Thailand’s largest beverage company, Thai Beverage (ThaiBev), has confirmed its commitment to spend THB 5-8 billion (USD 130-210 million) to expand its businesses in 2023, mainly targeting for the domestic market.
Of the total investment budget, THB 1.1 billion (USD 28.8 million) will be allocated to the expansion of the food business, THB 600-800 million (USD 15.7-20.9 million) for spirits business expansion, THB 300-400 million (USD 7.8-10.4 million) for non-alcoholic drinks, and the remaining amount to segments such as digital platforms, logistics infrastructure, product innovation, and health and wellness. Importantly, ThaiBev plans to open 70 new restaurant branches in 2023, 35 of which will be for American fast food restaurant chain KFC.
According to the company, the Thai market holds considerable potential in the non-alcohol segment. ThaiBev’s sales in the nine-month period up to June grew by 8.2%. Such growth is even higher than in comparable periods over the past three years, demonstrating the strength of demand recovery. The relaxation of border rules and Covid-19 restrictions in Thailand have contributed to the recovery of domestic and international tourism, which in turn propelled higher sales.
(Sources: BEAMSTART: The Bangkok Post)
