TCP Group, the maker of Krating Daeng (Red Bull), Som Plus, Sponsor, Puriku, as well as “Warrior”, said it has plans to increase its market share in the Vietnam energy drinks market to more than 50% in the coming 5 years, said TCP Group chief executive officer Saravoot Yoovidhya, reported The Nation on 26 November 2018.
At the moment, TCP’s combined share in the local energy drinks market reached 42% with total revenue in Vietnam set to hit THB 10 billion by the end of 2018. Sales have been growing by 25% per year in the past three years.
TCP sees higher regular consumption of energy drinks in Vietnam than in Thailand, which makes the Vietnamese market competitive and highly attractive. According to Saravoot, Vietnamese consumers also tend to consume energy drinks with ice in a glass together with their meal.
Minimeinsights: Such consumption habit makes foodservice an important channel for energy drink sales in Vietnam and food pairing will become an important marketing strategy going forward.
TCP plans to invest THB 4 billion in Vietnam in the coming 36 months to enhance its marketing capabilities. The Vietnamese energy drinks market is worth THB 25 billion, growing at a rate of 6% a year.