A Northern Territory bottled water company has signed a 10-year export contract with a South Korean FMCG distribution company.
The Northern Territory’s only bottled water company, NT Beverages Group will supply its water to South Korea’s Jace Company, which has been based in Seoul since 2007.
NT Beverages has signed up Jace Company as its exclusive distributor for the mass distribution of bottled water brands Akuna Springs and Akuna Blue across South Korea.
NT Beverages CEO and MD Hugh Jones said the deal would be a "way forward not just for NT Beverages but also for the Northern Territory".
"It will not only create an appetite for our pristine water in neighbouring export markets, but also create employment opportunities in the NT, for businesses and contractors managing warehousing, maintenance and logistics,” he said.
According to research by Mintel, South Korean consumers will purchase five billion litres of bottled water this year.
Furthermore, South Korea’s bottled water market is expected to surpass one trillion won ($890 million) by 2020 on the back of rising popularity among single-person households and the use of online shopping platforms, according to local market research firm Taurus Investment and Securities.
Kim Goan Tae, CEO of Jace Company, said he was impressed by the professionalism of NT Beverages and looked forward to a successful long-term partnership.
