South Korea’s food and beverage giant Binggrae has multiple signature brands under its belt, and the underlying theme of most of them is that the firm stays true to its original brand image.
Chef Baek Jong-won, Binggrae Banana Flavored Milk’s latest spokesperson, introduces various recipes incorporating the popular processed milk drink. (Binggrae)
Most prominent of them is the market’s No. 1 processed milk “Banana Flavored Milk,” with its unique taste and bottle shape.
Since its launch in 1974, the beverage has been considered a popular substitute for milk, and thereby responsible for 80 percent of the market specific to banana-flavored milk. The combined revenue from Banana Flavored Milk in and outside of Korea reached some 200 billion won ($165 million) last year, a record high.
Occupying around 20 percent of Binggrae’s total revenue, the banana milk brand is being marketed widely, including through the launch of the firm’s first cafe, the Yellow Cafe, in 2016 to appeal to a younger generation in their teens and 20s. In 2017, the firm engaged in the “My Straw Campaign,” allowing customers to take part in designing straws.
Recently, Binggrae has been experimenting with new flavors, including last year’s mulberry-flavored milk, and the limited edition of tangerine flavors last winter, as well as this year’s lychee and peach variety. Mulberry-flavored milk alone raised some 6 billion won in sales from February to October last year.
“For over 40 years, the Banana Flavored Milk has maintained its No. 1 position in the market as one of Korea’s steady-selling beverages. We will continue to make efforts for the milk to remain a beloved brand but with new twists,” a Binggrae official said.