Nongshim's Chapaguri instant noodles / Courtesy of Nongshim

By Kim Jae-heun

The country's top three instant noodle makers saw their bottom lines deteriorate in 2021 due to soaring labor, raw materials and other costs, according to company officials Wednesday.

According to regulatory filings, Nongshim, Ottogi and Samyang Food's profits plunged by 33.8 percent, 16.1 percent and 31 percent, year-on-year.

"In 2020, the demand for instant noodles soared in the country as the government decided to adopt quarantine measures for the first time at the start of the COVID-19 pandemic," a Samyang official said. "However, as the pandemic continued, the demand started to decrease and returned to normal in 2021."

Samyang's operating profit peaked at 95.3 billion won in 2020, up by 21.9 percent from a year earlier.

Market leader Nongshim's profit also skyrocketed by 103.4 percent to reach 160.2 billion won in the same period.

The food firm said its "Chapaguri" noodle combination gained huge popularity after appearing in the mega-hit film "Parasite" in 2020.

"In 2021 the demand for meal-kit products as well as online food delivery replaced that of instant noodles and it affected a drop in our operating profit," a Nongshim official said.

Ottogi's 2020 profit increased by 33.8 percent from 2019, but soon nosedived as the demand for instant noodles decreased.

However the three companies expect to see improved performances this year as they all increased prices for their products last August.

"The price hike of instant noodle products will be reflected in the three food firms' profits in the first half of this year," an industry official said.