HiteJinro targets $370 mn overseas soju sales by 2030

[Photo provided by HiteJinro Co.]

In celebration of its 100th anniversary, South Korea’s HiteJinro Co. has set the goal of achieving 500 billion won ($370 million) in overseas soju sales by 2030, based on its efforts to popularize its flagship brand, Jinro.

The company’s international soju sales have already seen substantial growth, rising from 57.1 billion won in 2017 to 189.1 billion won last year, a 3.3-fold increase. The plan envisions expanding this figure by another 2.6 times over the next seven years.

Since declaring the goal of globalizing soju in 2016, HiteJinro has broadened its overseas operations by increasing its target countries from 8 to 17. Today, the company exports soju to over 80 countries worldwide.

As part of its global strategy, HiteJinro announced during the Global Vision 2030 proclamation ceremony in Hanoi, Vietnam, on June 9, the construction of its first overseas production plant in the Green iP-1 Industrial Park in Thai Binh Province, northern Vietnam.

This facility will serve as a forward base to supply soju to the Southeast Asian market, particularly Vietnam. The plant, covering 82,083 square meters, is set to break ground in the first quarter of next year and aims to produce one million cases (30 million bottles) of fruit-flavored soju annually by 2026, with plans to increase production to over three million cases in the future.

To target the overseas market, particularly in Vietnam, HiteJinro is leveraging the popularity of fruit-flavored soju, which appeals to international consumers with its sweet flavors, in contrast to the more traditional soju popular in Korea.

By familiarizing locals with fruit-flavored soju, HiteJinro plans to gradually increase sales of traditional soju as well.

“As of 2022, 81 percent of soju consumers overseas were locals, not Korean expatriates, and we aim to increase this to over 90 percent,” said a company official.

[Courtesy of HiteJinro Co.]

HiteJinro is maintaining the iconic green bottle design, which has become familiar to foreign consumers through Hallyu content, while prominently featuring the Jinro brand name in red to enhance brand recognition.

To integrate Jinro into local drinking cultures, HiteJinro is strengthening its presence in the entertainment sector.

Previously, fruit-flavored soju was primarily marketed in large supermarkets for home consumption, but now the focus is on placing Jinro soju in key commercial district restaurants.

HiteJinro has already opened four Jinro BBQ restaurants branded with its name and plans to enhance marketing efforts through additional outlets like pop-up stores.

Soju sales have surged globally, increasing 2.5 times from 2017 to 2022. The World Intellectual Property Organization (WIPO) recognized soju as an international product name in 2022, marking a significant milestone in its global acceptance.

Amid this globalization trend, Jinro has achieved an average annual growth rate of 12.6 percent from 2017 to last year and has maintained its position as the world’s top-selling distilled spirit since 2001.

In 2022, Jinro became the first brand to sell over 100 million cases worldwide.