Binggrae Banana Flavored Milk's overseas sales rise 96% in four years

[Financial News] Binggrae's overseas sales of Banana Flavored Milk have nearly doubled in four years, according to reports.
Industry sources said on the 1st that Binggrae's overseas sales of Banana Flavored Milk last year were up 96% from 2021. Over the same period, the number of export markets grew from 18 to 25 countries.
Overseas sales from January to September this year rose 12.7% from the same period a year earlier, sustaining double-digit growth. Launched in 1974, Binggrae Banana Flavored Milk has held the top spot in sales in Korea's processed milk market for around 50 years.
Recently, the company has been targeting global markets through localization. It has developed products in rectangular aseptic cartons (Tetra Pak) to overcome the limitations of conventional containers with short shelf lives, and is also increasing local production.
The company has also begun production overseas. It established a subsidiary in Australia last December and has been producing Banana Flavored Milk locally through an original equipment manufacturer (OEM) arrangement since January. At SIAL Paris, a food fair recently held in France, it showcased its Australian-made OEM product. The Australian production base is part of a strategy to address the European Union (EU) market, which has strict restrictions on dairy imports. Binggrae previously established a subsidiary in Shanghai, China, in 2014, followed by subsidiaries in the United States in 2016 and Vietnam in 2019.
The company is also stepping up domestic marketing aimed at foreign tourists visiting Korea. Starting with the CJ Olive Young store in Myeongdong, Seoul, it has expanded dedicated displays for Banana Flavored Milk to Olive Young stores in major tourist districts, including Hongdae and Busan. It has set up dedicated displays and promotional materials in popular tourist areas such as Incheon International Airport and Jongno, and has also launched mini gift sets to cater to demand for gifts.
The so-called “Ddoongba” (“fat banana-flavored milk”) latte (made by mixing Binggrae Banana Flavored Milk, an Americano, and ice) is popular with foreign tourists. Model Hailey Rhode Bieber, wife of Justin Bieber, and American singer Charlie Puth have drawn attention by posting about it on Instagram and other platforms. Jensen Huang, CEO of NVIDIA Corporation, also personally handed out the product to members of the public during a visit to Korea in June.
Binggrae plans to explore expanding into the Oceania and European markets using its Australian OEM base, while also seeking entry into new markets.
[email protected] Kang Myeong-yeon Reporter