South Korea: Oriental Brewery launches second craft beer to boost its presence in the sector
Oriental Brewery (OB) has been boosting its presence in the craft beer market going after an increasing number of young consumers who prefer alternatives to generic mass-produced beer, according to industry officials, The Korea Times reported on April 13.
OB is the country's largest brewery with its best-selling beer brand Cass dominating the household market with 42 percent of the market share. However, as the demand for craft beer has been increasing, the brewer saw the need to introduce differentiated products from already-established mass-produced ones.
On April 10, the company introduced its second craft beer product Honey 054, following its successful launch of Ginger 063 in March. Ginger 063 was sold out only a month after its release thanks to an explosive response from consumers.
"Our launch of new craft beer series aims to target young consumers, especially those who have high standards regarding the beer taste. Some consumers are happy with beers like Hite and Cass, but some want something more sophisticated and delicate. Our Honey 054 and Ginger 063 beers are for people who a passionate about beer," an OB official said.
OB is taking a two-pronged approach so as to target mass-produced and craft beer markets separately. It wants to protect its household market while pioneering a new segment.
"We are not trying to bring craft beer as our main business. Craft beers are a different business. We seek to diversify our portfolio," the official added.
AB InBev, the mother company of OB, has been expanding its business in the local craft beer market for quite a long time. In 2011, the company acquired American craft beer firm Goose Island and opened its specialty store in Gangnam, Seoul, in 2016. It also has a craft beer subsidiary called ZX Ventures that produces local products.
In March 2018, OB bought a 100 percent stake in The Hand & Malt Brewing Company to strengthen its craft beer business. OB does not produce its own craft beer using other the brewery's recipes or through an original equipment manufacturer (OEM) contract.
"We have four more new craft beers to be launched within this year. We will continue to offer a variety of choices to our customers," the official said.
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