Nongshim Co., South Korea's leading instant noodle maker, said Wednesday it will establish a subsidiary in Russia in June as part of its strategy to expand into the Eurasian market.
Nongshim will set up Nongshim Rus LLC in Moscow to meet growing demand for instant noodles, called "ramyeon," in Russia and the Commonwealth of Independent States, the company said in a press release.
The Russian ramyeon market is expected to grow to 1.5 trillion won ($1.05 billion) by 2030 from $790 million in 2025, Nongshim said, citing data from market research firm Euromonitor.
The Russian unit will serve as a regional hub for Central Asia, strengthening sales networks across neighboring CIS countries, including Kazakhstan and Uzbekistan.
"Russia is a strategic gateway connecting Europe and Asia, and an attractive market where ramyeon consumption is rapidly increasing," a company official said. "The new subsidiary aims to generate $30 million in sales by 2030 by expanding beyond Russia into CIS markets."
In February last year, Nongshim established Nongshim Europe B.V. in the Netherlands to support its expansion into Europe.
Currently, Nongshim earns about 40 percent of its total ramyeon sales in overseas markets, including the United States, China and Japan.
The company operates six domestic plants and six overseas facilities -- two in the US and four in China -- and sells flagship products such as Shin Ramyun, Chapagetti and Neoguri worldwide. (Yonhap)
