Ichitan Group
Ichitan Group (SET: ICHI) is Thailand's listed RTD (ready-to-drink) green tea specialist. Founded 2010 by Tan Passakornnatee (who previously founded, sold Oishi Green Tea to ThaiBev). FY2024 revenue ~THB 6B. Ichitan brand RTD green tea, supplementary lines including Yen Yen, Double Drink. Competes against ThaiBev Oishi, Nestle, other Asian green tea imports.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 6B
FY2024
Ticker
SET: ICHI
Listed 2014
Focus
RTD green tea, supplementary
FY2024
Founder
Tan Passakornnatee
Since 2010
What this company actually does
Ichitan manufactures, markets RTD green tea, supplementary beverages. Ichitan brand is the flagship; product innovation includes reduced-sugar, flavour extensions, functional variants. Distribution via modern, traditional trade. Founder Tan Passakornnatee's earlier Oishi Green Tea business was sold to ThaiBev in 2006; Ichitan was founded 2010 as a competitor to Oishi in the same category.[]
Strategic position: category-specialist RTD green tea competitor to ThaiBev Oishi. Smaller scale than ThaiBev but focused execution. Sugar-tax compliance, consumer health-shift, premium, functional extension are near-term variables. Export attempts into regional ASEAN ongoing.[]
Watchpoints
Oishi competitive intensity
Share dynamics vs ThaiBev subsidiary.
Reduced-sugar product mix
Sugar-tax compliance, health-consumer shift.
Regional ASEAN export
Expansion pace, execution.
Functional, premium line extensions
New SKU launches, shelf capture.
Category dynamics and competitive position
Origin
Tan Passakornnatee — serial category builder
Ichitan was founded in 2010 by Tan Passakornnatee, who previously founded Oishi Green Tea and sold it to ThaiBev in 2006 for ~ $173.9M. He immediately re-entered the RTD green tea category, creating a direct competitor to the brand he sold. This founder-operator dynamic shapes Ichitan's aggressive product-launch cadence.
Scale
~THB 6B revenue — profitable niche
At ~ $173.9M FY2024 revenue, Ichitan is the second-largest RTD green tea brand in Thailand behind Oishi. It maintains profitability through tight distribution economics, direct-trade relationships, and lower overhead vs ThaiBev's conglomerate structure.
Threat
Thai sugar tax — reformulation imperative
Thailand's tiered sugar tax (announced 2017, escalating to 2023) incentivises reduced-sugar formulation. Ichitan's reduced-sugar and zero-sugar variants are the compliance response; failure to reformulate quickly erodes both margin and consumer trust.
Growth
ASEAN export and functional extensions
Ichitan has entered Vietnam, Cambodia, and ASEAN markets with early-stage success. Functional extensions (alkaline water, energy drinks, collagen-infused variants) target health-conscious consumer segments adjacent to RTD tea.
Thai RTD beverage category: key players
Oishi Green Tea
Ichitan Group (ICHI)
Nestle Thailand (Nestea, Milo RTD)
Category
RTD tea, dairy RTD
FY2024 revenue (approx)
Private
Owner
Nestle SA
Carabao Group (CBG)
| Brand / Operator | Category | FY2024 revenue (approx) | Owner |
|---|---|---|---|
| Oishi Green Tea | RTD green tea | Part of ThaiBev ($8.12B+) | Thai Beverage (ThaiBev) |
| Ichitan Group (ICHI) | RTD green tea, alkaline water | ~ $173.9M | Listed (SET: ICHI) |
| Nestle Thailand (Nestea, Milo RTD) | RTD tea, dairy RTD | Private | Nestle SA |
| Carabao Group (CBG) | Energy drinks, water | ~ $0.348-15B | Listed (SET: CBG) |
Related Market profiles
Peers, parents, partners, agencies, and other Beverages actors.
Competitor
Thai Beverage (ThaiBev)
Oishi Green Tea competitor via ThaiBev.
Open Market profile →
Competitor
Osotspa
Listed beverage peer; different category.
Open Market profile →
Sector peer
Boon Rawd Brewery (Bhirombhakdi family)
Thailand's oldest private brewery, founded 1933; producer of Singha and Leo beers, competing with ThaiBev's Chang in a two-player domestic beer duopoly.
Open Market profile →
Sector peer
Boon Rawd Brewery / Singha Corporation
Thailand's oldest brewery; private family-held; Singha, Leo beer, Purra water; ~30-35% Thai beer share.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Ichitan Group (SET: ICHI) FY2024 Form 56-1
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Ichitan Group (SET: ICHI) FY2024 Form 56-1 | Ichitan Group PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Beverages Market Intelligence
Listed Thai RTD green tea specialist; founder Tan Passakornnatee; FY2024 revenue ~THB 6B.
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Sits alongside 5 other Atlas profilesThailand Fruit & Vegetable Processing Market Intelligence
Ichitan RTD tea, fruit beverage processing, tropical fruit juice.
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Sits alongside 3 other Atlas profilesThailand Coconut & Coir Market Intelligence
Ichitan functional beverage, coconut-water adjacent category.
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Sits alongside 2 other Atlas profilesThailand Craft Beer, RTD Coffee, Functional Beverages Deep Dive
RTD tea, Bireley's, functional beverage.
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Sits alongside 4 other Atlas profilesThailand Bottled Water & Functional Drinking Water Deep Dive
Ichitan Alkaline, functional drinking water.
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Sits alongside 3 other Atlas profiles