Korean Soju Penetrates Daily Life in the Philippines... Will It Become the 'Second Buldak' Legend?

【Manila (Philippines) = Reporter Lee Hwan-joo】"Moving away from a market centered on expatriates, Jinro can now be found in all channels in the Philippines, such as convenience stores and supermarkets. Unlike the past, the general soju market share in the Philippines has surpassed that of fruit soju, achieving the popularization of soju."
Kim In-kyu, CEO of HiteJinro, revealed the growth vision of global Jinro at the HiteJinro 101st anniversary media conference held in Manila, Philippines, on the 18th (local time).
The Philippines has a population of 118 million, making it the 14th most populous country in the world. It is a young country with over 30% of the population under 15 years old and 65% in the working-age group of 15-64 years. The median age is 24.5 years, significantly lower than the OECD average (39.9 years) and Korea (43.4 years), indicating a large potential for K-soju growth due to the high number of alcohol consumers.
CEO Kim emphasized, "HiteJinro's competitors are neither OB Beer nor Lotte," adding, "HiteJinro is not just selling alcohol but selling time and space to people worldwide, connecting people and creating culture."
Currently, the Philippines ranks 8th in alcohol consumption per capita in Asia. According to the Korea Customs Service, the global soju export volume in 2024 is expected to be around 200 million dollars (270 billion won). The market share of K-soju exports to the Philippines is about 3.5%, approximately 10 billion won. HiteJinro currently holds a dominant 67% market share in the Philippine soju market. 
Guk Dong-gyun, head of HiteJinro's Philippine branch, explained, "In the past, soju was mixed like a cocktail, but now general soju consumption has surpassed fruit soju consumption, similar to Korea."
In 2021, fruit soju accounted for 61% of total sales in the Philippines, but last year, general soju reached 68%. The culture of consuming general soju while eating Korean food like samgyeopsal and kimchi stew has started to penetrate. 
The branch manager cited the success factors of soju in the Philippine market as △premium image different from local alcohol △Hallyu (Korean Wave) △social media. 
The branch manager said, "In the Philippines, there is a toast culture similar to Korea called 'Tagay,' where people drink together (social ritual), drink cocktails at home (Timplado), eat with food (Pulutan), and enjoy karaoke culture (Videoke)."
Just as Buldak-bokkeum-myeon changed the landscape of the ramen industry, HiteJinro is preparing for a new 100 years with 'Chamisul' and 'Jinro.' Last year, HiteJinro celebrated its 100th anniversary by starting the establishment of its first overseas factory in Hanoi, Vietnam. The groundbreaking ceremony was held on February 5th this year, aiming for local production from next year. HiteJinro's soju export value increased steadily from 65.3 billion won in 2020 to 116.9 billion won in 2022 and 153.4 billion won last year. The proportion of overseas sales in HiteJinro's total sales also grew to 11%. Previously, HiteJinro set a goal of achieving '5 trillion won in overseas sales by 2030.'
CEO Kim stated, "The domestic liquor market is stagnant with a growth rate of around 1%," adding, "We will promote K-soju in the global liquor market along with Hallyu." 
hwlee@fnnews.com Reporter Lee Hwan-joo