Keen on broadening its reach in Asia, Thai Drinks, the company managing est Cola, is targeting the Gen Z market for expansion.
Forecasting a growth of 25% in the Thai carbonated soft drink market due to warmer weather and intensive marketing campaigns, Suporn Denpaisarn, the non-alcoholic beverages division head at Thai Drinks, reveals their growth plans.
According to Nielsen IQ figures collected from February 2023 to January 2024, Thai Drinks achieved a 15% growth, exceeding the average market growth of 12%. The company managed to retain an 8.6% market share and a market value of 66 billion baht.
“The source of revenue for est Cola is primarily from Bangkok, contributing 37%, followed by the central region with 28%, the Northeast with 19%, the North with 10% and the South with 5%.”
The company is set to continue broadening its customer base within the Gen Z segment, which currently constitutes 36% of its sales, and other age groups. Emphasising the Northeast region, the most populated area in the country, the company is keen on tapping into the potential customer base.
According to the National Economic and Social Development Council, the Thai population was 66 million in January 2024, with over 21.7 million residing in the Northeast.
Suporn indicated that the company is eager to tap into the Gen Z segment, not only domestically but also in the broader Asian market. She acknowledged that Gen Z individuals are gaining global recognition in various areas such as entertainment, music, sports, fashion and food, which presents an opportunity for the company.
“The growth opportunity in the region is phenomenal. We see a huge opportunity for our branded beverages to gain market share in the region.”
The main source of revenue for est Cola is currently Thailand. However, the company has started expanding in Cambodia, thanks to a local distributor and a partnership with Oishi green tea.
In an attempt to resonate with the Asian Gen Z demographic, the company is associating itself with popular figures such as Jeff Sator, an award-winning Thai artist, and Ink Waruntorn, a top Thai female singer, reported Bangok Post.
The company has an ambitious plan to distribute up to 1 million product samples throughout this year across Thailand and Asia, using Jeff Sator’s Asia tour as a means to showcase the samples in five major cities across the continent.
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