Nongshim

Nongshim Co., Ltd.
Nongshim Co., Ltd.
Native name
 주식회사 농심
Nongshim
Formerly called
 Lotte Food Industrial Company
Traded as KRX: 04370
Industry Food and Beverage
Founded Seoul, South Korea (September 18, 1965 (1965-09-18))
Headquarters Dongjak-gu, Seoul, South Korea
Number of locations
Products
  • Shin Ramyun
  • Shin Ramyun Black
  • Neoguri
  • Soon Noodle
  • Jjawang
  • Matchampong
  • Shrimp Crackers
  • Onion Rings
  • Baeksan Mountain Water
Revenue Increase ₩2,181.62 billion
US$1.83 billion (2015)[1]
Increase ₩118.28 billion
US$99.3 million (2015) [1]
Increase ₩117.33 billion
US$98.5 million (2015) [1]
Total assets Increase ₩2,418.71 billion
US$2.03 billion (2015) [1]
Total equity Increase ₩1,646.47 billion
US$1.38 billion (2015) [1]
Parent Nong Shim Holdings Co Ltd
Website eng.nongshim.com
Footnotes / references
[2]
Nongshim Headquarter (Seoul, South Korea)
Shin Ramyun (US version)

Nongshim Co., Ltd. (Hangul: 농심; Hanja: 農心; Translation: Farmer's Heart) 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.[3]

Nongshim is the largest ramyun (Hangul: 라면; Japanese: ラーメン; Chinese:拉麵; Translation: instant noodle) and snack company in South Korea. Its products include ramyun, snacks, and bottled water. Nongshim products are now available in over 100 countries.

History[4]

1965-1979

On September 18, 1965, Nongshim was established under the name Lotte Food Industrial Company in Seoul, South Korea. When Nongshim introduced its first ramyun, Lotte Ramyun, in 1965, there were 7 other companies in the market.[3]

As a second mover in the ramyun industry, Nongshim focused on Research and Development. Along with the 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 March 6, 1978, Nongshim changed its name from Lotte Food Industrial Company to Nongshim Co., Ltd.[4]

1980-1989

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

Many of the Nongshim’s famous ramyun products were introduced during the 1980s: Neoguri (Hangul: 너구리; Seafood Udon Soup; 1982), Ansungtangmyun (Hangul: 안성탕면; 1983), Jjapagetti (Hangul: 짜파게티; 1984) And Shin Ramyun (Hangul: 신라면; 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.[5]

1990-Present

On January 1, 1991, Nongshim introduced its new corporate identity (CI): Nongshim Seed.[6] The Gumi factory was built in September, 1991. Since 1994, Nongshim applied CIM (Computer Integrated Manufacturing) System, for production.

The Asan factory was built in April, 1993, and it is specializing 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 non-frying noodles and well-being (health) products.

During the 1990s, Nongshim focused on exporting and expanded their business in the global market.[7] In July, 1997, Nongshim began sponsoring the national Baduk Championship: Shin Ramyun Cup Baduk Championship.[8]

Nongshim built factories in China in 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.[9]

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.[10]

Global Operations

Nongshim's headquarter is located in Seoul, South Korea. Nongshim products are now exported to over 100 countries around the world.[11] As of 2016, Nongshim has 11 manufacturing plants around the world: Korea (Anyang, Ansung, Asan, Gumi, Busan, Noksan), USA (Los Angeles, CA), China (Shanghai, Qingdao, Shenyang, Yanbian).[12][13] There are 7 sales distribution offices in 4 countries outside of South Korea: USA, Australia, Japan, China.

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).[14] Nongshim has recently introduced new noodle brands in 2015: Jjawang[15] (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) .[16]

There are varieties of snack products including Shrimp Cracker (Hangul: 새우깡; Romanization: Saewookkang; 1971),[17] 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,[18] Which is slowly filtered by Baekdu Mountain volcanic rock in China.

References

  1. 1 2 3 4 5 "Nongshim Co Ltd (004370:Korea SE)". businessweek.wallst.com. Retrieved May 30, 2016.
  2. ↑ "Nongshim USA :: Our Products". Nongshim. Retrieved 25 April 2014.
  3. 1 2 "너구리·신라면…'농심' 보듬은 신춘호 회장의 경영철학". 미디어펜 (in Korean). Retrieved 2016-06-22.
  4. 1 2 "농심". www.nongshim.com. Retrieved 2016-06-22.
  5. ↑ "1969년 삼양 점유율 83%·2012년 농심 67%…영원한 승자는 없다". superich.heraldcorp.com. 2013-01-11. Retrieved 2016-06-22.
  6. ↑ "GLOBAL NONGSHIM". eng.nongshim.com. Retrieved 2016-06-22.
  7. ↑ "Nongshim to boost global expansion". koreatimes. 2014-11-27. Retrieved 2016-06-22.
  8. ↑ "[神의 한 수]'아시아 바둑 올림픽' 인기 힘입어 신라면 중국 매출 급성장". news.donga.com. Retrieved 2016-06-22.
  9. ↑ "농심". www.nongshim.com. Retrieved 2016-06-22.
  10. ↑ "GLOBAL NONGSHIM". eng.nongshim.com. Retrieved 2016-06-23.
  11. ↑ "Nongshim to boost global expansion". koreatimes. 2014-11-27. Retrieved 2016-06-23.
  12. ↑ "GLOBAL NONGSHIM". eng.nongshim.com. Retrieved 2016-06-23.
  13. ↑ "South Korean Food Manufacturer Nongshim Opens Bottled Water Plant In China With Targeted Sales Of 237.6 Million Dollars In 2017". koreaportal. 2015-11-09. Retrieved 2016-06-23.
  14. ↑ "Record-breaking noodles". Retrieved 2016-06-23.
  15. ↑ Herald, The Korea (2015-04-27). "Nongshim launches 'Jjawang' noodles". www.koreaherald.com. Retrieved 2016-06-23.
  16. ↑ Herald, The Korea (2016-03-17). "Competition intensifies over premium instant noodles". www.koreaherald.com. Retrieved 2016-06-23.
  17. ↑ "Big milestone for diminutive snack". Retrieved 2016-06-23.
  18. ↑ "Bottled water competition heats up". koreatimes. 2014-06-27. Retrieved 2016-06-23.
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