Amsterdam: Nongshim Co., South Korea's leading instant noodle maker, announced plans to establish a subsidiary in the Netherlands next month as part of its strategy to penetrate the European market. The company aims to leverage the Netherlands' advanced land transport network and the Port of Rotterdam, Europe's leader in cargo volume, to bolster its expansion efforts.

According to Yonhap News Agency, Nongshim will officially launch Nongshim Europe B.V. in Amsterdam this March. The European "ramyeon" market was valued at US$2 billion in 2023, experiencing an average annual growth rate of 12 percent from 2019 to 2023. Nongshim plans to significantly increase its ramyeon sales in Europe, targeting a fourfold increase by 2030, after selling $84 million worth of its products in the region last year.

Currently, about 40 percent of Nongshim's total ramyeon sales come from overseas markets, including the United States, China, and Japan. The company operates six domestic plants and six overseas ones, with two located in the U.S. and four in China, distributing popular instant noodle products such as Shin Ramyun, Chapagetti, and Neoguri internationally.

For the entire year of 2024, Nongshim reported a net profit decrease of 8.1 percent year-on-year, amounting to 157.63 billion won, attributed to reduced demand and increased costs. The operating profit saw a significant decline of 23 percent year-on-year to 163.07 billion won, while sales experienced a slight rise of 0.8 percent, reaching 3.44 trillion won.