[1974년 탄생 50년간 롱런]
1974 First launch of hit products such as Ace
The golden age of Korean food history
“Great 50-year long run in Korea, where changes are fast”
Choco Pie with annual overseas sales exceeding 560 billion won, banana-flavored milk with a total of 9.5 billion units sold at 800,000 per day,… .
A series of hit products representing Korean snack culture celebrated their 50th anniversary. They have established themselves as steady sellers through continuous research and development (R&D), and are now attracting attention not only in Korea but also in the global market, and are being reborn as new export products.
1974 is considered an essential year in Korean food history. This is because a large number of ‘mega hit products’ that are still being sold consistently, such as Choco Pie and Banana Flavored Milk, as well as Ace, Nuga Bar, and Together, were released.
The ‘Golden Age of Food’, 1974, was a year when the Korean economy faced both crisis and opportunity. The oil shock that began in the 1970s led to skyrocketing prices and a recession, but Korean companies entered the Middle East construction market at this time and laid the foundation for the Miracle on the Han River. In the same year, Seoul Subway Line 1 opened, ushering in the subway era. In a growing economy and society, an atmosphere was created among food companies where they could confidently take on the challenge of developing new products, which led to their simultaneous release.
The ‘1974 Tiger Foods’ were evaluated as the first to introduce luxurious flavors to Koreans that were difficult to come by at the time. Choco Pie was created in 1973 after persistent development by Orion (then Dongyang Confectionery) research lab employees who got the idea after eating ‘Moon Pie’ in Atlanta, Georgia on a business trip to the United States. Binggrae’s Banana Flavored Milk is also a product that popularized the taste of banana, which was not easily accessible due to its high price. The container, inspired by a moon jar, was made translucent to bring out the yellow color of bananas. Banana flavored milk is responsible for approximately 20% (as of 2022) of Binggrae’s total sales.
Haitai Confectionery’s Ace is also a product that reflects the economic growth atmosphere. Haitai Confectionery, which recognized the needs of domestic consumers for luxurious and differentiated snacks, took on the challenge of developing ‘crackers’, a snack that is typical of developed countries. The first cracker snack called ‘Johnny Cracker’ was created in 1971, but it had the disadvantage of being too hard and hard on the palate. For three years, we continued R&D, including increasing the oil content to make cookies soft and savory. Haitai Confectionery named its new product ‘ACE’, which means ‘the best, the best’, as a name expressing the pride of its researchers.
The ’50-year products’ that have become hit products for each company are now targeting overseas markets beyond Korean consumers. Choco Pie, which began selling overseas in 1995 after being produced at a local factory in China, is currently sold in many countries, including Russia, Vietnam, and India. Overseas sales are increasing every year, including KRW 454 billion in 2020, KRW 480 billion in 2021, and KRW 561.2 billion in 2022. Banana-flavored milk, which began expanding overseas starting with the United States in 2004, is also steadily gaining popularity in China and other countries. It was also selected as a ‘must-try Korean food’ in a Korean tourist guidebook published in China.
Food companies are continuously introducing new products and expanding their customer base in order to maintain the mega brands that were created 50 years ago. Orion launched its sister product, Banana Flavor, in 2016, 42 years after the launch of Choco Pie. Banana Flavored Milk has been releasing seasonal editions every winter since 2016. Eunhee Lee, a professor of consumer studies at Inha University, said, “The fact that the products have survived for 50 years among Korean consumers whose tastes change rapidly means that the competitiveness of these products is that great.” He added, “The fact that these products have absorbed trends by changing packaging and advertising to prevent consumers from getting bored is also important for these products.” “It’s a characteristic,” he said.
Source: Donga
Mark Jones is a world traveler and journalist for News Rebeat. With a curious mind and a love of adventure, Mark brings a unique perspective to the latest global events and provides in-depth and thought-provoking coverage of the world at large.