Home?Industry Trends? South Koreas instant noodle exports hit a record high, reflecting global economic pressures
Latest data released by South Korea on March 21 shows that the countrys instant noodle exports surged 31.5% year-on-year in February, setting a new monthly record of $93 million. However, this controversial achievement may signal a dangerous trend—deteriorating household finances worldwide, with people increasingly relying on this cheap processed food for sustenance.
According to Korea Customs Service statistics, South Korea exported instant noodles to nearly 100 countries and regions in February, withfor containers exported to the USbeing the largest at $19.84 million; exports to China reached $15.2 million, the Netherlands $6.04 million, and Japan $5.52 million.
Analysts point out that instant noodles, as high-calorie, low-nutrition, cheap processed food, typically see sales rise during economic recessions and high inflation. In other words, growing instant noodle demand may be just a microcosm of declining living standards among global consumers.
In fact, international organizations and news media have sounded alarms about this trend. The Financial Times recently stated that the growing global demand for instant noodles looks like a social and economic red light, reflecting severe economic pressures on peoples livelihoods.
The article lists that under the impact of the pandemic and soaring prices, global instant noodle sales reached a record 121 billion servings in 2022, an increase of approximately 17% compared to 2018. In countries such as Turkey and Nigeria, instant noodle prices surged by 53% to 425%, exposing the continued deterioration of living standards for local residents.
The Financial Times argues that the rise in instant noodle demand reflects people prioritizing cheap, long-lasting food over health factors. This not only indicates a decline in the quality of life for the middle class in developed countries but also highlights how more families in developing countries are forced into food downgrading trades.
However, this trend has also brought substantial profits to Japans two major instant noodle companies, Toyo Suisan and Nissin Foods, with their combined valuation exceeding $54 billion. Yet, a Nissin spokesperson admitted that the boom of an instant noodle-ized world is actually a signal of worsening global economic health, not something to celebrate.
Analysts suggest that the growth in instant noodle sales conveys a signal that deserves serious attention. If governments worldwide fail to effectively curb inflation and improve livelihoods, this could exacerbate global poverty and trigger more social unrest.