TCP Group, the world-renown producer of Krating Daeng, has introduced 2 premium energy drinks under the Ready energy brand to attract office workers and young consumers.
Surachai Chonglertvarawong, TCP’s Director of Marketing, said the company has spent Bt 100 million (US$3 million) to launch Ready Black for men and Ready Pink for women to suit consumers from the age of 20 to 25.
The drinks, sold in 150ml glass bottles, also contain less sugar in response to the upcoming tax on sugary drinks, said Surachai. Ready Black for men has a honey lemon flavor and contains collagen, 40% more zinc and green tea whereas Ready Pink for women has a lychee lemon flavor and contains collagen, and 100% more Vitamin C and green tea.
The launch of the 2 premium drinks marks the first step in TCP's 5-year investment plan, with a goal of reaching Bt 100 billion (US$3 billion) in sales in the next 5 years.
Surachai added that office workers and younger people are customers with high potential and present a strong growth opportunity for the premium energy drinks market. The premium energy drinks segment, i.e. energy drinks with retail price of Bt15 (US$45) or more a bottle, is expected to reach Bt 1.4 billion (US$42.1 million) this year. The Ready brand leads the market with more than 50% share, according to research agency Nielsen Thailand.
The company expect sales of Ready Black and Ready Pink to contribute to 10% growth of the brand's sales and boost Thailand's premium energy drinks segment to reach Bt 2 billion (US$60.2 million) in the next 2 years.
Sales of Ready energy drinks prior to the launch were Bt 450 million (US$13.5 million) as of July and are forecast to reach Bt 700 million (US$21.1 million) by the end of 2017, up 10% from 2016.
The overall market size for energy drinks in Thailand was Bt 20 billion (US$602 million) in 2016 and is expected to grow by 1 to 2% this year, driven by premium products.
Mr Surachai said the launch of Ready Black and Ready Pink will not only strengthen the brand's (Ready) position, but also reinforce its leadership in the premium energy drink segment.