Shuli Ren, Columnist

Why Buldak Ramen Is an $8 Billion Brand

The ultra-spicy soup appeals to young Americans seeking exotic tastes — that means it’s immune to Trump’s tariffs.

July 9, 2025 at 4:00 PM EDT

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

A spicy trend.
Photo credit: Samyang America

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When it comes to instant noodles, there’s no Korean discount. Only a Korean premium.

Samyang Foods Co., the manufacturer of “Buldak” ramen, has gained 93% this year. Trading at 26 times forward earnings, it boasts $8.1 billion market cap, as much as bigger rivals Japan’s Nissin Foods Holdings Co. and Korea’s Nongshim Co. combined.