Seoul: Nongshim Co., South Korea's leading instant noodle maker, announced plans to raise prices on its instant noodle and snack products next week in response to increasing raw material costs.

According to Yonhap News Agency, Nongshim intends to increase the retail prices of 14 "ramyeon" products by 7.2 percent and three snack products by 7.4 percent, effective March 17.

The price of Shin Ramyun, a flagship product for Nongshim, will see an increase from 950 won to 1,000 won, while Saeukkang will rise from 1,400 won to 1,500 won. A company spokesperson stated that the price hike is necessary to account for the weaker won against the dollar and the rising cost of raw materials, including palm oil and starch, which are largely imported.

Nongshim explained that the new pricing for Shin Ramyun and Saeukkang is a return to the levels seen before July 2023, when the company was compelled to lower prices due to government pressure following a decline in grain prices. The company operates six domestic plants and six overseas factories, with two in the U.S. and four in China, distributing products like Shin Ramyun, Chapagetti, and Neoguri noodles globally.

In 2024, Nongshim reported an 8.1 percent decrease in net profit, amounting to 157.63 billion won, partly due to increased costs. The operating profit also declined by 23 percent to 163.07 billion won, though sales experienced a slight rise of 0.8 percent, reaching 3.44 trillion won. Approximately 70 percent of the company's sales stemmed from global ramyeon sales.