Vitasoy has launched two new soy milk drinks in Singapore: the Okinawa Purple Sweet Potato Soya Bean Drink and the Red Bean Soya Bean Drink. These low-sugar drinks are available exclusively at 7-Eleven.
Vitasoy’s revenue from Singapore increased by 1% in local currency and 4% in Hong Kong Dollar terms for the first half of FY2023/2024 ended 30 September 2023. The company experienced weaker beverage sales and higher price pressures in the local tofu category.
Despite being the market leader in the ready-to-drink tea and ready-to-drink soymilk categories in Hong Kong, Vitasoy does not have a strong competitive advantage in Singapore. The company can improve its brand image by adopting a more localised and more vibrant packaging design.