Binggrae’s overseas exports soar to record in H1 2023

South Korean food and beverage company Binggrae reported a 27% year-on-year leap in overseas exports, hitting 77.5 billion won ($57.8 million) in the first half of 2023.

According to the company's semi-annual report on Wednesday. This acceleration pushed exports to constitute an unprecedented 13.1% of the firm's total sales.

From logging 49.3 billion won in 2018, Binggrae's international sales surpassed 104.2 billion won in the previous year, reflecting a growth trajectory of over 100% in half a decade. The annual slice of these overseas revenues also advanced consistently, rising from 5.9% in 2018 to 9.6% in 2022.

Ice creams emerge as the primary export, with Binggrae's ice cream and related item shipments in the first six months of 2023 summing up to 46.6 billion won.

This chunk represents 60.1% of the total exports. Recent data from the Customs Service spotlighted that the country's ice cream exports reached a record pinnacle of roughly $59 million in the initial half of this year. Within this, Binggrae is speculated to constitute a dominant 60%.

Its flagship ice cream brand Melona, stood out, registering about 29 billion won in overseas revenues in the first half of 2023, a spike of over 15% against the prior year. These figures outdid the brand's domestic sales, which were pegged at 22 billion won.

Binggrae credits its success to bespoke strategies sculpted for individual countries. For instance, Melona witnessed the rollout of flavor profiles catering to regional tastes, stretching from the traditional melon to mango, coconut, and even pistachio.

Complementing these tailored efforts is the escalating influence of K-contents, enhancing the reputation and allure of Korean products globally. This recognition has propelled Binggrae's footprint, extending its export territories from about 20 nations in the prior year to over 30 in the current.

The brand's presence isn't just limited to the Korean diaspora or Asian markets but has permeated mainstream markets globally, evidenced by its placement in global retail powerhouses like Costco, Sam's Club, and Walmart.

Write to Ji-Yoon Yang at yang@hankyung.com