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South Korea’s instant noodle market records high sales

Instant noodle

The instant noodle market in South Korea recorded all-time high sales of US$952.2 million in the first half of this year, largely affected by the COVID-19 pandemic, data showed.

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Releasing the data from Nielsen Korea, Nongshim, a South Korean food company, said the industry grew 7.2 percent from the same period last year, with its highest-ever semiannual sales. According to the data, sales of instant noodles in the first half of 2019 amounted to US$885 million, and annual sales totaled US$1.7 billion.

“Such a sharp growth of the instant noodle industry, which edges along US$1.6 billion in sales annually, proves the characteristic of instant noodles — that it is a strong product in times of crisis,” Nongshim said.

As people spend more time at home to avoid contracting COVID-19, Nongshim said it witnessed an increase in sales of bagged instant noodles, while the sales of cup noodles decreased — running counter to the previous growth patterns.

Sales of cup noodles in the industry had been growing annually, steadily increasing their market share from 33.2 percent in 2016 to 37.5 percent last year. In the first half of this year, however, the market share of cup noodles dropped to 34.3 percent as COVID-19 tied people to their homes, Nongshim said.

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The spread of noncontact consumption patterns has also led more people to buy instant noodles online. As for Nongshim, the company said its sales from online channels have doubled from last year to about 40 billion won in the first half of this year.

(Source: Korea Herald)