Thai Beverage (ThaiBev)
Thai Beverage (SGX: Y92, 'ThaiBev') is the beverage flagship of TCC Group (Charoen Sirivadhanabhakdi family conglomerate). FY2024 consolidated revenue ~THB 290B. Four business segments: (1) Spirits β SangSom, Mekong, Hong Thong,, compounded whisky; (2) Beer β Chang (~45-50% Thai beer market share), Vietnam Sabeco acquired 2017; (3) Non-alcoholic β F&N soft drinks (regional ASEAN brand), Est Cola, OishiGreen Tea; (4) Food β Oishi restaurants, fonFood. Listed SGX (Singapore) not SET, reflecting TCC Group's regional positioning.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 290B
FY2024
Ticker
SGX: Y92
Listed SGX 2006
Parent
TCC Group (Charoen Sirivadhanabhakdi)
Ongoing
Beer share (Thai)
~45-50% (Chang)
FY2024
What this company actually does
ThaiBev operates Thailand's largest beer, spirits business, growing regional ASEAN platform. Beer: Chang at ~45-50% Thai share; Vietnam Sabeco (acquired 2017 for ~USD 4.8B) is Vietnam's largest beer by market share. Spirits: SangSom rum (largest-volume Thai spirit globally by case sales), Mekong, Hong Thong, Tawan Daeng. Non-alcoholic: F&N soft-drink brand regional (acquired 2013), Est Cola, Oishi Green Tea, 100Plus isotonic. Food: Oishi, MK restaurant chains, Fujifoods.[]
Strategic position: beer, spirits duopoly-leader alongside private Boon Rawd Singha. TCC Group parent's real estate, hospitality, retail (BJC Big C), industrial provides cross-platform synergies. Regional ASEAN expansion via Sabeco Vietnam is the growth engine.[]
Four business segments
Spirits (~46% of revenue)
SangSom rum (world's largest single-malt-style Thai spirit by volume), Mekong, Hong Thong, Ruang Khao. Dominant domestic share ~87-95% white spirits.
Beer (~35% of revenue)
Chang beer ~45-50% Thai market share. Sabeco Vietnam (Bia Saigon, 333, Bivina) acquired 2017 for ~USD 4.8B β Vietnam's largest beer brand.
Non-alcoholic (~12% of revenue)
F&N (acquired 51.7% 2013): Sarsaparilla, F&N Fruit Tree, 100Plus isotonic across Malaysia, Singapore, Thailand. Oishi Green Tea, Est Cola.
Food (~7% of revenue)
Oishi Japanese restaurant chain, Fujifoods catering, MK Restaurant partnership adjacency.
Thailand beer market β major brands and ownership
Market structure and brand ownership across Thailand's beer and spirits landscape.
Singha, Leo, Cheers
Archa, Crystal
Heineken
Owner
THBEV distributors
Est. Thai share
<3%
Segment
Import premium
| Brand | Owner | Est. Thai share | Segment |
|---|---|---|---|
| Chang | ThaiBev (SGX:Y92) | ~45-50% | Mass, export |
| Singha, Leo, Cheers | Boon Rawd Brewery (private) | ~45-50% | Premium (Singha), mass (Leo) |
| Archa, Crystal | ThaiBev (SGX:Y92) | ~5% | Value, economy |
| Heineken | THBEV distributors | <3% | Import premium |
Watchpoints
Chang beer duopoly defence
Boon Rawd Singha, Leo competitive intensity.
Sabeco Vietnam performance
Largest regional-acquisition integration.
Excise tax cycle
Thai beer, spirits excise rate adjustments.
Non-alcoholic, food diversification
F&N, Oishi, 100Plus regional scaling.
Related Market profiles
Peers, parents, partners, agencies, and other Beverages actors.
Competitor
Boon Rawd Brewery / Singha Corporation
Private beer duopoly competitor.
Open Market profile β
Partner
Sermsuk
TCC/ThaiBev-related bottling, beverage manufacturer.
Open Market profile β
Partner
Berli Jucker / Big C
Sister TCC Group retail platform.
Open Market profile β
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 β
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Thai Beverage (SGX: Y92) Annual Report, Group Financials
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Thai Beverage (SGX: Y92) Annual Report, Group Financials | Thai Beverage PCL | Primary | 2025-03-31 |
Reports featuring this profile
Thailand Cold-Pressed Juice & Functional Beverage 2027 Market Intelligence
SET-listed via SGX TBEV; Oishi green tea, Crystal fortified water, Power Plus electrolyte
Open report β
Sits alongside 2 other Atlas profilesThailand Circular Economy, Recycling & EPR 2027 Market Intelligence
Closed-loop aluminium can collection, remelt
Open report β
Sits alongside 3 other Atlas profilesThailand Sin Tax & Excise Goods Market Intelligence
Largest alcohol excise payer; Chang beer, Sang Som, Hong Thong, Mekong spirits
Open report β
Sits alongside 5 other Atlas profilesThaiBev and the TCC Empire: Charoen Sirivadhanabhakdi's Beer-to-Real-Estate-to-Asia Empire
Thailand's largest beverage group; Singapore-listed.
Open report β
Sits alongside 5 other Atlas profilesThai Premium Spirits: Craft Gin Distilleries and Thai Whiskey
Dominant Thai whisky producer; Mekhong, SangSom, Hong Thong brands.
Open report β
Sits alongside 5 other Atlas profilesThai Beverage (ThaiBev): Spirits Dominance and ASEAN Distribution
SGX-listed parent (Y92); FY2024 revenue THB 340.3B; ~87% white spirits and ~95% brown spirits domestic share; 53.6% Sabeco stake (Vietnam); 69.6% F&N stake (Singapore, Malaysia) post-2024 share swap;
Open report β
Sits alongside 3 other Atlas profilesThailand Beverages Market Intelligence
TCC Group beverage flagship; Chang beer, SangSom spirits, F&N, Oishi; FY2024 revenue ~THB 290B; SGX-listed.
Open report β
Sits alongside 5 other Atlas profilesThailand Advertising & Marketing Services Market Intelligence
BITEC (via N.C.C. / TCC Group) operates Thailand's major exhibition venue.
Open report β
Sits alongside 3 other Atlas profilesThailand MICE & Events Market Intelligence
BITEC exhibition venue, convention business within TCC Group.
Open report β
Sits alongside 2 other Atlas profilesThailand Craft Beer, RTD Coffee, Functional Beverages Deep Dive
ThaiBev Chang, Archa mass-market beer incumbent.
Open report β
Sits alongside 4 other Atlas profilesThailand Cassava & Tapioca Starch Export Deep Dive
Spirit, beverage maker; ethanol, starch raw-material adjacency.
Open report β
Sits alongside 4 other Atlas profilesThailand Bottled Water & Functional Drinking Water Deep Dive
Chang, Est, OISHI drinking water portfolio.
Open report β
Sits alongside 3 other Atlas profilesThai Restaurant Globalization Deep Dive
ThaiBev F&B, restaurant, brewery global ASEAN expansion.
Open report β
Sits alongside 3 other Atlas profilesThailand Luxury Mall, ICONSIAM, Emporium Deep Dive
TCC Charoen Sirivadhanabhakdi ICONSIAM JV partner via Magnolia.
Open report β
Sits alongside 3 other Atlas profilesThailand Carbon Credit & T-VER Deep Dive
ThaiBev carbon-neutral commitment, offset.
Open report β
Sits alongside 4 other Atlas profilesThailand Tutoring, EdTech, Cram-School Deep Dive
ThaiBev corporate training, university partnerships.
Open report β
Sits alongside 3 other Atlas profilesThailand Cocoa, Chocolate, Coffee Export Deep Dive
ThaiBev coffee, RTD, premium beverage adjacency.
Open report β
Sits alongside 2 other Atlas profilesThailand Cosmetic OEM/ODM Export Deep Dive
ThaiBev FMCG, ASEAN-export adjacency.
Open report β
Sits alongside 3 other Atlas profilesThailand FMCG Distribution, Wholesale Deep Dive
ThaiBev DSD direct-store-delivery beverage model.
Open report β
Sits alongside 6 other Atlas profilesThailand Rice Paddy, Millers Export Deep Dive
Boon Rawd-linked Singha Rice selective premium.
Open report β
Sits alongside 3 other Atlas profilesRelated Market profiles
competitor
Boon Rawd Brewery / Singha Corporation
Thailand's oldest brewery; private family-held; Singha, Leo beer, Purra water; ~30-35% Thai beer share.
partner
Sermsuk
Listed TCC/ThaiBev-related Thai beverage manufacturer; Crystal drinking water, Est Cola, Oishi bottling.
partner
Berli Jucker / Big C
TCC Group retail, CPG operator; Big C Supercenter (~150+ hypermarkets); FY2024 revenue ~THB 160-170B; Charoen Sirivadhanabhakdi-controlled.