Vitasoy International nabs win at FMCG Asia Awards 2024 for new product offering
The product launch has reinforced Vitasoy's position as a leader in the soy and plant-based category.
Plant-based food and beverage brand Vitasoy International received the win in the Consumer Good of the Year (Plant-based Milk) - Hong Kong category at the prestigious FMCG Asia Awards 2024 for the successful launch of its first-ever Banana Soyabean Milk — a refreshing fruity addition to its iconic range of soyabean milk products.
Launched in April 2024, this new offering provides consumers with the exquisite smoothness of Vitasoy Banana, enriched with a wealth of vitamins. It features real banana juice, offering a delightful taste whilst maintaining a low-sugar profile, perfectly aligning with the modern consumer's lifestyle.
By understanding what the consumers want, this flavour caters to a market yearning for novelty and excitement, effectively rejuvenating a rather monotonous and stagnant segment.
Understanding the importance of strategic marketing, Vitasoy has employed a holistic and integrated campaign targeting a younger demographic. The approach has involved a mix of impactful 3D OOH, digital marketing, influencer partnerships, and in-store promotions, ensuring maximum reach and engagement.
Social media platforms have played a crucial role in creating buzz, whilst influencers have helped in organically amplifying the product's appeal. In-store promotions have also provided immediate consumer interaction, allowing potential buyers to experience the product firsthand.
Within just two months, the brand captured approximately 3%* of the market share, significantly contributing to its overall growth. Up to Q3 2024, Vitasoy's core range retail sales value increased by over 8% compared to the previous year, illustrating the brand’s strong market performance and acceptance.
This remarkable achievement has also driven total category growth by approximately 3%* compared to the last quarter, revitalising the market after several years of stagnation. Such growth underscores the product's ability to meet consumer demands and positively influence broader market dynamics.
By introducing a unique product that resonates with consumer needs and preferences, Vitasoy has further strengthened its market position and set a benchmark for rejuvenating relatively developed markets.
[Vitasoy low-sugar Banana Soyabean Milk] sets a new standard for product launches in the FMCG sector, demonstrating how to effectively capture and grow market share whilst aligning with consumer values and demands. This launch has not only achieved significant commercial success, but has also contributed to the brand's legacy of leadership and excellence in product innovation.
Organised by Retail Asia, the FMCG Asia Awards celebrates the most outstanding companies in Asia’s FMCG industry, recognising exceptional products, innovative initiatives, and remarkable projects.
*Source: NielsenIQ retail measurement, Apr-Sep 2024 vs LY
The FMCG Asia Awards is presented by Retail Asia Magazine. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's exceptional products or initiatives in the FMCG industry, please contact Jane Patiag at [email protected].
