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MARKET OUTLOOK

According to Triton Market Research’s prediction, the Thai market for alcoholic spirits is expected to burgeon with 1.71% CAGR (by revenue) and 0.65% CAGR (by volume) during the forecasting years of 2021-2026.

In 2019, Thailand witnessed a rise in the consumption of craft spirits, particularly white rum and English gin. The growing preference for craft spirits is being supported by several events in bars and nightclubs, organized by distributors to highlight new domestically produced small-batch spirits such as Three Monkeys, Chalong Bay, Issan, & Lamoon Lamai in rum, and Grandma Jinn’s & Iron Ball in gin.

All brands from Thai Beverage PCL have been present in the country for a long time. And, aside from high brand awareness and its wide distribution, the company also knows well about traditional Thai preferences to attract local consumers. It is also continually expanding its portfolio, with products like Ruang Khao Silver and Kulov Vodka, to extend its product range and meet the demands of all consumers. As Kulov Vodka is more affordable than other brands, it has gained popularity among young adults of legal drinking age.

The bulk of volume consumption of spirits in Thailand comes from other spirits, such as sura khao and mixed spirits, which are produced locally and consumed mainly by locals. Although they were less hit by the significant decline in tourist arrivals in 2020, the ban on alcohol sales, on-trade closures, and social distancing measures post reopening negatively impacted their consumption.

COMPETITIVE OUTLOOK

Numerous players, such as Thai Beverage PCL, Remy Cointreau Group, Regency Thai Co Ltd, Pernod Ricard Groupe, Diageo Plc, and Bacardi & Co Ltd, operate in the alcoholic spirits market here.