkeummyeon became a sensation on US social media last year, leading to successful entry into major local markets such as Walmart and Costco in the US. Recently, the European market has also shown interest, with the Buldak brand gaining popularity worldwide. The completion of the Miryang Plant 2, dedicated to exports and scheduled for June, is expected to further solidify Samyang Foods' position in the global market when it begins production in the second half of the year.
A Samyang Foods representative stated, "The popularity of the Buldak brand is rapidly expanding beyond Asia to global markets such as North America and Europe. We will further accelerate our efforts to penetrate the global market through the synergy between our overseas subsidiaries and the Miryang Plant, our export hub."
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