South Korea's Food Exports Surge by 8% Annually with Instant Noodles Leading the Charge

A recent report from the Korea Chamber of Commerce and Industry reveals that South Korea's food export value has experienced a remarkable 8% annual growth from 2015 to 2024, with instant noodles emerging as a key export product.

Commissioned by the Chamber, the study conducted by the Korea Trade Statistics Promotion Institute shows that food exports have increased from $3.51 billion in 2015 to an expected $7.02 billion by 2024. The annual growth rate rose from 5.9% for the period of 2015-2019 to 9% for 2020-2024.

In terms of specific products, instant noodles topped the export growth list with an impressive increase of 20.1%. Following closely are health foods at 11.9% and seasoned seaweed at 11.3%. In the past year alone, instant noodle exports reached $1.36 billion, making it the leading product, followed by ready-to-eat meals at $980 million and beverages at $940 million. As of 2023, South Korea holds a 20.6% share of the global instant noodle market, ranking first.

Last year, South Korea's top three food export markets were the United States, China, and Japan. Notably, while China was the largest market in 2015, it has now been surpassed by the United States. Meanwhile, countries like Vietnam (rising from 6th to 4th) and the Philippines (from 7th to 5th) have seen their rankings increase in Southeast Asia.