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Nongshim

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Nongshim Co., Ltd.
Native name
주식회사 농심
Jusik Hoesa Nongsim
Company typePublic
KRX: 004370
IndustryFood processing
PredecessorLotte Food Industrial Company
Founded18 September 1965; 59 years ago (1965-09-18)
FounderShin Choon-ho[1]
Headquarters112 Yeouidaebang-ro, Dongjak-gu,
Seoul
,
South Korea
Area served
Worldwide
Key people
Shin Dong-won (Chairman and CEO)
Products
  • Shin Ramyun
  • Shin Ramyun Black
  • Neoguri
  • Soon Noodle
  • Jjawang
  • Matchampong
  • Shrimp Crackers
  • Onion Rings
  • Baeksan Mountain Water
RevenueIncrease ₩2,181.62 billion
US$1.83 billion (2015)
Increase ₩118.28 billion
US$99.3 million (2015)
Increase ₩117.33 billion
US$98.5 million (2015)
Total assetsIncrease ₩2,418.71 billion
US$2.03 billion (2015)
Total equityIncrease ₩1,646.47 billion
US$1.38 billion (2015)
ParentNongshim Holdings
Websiteeng.nongshim.com
Footnotes / references
[2][3]

Nongshim Co., Ltd. (Korean: 농심; Hanja: 農心; RR: Nongsim; lit. Farmer's Mind) is a South Korean food and beverage company headquartered in Seoul, South Korea. Nongshim was founded in 1965 under the name Lotte Food Industrial Company. The name was changed to Nongshim in 1978.[4]

The current logo was published in 1991, which took a form of a seed.[5] In 2003, the business switched to a holding company system and became a subsidiary of Nongshim Holdings.

Nongshim is the largest instant noodles and snack company in South Korea. At the end of 2015, Nongshim had 2.57 trillion won in assets and 2.81 trillion won in sales.[6] It runs 11 factories worldwide, has subsidiaries in Korea[7][8] and overseas, and operates in more than 100 countries. The company is currently chaired by Shin Dong-won, son of the founder Shin Choon-ho.

History

1965–1979

On 18 September 1965, Nongshim was established under the name Lotte Food Industrial Company in Seoul, South Korea by Shin Choon-ho, brother of Lotte Corporation founder Shin Kyuk-ho.[9] When Nongshim introduced its first ramyun, Lotte Ramyun, in 1965, there were 7 other companies in the market.[4][10]

As a second mover in the ramyun industry, Nongshim focused on research and development. Along with South Korea's first commercialized snack, Shrimp Cracker (Hangul: 새우깡; Romanization: Saewookang; 1971), Beef Ramyun (Hangul: 소고기라면; 1970), and Nongshim Ramyun (1975), Nongshim achieved 35% market share in the mid-1970s. On 6 March 1978, Nongshim changed its name from Lotte Food Industrial Company to Nongshim Co., Ltd.[10]

1980–1989

During the 1980s, Nongshim invested highly on machinery, equipment, and systems. The Anseong factory was built in 1981 to specialize in powder soup, used to flavor the ramyun.

Many of Nongshim's famous ramyun products were introduced during the 1980s: Neoguri in 1982, Ansungtangmyun in 1983, Jjapagetti in 1984, and Shin Ramyun in 1986. Cup- and bowl-type noodles were also introduced during this period.

Nongshim's market share reached 40% in 1984, and became a leading company of the market in March 1985. With Shin Ramyun (1986), the most beloved instant noodle brand in South Korea, Nongshim reached 46.2% of the ramyun market share in 1987, 53.2% in 1988, and 58% in 1989.[11]

1990–present

On 1 January 1991, Nongshim introduced its new corporate identity (CI): Nongshim Seed.[12] The Gumi factory was built in September 1991. Since 1994, Nongshim has used computer-integrated manufacturing for production.

The Asan factory was built in April 1993, and it specializes in potato and rice snacks. In April 1994, Nongshim introduced aseptic production system for cold noodles. In 2007, The Noksan factory was built to specialize in non-frying noodles and well-being (health) products.

During the 1990s, Nongshim focused on exporting and expanded their business in the global market.[13] In July 1997, Nongshim began sponsoring the national Baduk Championship: Shin Ramyun Cup Baduk Championship.[14]

Nongshim built factories in China in the late 1990s and early 2000s: Shanghai (1996), Qingdao (1998), Shenyang (2000), a second factory at Qingdao (2002), and Yanbian (2015). Originally there was difficulty entering the Chinese market until a male-themed advertising campaign for the very spicy Shin ramyun implied virility from eating such a peppery product. In the U.S, Nongshim built a factory in Los Angeles in 2005.[15]

Advertising

Nongshim has been carrying out marketing and advertising that informs the characteristics of its products based on individual product brands rather than corporate brands. It also sets the criteria that Chairman Shin Chun-ho suggested: "Advertisements should not be prioritized over quality products".[16]

Operation

Affiliates

Nongshim has 10 affiliates: Nongshim Holdings, Taekyung Nongsan, Youlchon Chemistry, Mega Mart, Nongshim Communication, NDS (Nongshim Data System), Nongshim Engineering, Youlchol Foundation, Hotel Nongshim, and Nongshim Development.[17]

Global operations

Nongshim's headquarters is located in Seoul, South Korea. Nongshim products are now exported to over 100 countries around the world.[18] As of 2016, Nongshim has 11 manufacturing plants around the world: Korea (Anyang, Ansung, Asan, Gumi, Busan, Noksan), United States (Rancho Cucamonga, CA), China (Shanghai, Qingdao, Shenyang, Yanbian).[19][20] There are 7 sales distribution offices in 6 countries outside of South Korea: the United States, Canada, Australia, Japan, China and Vietnam.

Products

Nongshim products include ramyun (instant noodles), snacks, and bottled water. There are more than 40 brands of ramyuns, produced by Nongshim, including South Korea's most popular ramyun brand, Shin Ramyun (1986).[21] Nongshim has recently introduced new noodle brands in 2015: Jjawang[22] (Hangul: 짜왕; Etymology: Portmanteau of Jjajangmyun (Black bean noodle) and Wang (Hangul: 왕; Hanja: 王; Translation: King); Translation: King of Jjajangmyun) and Matchampong (Hangul: 맛짬뽕; Etymology: Portmanteau of a Korean adjective mat (taste) and Champong (spicy seafood noodle soup); Translation: tasty champong noodle soup).[23]

There are varieties of snack products including Shrimp Cracker (Hangul: 새우깡; Romanization: Saewookkang; 1971),[24] the first commercialized snack in South Korea and Onion Rings (Hangul: 양파링; Romanization: Yangpa Ring; 1983), which is famous for its sliced-onion-ring shape.

Since 2012, Nongshim is producing its own bottled water called Baeksan Mountain Water,[25] which is slowly filtered by Baekdu Mountain volcanic rock.

See also

References

  1. ^ "South Korea's late ramyeon king leaves a spicy legacy". 3 April 2021.
  2. ^ "Nongshim USA :: Our Products". Nongshim. Archived from the original on 24 April 2014. Retrieved 25 April 2014.
  3. ^ "Nongshim Co Ltd (004370:Korea SE)". businessweek.wallst.com. Archived from the original on 23 September 2016. Retrieved 30 May 2016.
  4. ^ a b "너구리·신라면…'농심' 보듬은 신춘호 회장의 경영철학". 미디어펜 (in Korean). Retrieved 22 June 2016.
  5. ^ "농심". www.nongshim.com (in Korean). Retrieved 17 March 2018.
  6. ^ "농심, 2015년 영업익 1182억… 전년比 61%↑ - 머니투데이 뉴스" (in Korean). Retrieved 17 March 2018.
  7. ^ "농심". www.nongshim.com (in Korean). Retrieved 17 March 2018.
  8. ^ "농심". www.nongshim.com (in Korean). Retrieved 17 March 2018.
  9. ^ Herald, The Korea (28 March 2021). "Family, business community mourn late Nongshim Group chairman". www.koreaherald.com. Retrieved 29 March 2021.
  10. ^ a b "농심". www.nongshim.com. Retrieved 22 June 2016.
  11. ^ "1969년 삼양 점유율 83%·2012년 농심 67%…영원한 승자는 없다". superich.heraldcorp.com. 11 January 2013. Retrieved 22 June 2016.
  12. ^ "GLOBAL NONGSHIM". eng.nongshim.com. Retrieved 22 June 2016.
  13. ^ "Nongshim to boost global expansion". koreatimes. 27 November 2014. Retrieved 22 June 2016.
  14. ^ "[神의 한 수]'아시아 바둑 올림픽' 인기 힘입어 신라면 중국 매출 급성장". news.donga.com. 19 April 2016. Retrieved 22 June 2016.
  15. ^ "농심". www.nongshim.com. Retrieved 22 June 2016.
  16. ^ "사나이 울리는 辛라면에서 세계인 울리는 SHIN RAMYUN으로". shindonga.donga.com (in Korean). 20 September 2012. Retrieved 27 March 2019.
  17. ^ "GLOBAL NONGSHIM". eng.nongshim.com. Retrieved 23 June 2016.
  18. ^ "Nongshim to boost global expansion". koreatimes. 27 November 2014. Retrieved 23 June 2016.
  19. ^ "GLOBAL NONGSHIM". eng.nongshim.com. Archived from the original on 22 March 2016. Retrieved 23 June 2016.
  20. ^ "South Korean Food Manufacturer Nongshim Opens Bottled Water Plant In China With Targeted Sales Of 237.6 Million Dollars In 2017". koreaportal. 9 November 2015. Retrieved 23 June 2016.
  21. ^ "Record-breaking noodles". 16 February 2016. Retrieved 23 June 2016.
  22. ^ Herald, The Korea (27 April 2015). "Nongshim launches 'Jjawang' noodles". www.koreaherald.com. Retrieved 23 June 2016.
  23. ^ Herald, The Korea (17 March 2016). "Competition intensifies over premium instant noodles". www.koreaherald.com. Retrieved 23 June 2016.
  24. ^ "Big milestone for diminutive snack". 19 May 2013. Retrieved 23 June 2016.
  25. ^ "Bottled water competition heats up". koreatimes. 27 June 2014. Retrieved 23 June 2016.
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