24/06/2022
Ichitan, the major producer of ready-to-drink green tea, has launched the collaboration with Nestle Thailand to manufacture and distribute the new product: Ichitan Honey Lemon Green Tea Ice Cream last month. With the trend of ice cream that has increased by 9% in 2021 from the pandemic, as well as the return of ready-to-drink green tea that has grown by 4% last year. Ichitan want to return to conquer the market, with the new concept of 3N: New Product, New Market, New Business.
Ichitan Honey Lemon Green Tea Ice Cream has very low calories: 60 calories per ice cream, with the guarantee for health-choice certificate [HCL]. The taste of fresh green tea has been attractive for many people. The combination of these attributes have made this new product to be ideal for the Thai weather.
Media Arc Solution has gathered information from many news sources, and try to summarize the lesson that can be learnt from this combination, including the opportunities and risks that the company can face.
1. Ready-to-drink Green Tea has been facing price war in the past few years. While Tan Passakornnatee, the Thai businessman who has made green tea popularized with aggressive promotion strategy, has been successful in setting up the trend and expand his business to be one of the largest drink brand in the Thai market. However, the price war by competitors, as well as the movement toward health-conscious lifestyle has made high sugar drink like Ichitan to be saturated. The sugar tax has also increased the cost of production, and Tan Passakornnatee has gone back to rethink his strategy to diversify his business.
2. Until recently, there is a trend that has helped the company to find new product. Ichitan Honey Lemon Green Tea Ice Cream is first popularized by TikTok, when creators have tried to freeze Ichitan Green Tea into ice cream. Tan Passakornnatee has noticed this trend, he said that with his sense that this idea could diversify his revenue to new market, and he has decided to capitalize on this trend.
3. With the partnership with Nestle Thailand, which already has wide variety of distribution channel such as convenience stores, restaurants, ice cream trucks, and home-delivery. Nestle has also been one of the leading food manufacturer in Thailand with modern machinery that can make standardized flavor without much deviation. Nestle has also sensed that as Ichitan is the leading beverage manufacturer in Thailand, and the collaboration would create the competitive advantage against competitors such as Walls Thailand, and say yes to the deal. The first flavor that would be sold is Ichitan Honey Lemon, which is the most popular green tea flavor of Ichitan, with more than 50% of the company green tea market share.
4. The product would be launched within summer, which is the highest season for ice cream because of intense heat in Thailand. The product would also benefit from the opening of school term in May, which will drive children customers to purchase the product. The product is price at 15 Baht per ice cream, which is comparatively cheap to another ice cream, even for another Nestle Ice cream product line.
5. Ichitan has also known that the health-conscious movement has lot of influence on how parents would allow children to eat. Because of that, the new formula of the ice cream has reduced sugar, and the calories per ice cream is only at 60 calories, which is very low compared to normal ice cream and even for Ichitan beverages. Ichitan has also focusing on online food delivery as well, and the ice cream is available for major food delivery application such as 7-Delivery, Lineman, Grab Food, and Food Panda. Ichitan is also under negotiation with Nestle to introduce new products within the upcoming future as well.
6. While the idea of collaboration has been opened successfully, Ichitan need to also be adaptive with the market, as this idea is easy to duplicate by its competitors. The trend is also need to be endorse by social media influencers as well to create the victorious feedback for the firm. While the idea is simple, it can make Ichitan to achieve the diversification, as well as expand to the new market as well.
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Reference:
1. https://marketeeronline.co/archives/265657
2. https://www.hooninside.com/news-feed/258343/view/
3. https://www.businesstoday.co/pr-news/28/05/2022/84332/
4. https://www.infoquest.co.th/2022/202942
5. https://food.trueid.net/detail/xDyvZW4N3jQe
6. https://www.longtunman.com/38570
7. https://brandinside.asia/ichitan-nestle-icream/
8. https://www.bangkokbiznews.com/business/1006606
