November 05, 2020 10:27
Instant noodle giant Nongshim is expected to post record overseas sales this year as consumption of the cheap-and-cheerful ready meals is increasing amid the worldwide coronavirus lockdown.
So far this year, Nongshim's overseas sales increased 24 percent on-year to US$990 million, it said Wednesday.
Market researcher Euromonitor expects the global market for instant noodles to grow 11.3 percent to $41.2 billion this year thanks to the increasing demand.
Some $390 million worth of its flagship Shin brand series was sold overseas this year, up 30 percent.
The North American market alone grew 28 percent on-year to $326 million.
"Overseas sales have increased as we've expanded sales network through major local retailers in the U.S. and Europe and responded effectively to increasing demand by putting production lines in the U.S. and China into full operation," a Nongshim spokesman said.
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