Thai President Foods, the maker of Mama instant noodles, has reportedly lowered its full-year sales growth target from 9% to 5%.
According to a report in the Bangkok Post, Thai President president Pipat Paniangvait said that the company was relaunching two flavours – Chicken Soup and Egg Noodle – in a bid to stem the sales slump.
”The price of Mama chicken soup and egg noodles in a 55-gramme pack is set at only five baht, compared to six baht for other flavours. The lower price tag is to help people with lower incomes amid the economic difficulties,” he was quoted as saying.
The two new flavours are projected to raise the market share of the Mama brand by 3%.
As of February, Mama controlled a 52.5% of the Thai instant noodle market.
However, according to AC Nielsen data, the category has entered a period of decline, with February sales slipping 6% year-on-year.
”We expect the overall instant noodle market to be flat or see only modest growth of 2% this year,” Paniangvait predicted.
In order to combat this trend, Thai President is also reportedly preparing to launch a two-month promotional campaign, beginning at the end of April.