KUALA LUMPUR: Yee Lee Corp Bhd and Thailand’s TCP Group have strengthened their collaboration to boost market share in the energy drinks sector to 60% in five years via a Red Bull brand reinforcement.
TCP chief executive officer Saravoot Yoovidhya said Red Bull had a 51.3% market share moving annual target within the energy drink category in Malaysia as of March 2023 based on the NielsenIQ Retail Index report.
According to current market data and category forecast, the revenue in energy drinks segment in Malaysia is expected to reach RM500mil by 2027, he told reporters at the partnership announcement ceremony here yesterday.
The market is expected to have a compounded annual growth rate of 7% between 2023 and 2027, he said. “There are ample opportunities to grow in Malaysia looking at the relatively low consumption of energy drinks per capita,” he said.
On inflation affecting sales, Yee Lee Corp group managing director Lim Ee Young said the price of Red Bull has not risen since before the Covid-19 pandemic. — Bernama