Price Reduction Wave in Instant Noodles, Snacks, Bread, and Convenience Stores

 

Price Reduction Wave in Instant Noodles, Snacks, Bread, and Convenience Stores

 

 

Following the price reduction initiated by instant noodle and snack companies, bread manufacturers and convenience stores have also joined the effort, striving for price stability in the industry.

 

 

 

 

Starting from the 1st, Nongshim will reduce the wholesale prices of Shin Ramyun and Shrimp Crackers by 50 won and 100 won respectively. The photo shows ramyun shelves in a large mart in Seoul on the 30th of last month. Photo by Kang Jin

 

 

According to the food and beverage industry on the 1st, Nongshim reduced the wholesale prices of Shin Ramyun (packaged noodles) and Shrimp Crackers by 4.5% and 6.9% respectively, starting from that day.

 

As a result, the retail price of a single bag of Shin Ramyun, which was sold for 1,000 won, decreased by 50 won, and the price of Shrimp Crackers, which was sold for 1,500 won, decreased by 100 won.

Samyang Food also reduced the prices of 12 representative products such as Samyang Ramyun, Jjajang Ramyun, Delicious Ramyun, and Yulmu Bibimmyeon by an average of 4.7% for sale. Ottogi also reduced the prices of 15 ramyun products by an average of 5%.

Previously, Ottogi had frozen prices since August 2021, even after reducing the price of Jin Ramyun in 2010, despite the rise in raw materials and labor costs.

 

An Ottogi official stated, "We hope that the reduction in ramyun prices will contribute to the stability of living expenses for ordinary people," and said, "We will continue to repay with better taste, quality products, and services."

Starting from the same day, Paldo also reduced the consumer prices of 11 ramyun products such as "Ilfum Haemul Ramyun," "Wang Ttukbaegi Bongjimyeon," and "Namja Ramyun" by an average of 5.1%.

 

As a result, Ilfum Haemul Ramyun, Wang Ttukbaegi Bongjimyeon, and Namja Ramyun were reduced by 60 won, from 1,000 won to 940 won.

Snack companies also joined the price reduction.

 

From that day, Lotte Confectionery reduced the prices of three products, such as Bbakdakkonat, Lotte Sand, and Zec, by 100 won, and Haitai Confectionery reduced the price of Ivy Original by 10%.

Following instant noodles and snacks, bread prices also saw downward adjustments.

 

SPC reduced the prices of 30 representative products, including bread, cream bread, and baguettes, by an average of 5%.

Paris Baguette initially sells a total of 10 types of bread, including sliced bread and baguettes, at reduced prices ranging from 100 won to 200 won. Looking at the major price reductions by product, the "The Same Toast" decreased from 3,700 won to 3,600 won (2.7%), the "Authentic Baguette" decreased from 3,900 won to 3,700 won (5.1%), and the "Sweet Honey Donut" decreased from 900 won to 800 won (11.1%).

 

 

 

An SPC representative explained, "In order to alleviate consumer burden and actively contribute to price stability, we have decided to reduce the prices of representative products such as bread and cream bread."

Following the price reductions by manufacturers of ramen, snacks, and bread, convenience stores have also joined in.

 

Starting from that day, CU will lower the prices of three PB (private brand) products, Heyroo snacks, and two types of milk by 100 won each.

 

These products are popular items with monthly sales exceeding 200,000.

 

Heyroo whole wheat sweet potato, king crab, and oranda snacks will be reduced from 1,500 won to 1,400 won.

 

Heyroo white milk (1L) will change from 2,600 won to 2,500 won, and Milkduketem (1.8L) will be adjusted from 4,500 won to 4,400 won.

Similarly, Seven-Eleven has also reduced the prices of two PB Seven-Select snacks and two beverages by 100 won each.

 

The targeted items include Seven-Select baked maparing, Seven-Select Sindang-dong tteokbokki, Seven-Select honey peach ade, and Seven-Select Sangju jujube tea.

 

In addition, prices for PB products like Seven-Select Dongwon tuna ramen, Seven-Select spicy seasoned meat jerky, and Seven-Select Korean-style chestnuts remain unchanged.

 

This is explained as an effort to alleviate the burden on small and medium-sized partner stores, where costs are increased by 5-10%, but the selling prices are not raised.

Emart 24 has decided to freeze the prices of PB products, including one type of bottled water and four types of PET coffee and one type of milk, until the end of the year.

 

The products include Aim-e One-Liter bottled water (500ml), Aim-e 500ml PET coffee, and Aim-e One-Cup Milk (1L).

Convenience store industry officials stated, "In the recent trend of rising prices, we have decided to proactively reduce the prices of PB products to minimize the burden on customers."

 

They added, "In the future, we will continue to consider the perspectives of customers, partner companies, franchise stores, and other stakeholders, and pursue a mutually beneficial management that contributes to our society."

 

 

 

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