Aug 20, 2021

Korean craft beers actively explore new markets via partnership, export 2021.08.20 13:23:09 | 2021.08.20 13:53:58 Receiver Kyochon F&B executives celebrate the start of Moonbear brewery`s operation with tastings of freshly brewed beer on Aug 19. [Source: Kyochon F&B] South Korean craft beers are actively seeking new business opportunities through collaboration with other food businesses or in foreign markets. The country`s largest fried chicken franchise operator Kyochon F&B said Thursday that it has finally kicked off commercial production at Moonbear brewery three months after it acquired microbrewery Moonbear Brewing from Indulge, a liquor retailer under LF Corp., for 12 billion won ($10 million). Moonbear brewery, located in Goseong, Gangwon Province, has an annual brewing capacity of 2 million liters. Kyochon F&B will continue to sell Moonbear’s Geumgangsan Golden Ale and Baekdusan IPA but under new labels from this month. Before fully owning the microbrewery, the fried chicken major has served Moonbear’s craft beers at some of its outlets to test customers’ responses. The company will also develop its own craft beers and expand offering sizes such as introducing keg for other restaurants and bars. This is part of its plan to groom the craft beer business as a new growth engine by pairing it with its fried chicken franchise business, which boasts a vast sales network of some 1,280 eateries across the country. Korea’s craft beer market is having a heyday after it sharply grew through the momentum of the stay-at-home norm during the Covid-19 environment. The market expanded from 9.3 billion won in the fledgling year of 2013 to 118 billion won in 2020. Their store sales are estimated to reach 180-200 billion won this year. [Source: Jeju Beer Company] Encouraged by strong sales at home, Jeju Beer Company, Korea’s first microbrewery listed on Kosdaq, also has taken a step forward to win global consumers. Jeju Beer Company on Thursday announced it will begin exporting Jeju Wit Ale, Jeju Pellong Ale, and Jeju Geomeong Ale to the European markets including the U.K., Germany, France, and Poland. It is the first for Korean craft beer to sell in Europe, according to the company. The company so far has secured contracts to supply the Jeju Ale series beers to some 20,000 stores, including U.K retail chain Tesco, across Europe. It will also sell at 1,200 restaurants and bars. By Jin Young-hwa, Kim Hyo-hye and Cho Jeehyun FRI