PROSPECTS
Given the low per capita consumption of cow’s milk in Thailand, there remains considerable room for growth over the forecast period. With regard to the ongoing health and wellness trend in the country, it is possible that consumers will switch from functional bottled water, RTD tea and other soft drinks to drinking milk products. There also remain opportunities for growth in the foodservice channel thanks to the rapid expansion of coffee shops and the rising demand for both packaged cow’s milk and soy milk.
Drinking milk products is expected to post a moderate constant value CAGR of 5% over the forecast period, a performance which will be in line with that of the review period. The key drivers of growth will be ongoing launches of new innovative products with a health and wellness positioning or new flavours, reinforced by the rapid expansion of modern retail outlets. The trend towards fortified and organic cow’s milk and soy milk is expected to foster stronger sales of drinking milk products overall over the forecast period.