Ajinomoto (Thailand) Co, the marketer of Ajinomoto seasoning and Birdy ready-to-drink coffee, has established a new business unit to tap the health and sports sector in a move to diversify the company's portfolio and mitigate risks.
According to Wonnarate Suckeeluk, manager of the new business department at Ajinomoto Co, the new unit recently introduced AminoMOF, a product targeted at the thriving 10-billion-baht market for elderly dietary supplements.
The new product aims to address the needs of more than 4 million Thai seniors striving for enhanced fitness and mobility.
Thailand is the first country outside of Japan where the product has been launched.
"We want to enhance the well-being of Thai society by entering the field of nutritional supplements tailored for the elderly population. The company aims for sales of 80 million baht from AminoMOF next year and 800 million baht within 2030. This strategic expansion builds upon the company's original core businesses in seasoning and ready-to-drink coffee, with the addition of a sports nutrition product in 2019," Mr Wonnarate said.
Mr Wonnarate said the new product is expected to help address the needs of over 4 million elderly individuals countrywide who are grappling with muscle weakness or mobility disorders.
He said the product not only enhances well-being but also fosters improved nutritional awareness among consumers. This move signifies Ajinomoto Thailand's transition from targeting athletes with aminoVITAL products to addressing the nutritional needs of individuals aged over 60.
AminoMOF marks the first of over 10 new products planned for launch by 2030, supporting more than 3 million Thais of all ages to maintain their health in a hyper-aged society.
According to the National Statistical Office, in 2022 around 20% or 12 million of Thailand's 65 million population were aged over 60. Of this demographic, 4 million experience sarcopenia, adversely affecting daily physical performance.
Furthermore, research from 2022 indicates that Thailand's health food supplement market is valued at 30 billion baht, experiencing a 10% growth compared to the previous year. Within this market, supplements tailored to the elderly, including bone, joint, and meal replacement products, account for a significant portion, valued at 10 billion baht, equivalent to one-third of the entire market, with an average growth rate of 7% in recent years.
"We expect AminoMOF will get a high acceptance similar to Japan, which became an aged society over 20 years before Thailand. Our new product aims to compete with replacement meals. It doesn't have the same direct competitors in the market," Mr Wonnarate said.
The product is strategically available via various e-commerce channels such as Lazada, Line OA, Facebook, Shopee, and TikTok Shop.