Ornua launches Kerrygold butter in South Korea
Dairy exporter plans to sell flagship brand through local retailers in Seoul
(second from left) Minister for Agriculture Michael Creed: it is critical that we build these new markets for premium Irish dairy products
The group said it would sell Kerrygold butter, which recorded sales globally of €900 million last year, through a number of local South Korean retailers.
As milk deficit regions, these countries offer significant potential as a route to market for Irish dairy exports, Ornua said.
The new product was unveiled by Minister for Agriculture, Food and the Marine, Michael Creed at a launch in the Hyundai Department Store Samseong-dong in the Gangnam-gu district of Seoul during the Irish Trade Mission to South Korea and Japan.
“As we prepare for a post-Brexit environment, it is critical that we build these new markets for premium Irish dairy products,” Mr Creed said.
Ornua aims to generate €1 billion in sales from its Kerrygold brand, which also includes yogurts and cream liqueurs.
South Korea is the 11th largest economy in the world, with a population of 51 million and a gross domestic product of €1.2 trillion. It currently imports 150,000 tonnes of cheese and butter.
Ornua’s John Jordan said “Opening new routes to market, such as South Korea, is a central pillar of Ornua’s strategy to develop Kerrygold from a butter brand into a €1bn global dairy brand.”
“ Today’s announcement is also an key step in further diversifying our customer base, a particularly important consideration for Irish dairy farming in the current political environment,” he said.