A centuries-old Korean rice wine is enjoying a renaissance in South Korea and in Japan, and is set to make inroads into a major new market as it gains ground on better known beverages such as soju.
Makgeolli, a smooth milky-white drink famed for its purported health benefits, will be produced overseas for the first time later this year when a brewery opens in Chicago, South Korea’s Baesangmyun Brewery has announced.
Under a deal with an entrepreneur based in the US city, some 50,000 bottles a month of makgeolli will be produced, a spokeswoman for the company said.
Warning: Excessive consumption of alcohol can damage your health
Photo: AFP
“This will be the first makgeolli brewery outside the country,” she said, without being drawn on the cost.
Makgeolli, once known as “farmer drink”, dates back at least to the 10th century. Its popularity waned in the early 1960s when the government restricted the use of rice for making alcohol in order to combat rice shortages. Unpopular wheat-based varieties caused drinkers to turn to beer and other liquors. In 1989 authorities authorized the use of rice for brewing but it took at least a decade for makgeolli to regain its reputation and market share.
In recent years improved recipes and a claimed nutritional value have sent sales soaring and made it a fashionable drink in Seoul’s upscale bars.
Production in South Korea surged 48 percent year-on-year in 2009 and 58 percent in 2010, when makgeolli’s market share was 12 percent compared to about 4 percent in 2002.
Makgeolli exports hit $52.8 million last year, up 176 percent from a year earlier and a twelvefold rise from 2008.
The increase mostly stemmed from Japan, which absorbed 92 percent of total exports last year, up 211 percent from the previous year.
Tax service figures show makgeolli still far behind its better-known rival beverage soju but the gap is shrinking.
Makgeolli production rose from 260,640 kiloliters in 2009 to 412,269 kiloliters in 2010. Production of soju, which normally has an alcohol content of around 20 percent, increased from 930,020 kiloliters in 2009 to 931,322 kiloliters in 2010.
The Baesangmyun spokeswoman attributed makgeolli’s surge in popularity at home and overseas to its supposed health effects and a government-led campaign to promote Korean food and drink globally.
Riding the wave of South Korean pop culture that swept Asia and other parts of the world, South Korea in 2008 launched a campaign to globalize its cuisine.
This included setting up Korean culinary schools abroad, developing and propagating standard recipes and offering cheap loans to local restaurants which wanted to open overseas branches.
Baesangmyun CEO Bae Young-Ho has said he believes makgeolli can help turn American taste buds to Korean food.
The slightly sweet and sour beverage, with an alcohol volume of between 6 percent and 8 percent, is the perfect accompaniment to many Korean dishes — especially traditional pancakes and steamed pork wrapped in kimchi.
Professor Lee Dong-Ho of Seoul National University Hospital has described makgeolli as a healthy drink full of vitamins, fiber and beneficial micro-organisms.
“Apart from the alcohol, drinking makgeolli is like drinking nutritional supplements,” Lee was quoted as telling Health Chosun magazine.
Makgeolli has already made its US debut, with shipments there growing ninefold between 2008 and 2011 to US$1.9 million. But while salgyun (sterilized) makgeolli must be used for exports, saeng (unsterilized) makgeolli will be brewed in Chicago. Because the yeast is still fermenting in saeng makgeolli, it must be produced locally and drunk quickly.
Raw materials such as rice and nuruk — yeast cakes composed of wheat, rice and barley with fermenting micro-organisms — will be shipped from Seoul.
The company also hopes to open breweries in San Francisco and Los Angeles.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to