CP-Meiji Co, Ltd strengthening its number one position by introducing “The Era of Innovation” as the key concept to becoming an innovation leader in dairy product.
CP-Meiji expects a surge in demand in the second half of 2015 with its' progressive plan to expand into new segment in order to cement its number one position in pasteurized milk and to earn higher market ranking for yoghurt product. The company aim to kick-off second half with 50 million Baht of investment to launch "Meiji High Protein Milk", the latest pasteurized milk product innovation to serve exercise fanatics. The company aims to increase the company market size to 5 percent in pasteurized milk or around Bt200 million.
Mr. Sujarit Mayalarp, President, CP-MEIJI Co., Ltd., leading player and producer of quality dairy product, revealed that total dairy market has expanded by 3.6 percent reaching 2.5 billion baht year-to-date. As for the market movement of specific category the company is competing in which are pasteurized milk +2.9%, drinking yoghurt +2.0% while cup yoghurt is facing with slight decline of -3.5%. From the constant aggressive promotion and new product launches from all key brands, the market should end the year with 5-10% growth.
As for CP-Meiji, pasteurized milk is the major revenue contributor with consistent growth of +3.4% and securing number one position with 55% market share in pasteurized milk. Researches have shown that health concern is becoming more important to the urbanista, this is especially apparent with the increasing popularity of consumption of natural ingredients together with regular exercise to achieve good health and good body.
This represents an opportunity for the company to expand its consumer base to sport fanatics. Hence the launch of Meiji High Protein milk which is estimated to cost more than 50 million baht.
"CP-Meiji's product variety allows us to meet the demands of all types of consumers including health conscious consumers. However, we never stop seeking the opportunity to create more innovative products to serve both mass and specific groups of consumers. By understanding the behavior and diet, which is expensive and cumbersome, of sport fanatics we were able to provide the ideal solution with Meiji High Protein Milk.
"For the first time in Thailand's pasteurized milk market, Meiji High Protein offers a different selling point with the high protein benefit. The product comes in two formulations which are the Whey Formulation using high quality whey protein from the US giving 2 times more protein or an equivalent of 1 scoop of whey. The first formulation, which has a rich chocolate flavor, will effectively enhance muscle building while the L-Carnitine Formulation offers 500 grams or an equivalent of 1 capsule of L-Carnitine. The latter, which helps burn calories, comes in natural flavor. In addition to these unique selling points, the product also contains high calcium and low in fat in 350ml sizing at 49Baht", said Mr. Sujarit.
Meiji High Protein is the first product that will ignite innovation in the Thai milk market, following in the footstep of the US and Europe where high protein product is widely consumed.
"The introduction of Meiji High Protein will create a new segment in the Thai pasteurized milk market. We planned for a full integration of above-the-line and below-the-line communication worth Bt50 million to create high impact and awareness. The official launch event will be held on July 2, 2015 at Eden Court, Central World," Mr. Sujarit added.
"The new product is expected to generate an additional revenue of 5 percent or around Bt200 million. Furthermore, Meiji High Protein will strengthen our image as the innovative leader in the dairy market thus emphasizing The Era of Innovation concept," he remark.
CP-Meiji's strategy for the second half of 2015 is to focus on introducing innovative products to all product categories with aim to increase market share and achieve a record revenue of Bt8 billion representing +17 percent growth from last year.
