Thailand’s largest beverage group Thai Beverage Public Company Limited (ThaiBev), led by Thapana Sirivadhanabhakdi, unveiled PASSION 2030—a two-pillar roadmap (“Reach Competitively” and “Digital for Growth”)—backed by a total investment of THB 21 billion (USD 573 million) over two fiscal years. The plan allocates THB 12 billion (USD 327 million) for 2025 and THB 9 billion (USD 246 million) for 2026, targeting broader route-to-market coverage, sharper cost control, and full-scale digitalization. According to Nation Thailand, the strategy also emphasizes expansion into halal consumer markets through regional partnerships.
For the nine months ending June 30, 2025, the group reported revenue of THB 258.6 billion (USD 7.07 billion) and EBITDA of THB 45 billion (USD 1.23 billion), a 4% decline year-on-year due to increased marketing expenses. The Beer division showed resilience, with EBITDA rising 4% to THB 12.6 billion (USD 344 million) and margins improving from 12.5% to 13%. The Spirits business held steady at THB 92.8 billion (USD 2.54 billion) in revenue, while EBITDA decreased to THB 22.2 billion (USD 607 million).
A key component of ThaiBev’s new strategy is its strengthened partnership with Fraser & Neave Limited (F&N). Following a 2024 share-swap with TCC Assets, ThaiBev raised its F&N stake to 69.6%, consolidating into a pure-play food and beverage company. The collaboration is central to accessing Muslim-majority halal markets, estimated at 1.9 billion consumers globally. F&N’s established distribution networks in Malaysia and Singapore, combined with ThaiBev’s scale in production and logistics, are expected to boost growth in non-alcoholic beverages such as dairy products and Asian herbal drinks, as well as in food retail outlets.
Under Kosit Suksingha, president and COO for Thailand, and Prapakon Thongtheppairot, COO for international operations, ThaiBev is accelerating digital transformation throughout its value chain. Upgrades to packaging, production lines, and logistics aim to cut costs and enhance sustainability. Solar power now supports 41 production facilities across six countries, with a combined capacity of 61.9 MWp. The company has committed to achieving net-zero greenhouse gas emissions across Scopes 1–3 by 2050 and already recycles 97% of its collected glass packaging while sourcing 42.6% of its energy from renewables.
Within the portfolio, Chang beer continues to dominate the Thai market, while Bia Saigon in Vietnam—operated by subsidiary SABECO—remains market leader despite regulatory headwinds. In spirits, Prakaan, Thailand’s first premium single malt whisky, earned a “Category Winner” award at the World Whiskies Awards 2025, reinforcing ThaiBev’s premium credentials.
According to Ainvest, the leadership transition under Thapana Sirivadhanabhakdi represents a generational shift intended to boost agility and operational performance. The THB 18 billion expansion plan announced in 2025 emphasizes non-alcoholic drinks and food outlets, supported by cross-ownership synergies with F&N. Analysts expect the non-alcoholic and food segments to deliver compound annual growth of 5–7%, outpacing beer’s 2% forecast.
As ThaiBev executes its PASSION 2030 roadmap, it seeks to balance commercial expansion with environmental stewardship. The company’s integration of halal-certified production, digital efficiency, and sustainable energy use reflects its vision of becoming a “stable and sustainable ASEAN leader” in the food and beverage industry.
