October 17, 2012

South Korea's Binggrae's banana-flavoured milk sales up

South Korea's Binggrae Co. saw sales of its signature banana-flavoured milk jump eight-fold this year from a year earlier due to the increased demand in China.

Binggrae's banana-flavoured milk products reached a record of KRW6 billion (US$5.4 million) in China sales in the first nine months, compared to some KRW750 million (US$679,000) during the same period last year, Binggrae officials said.

Last year, Binggrae sold one billion worth of the processed milk in China.

The robust growth was helped by Chinese consumers' preference for imported dairy products in the wake of scandals there involving tainted local milk products.

Sales in China were also boosted by the product's increasing presence in China's convenience stores, such as 7-Eleven, Lawson and FamilyMart.

Binggrae's Chinese advertisements, which feature Korean TV star Lee Min-ho, who is also popular in China, also lifted sales.

In Shanghai, where the milk is the most popular among Chinese cities, 4,000-5,000 boxes were sold per month last year. The figure rose to 50,000 boxes per month this year, the Binggrae officials said. A box has 24 packs of the milk. One small container of the milk is currently sold for CNY8.5 (US$1.4).

Binggrae is also known in China for its Melona ice cream bars, which are available there in a wide range of fruit flavours.

The company said it expects to see solid growth in exports to China as a growing number of Chinese visitors to South Korea seek to taste its product back home.