Samyang Foods to Post Highest 1Q Sales Amid Pandemic

Korean instant noodle manufacturer Samyang Foods is poised to register a 30 percent increase in first-quarter sales, to make it the highest quarterly sales in its history.

Samyang Foods manufactures the Buldak Spicy Chicken instant noodle series, which has become globally popular.

Sales of instant noodles marked a notable growth during the pandemic.

The company is expected to record over 75 billion won ($60.8 million) of exports in the first quarter, which is 45 percent increased from last year's 51.8 billion won.

Samyang Foods witnessed a surge in sales from their key markets, posting a 100 percent increase for the United Staes, and a 50 percent increase for China.

Domestic sales were also up by 10 percent on-year, and expecting to reach more than 75 billion won in the first quarter.

"With the spread of COVID-19, outdoor dining culture has seen a decline across the globe, leading to an increased demand of instant noodles," a Samyang official said.

Meanwhile, South Korean confectionery company Orion posted sales of 208.3 billion won in March, which is an increase of 41 percent on-year in sales

Orion attributed its increased sales to the diversification of its snack portfolio, which used to revolve around pie products.

With products like Kkobuk Chip, a corn chip, and the soy sauce and garlic-seasoned Poca Chip, Orion pushed its domestic sales to 39 percent of its total sales, up from last year's 34 percent.

In Vietnam, Orion managed to surpass 1.6 billion won in monthly sales and take 12 percent of the country's rice cracker market.