Sale of Kerrygold butter spreads to South Korea
Kerrygold will soon be on the shelves of supermarkets in South Korea as Ornua tries to tap into the growing appetite for butter in the middle-class Asian marketplace.
The new product was unveiled by Agriculture Minister Michael Creed TD at a launch in Seoul during the Irish Trade Mission to South Korea and Japan.
John Jordan, CEO of Ornua EMEA and Asia, said opening new markets such as South Korea was central to its aim to develop Kerrygold from a butter brand into a €1bn global dairy brand.
With record annual retail sales of €900m last year, Kerrygold butter is already on shelves in China, Singapore and Malaysia. The countries have been flagged as having milk deficits, offering significant potential for the Irish market.
"My personal belief is that in 20 years Asia will be the largest market for Irish dairy export," said Shanghai-based Sean Ryan, general manager with Ornua Asia. "That takes time, it is not going to happen overnight."
South Korea is the 11th largest economy in the world, with a GDP of €1.2 trillion and a heavily urbanised population of more than 51 million. Consumption of dairy produce is rising fast in South Korea, as the economy mirrors trends in other neighbouring countries.
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