S. Korea's ramyeon market shrinks 2% in 2014

By Park Sae-jin Posted : January 26, 2015, 16:31 Updated : January 26, 2015, 17:43

 

South Korea's ramyeon (instant noodles) market contracted slightly in 2014 from a year ago, a major ramyeon manufacturer said on Monday.

The size of the country's ramyeon market reached 1,970 billion won last year, down 2 percent from 2,010 billion won tallied in 2013, Nongshim, the nation's largest processed food manufacturer, said, based on statistics contained in a yearly food distribution book and data complied by market researcher Nislsen.

Officials at Nongshim attributed the decline to consumer sentiment that weakened in the wake of the deadly sinking of the ferry Sewol on April 16, 2014, and a rise in sales of "home-cooked meals." The ferry disaster left more than 300 people, mostly school children, dead.

Nongshim said it had a whopping 62.4 percent share in the ramyeon market in 2014, sweeping the top four spots in the sales list. Shin Ramyeon topped the list, followed by Jjapageti, Anseong Tangmyeon and Neoguri.

Ottogi retained its No. 2 position with a 16.2 percent market share, followed by Samyang (13.3 percent) and Paldo (8.1 percent), it said.
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