South Korea: Hite Jinro’s new Terra beer sales surpass 100 mln bottles in just 100 days after launch
Hite Jinro said on July 2 that Terra's sales, which marks its 100th day since its launch, have surpassed 100 million bottles, the Korea IT Times reported.
Terra sales reached 3.34 million boxes (330 ml) and 101.39 million bottles as of June 29 . This is 11.6 bottles sold per second, and 2.4 bottles per Korean adult (20 years of age or older, based on 42.04 million people) were consumed.
Hite Jinro sold more than 1 million boxes of Terra in 39 days, recording the fastest sales among beer brands in the early stages of its launch. It has since accelerated, selling 2 million boxes in 72 days and 3 million boxes in 97 days, which is about 1.4 times faster than the sales speed of 1 million boxes.
What's notable is that the launch of Terra has not resulted in the erosion of existing beer brands. Along with Terra, the existing brands such as Hite and Max synergized, up about 5 percent year-on-year in June this year, the company said.
Hite Jinro expects the figure, which had been on a steady decline since 2015, to shift upward this year, with the green light for its turnarounds in the beer sector.
Hite Jinro is planning to launch Terra draft beer to continue Terra's early popularity and target the summer market.
"This year will lead to another success story in the domestic liquor market by combining the changing landscape of the beer market, which starts with FiLite and leads to Terra, and the soju market, which has become more solid," said Kim In-kyu, CEO of Hite Jinro.
Torna
E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at marketing@castlemalting.com .
