Note: This report includes forecasting data that is based on baseline historical data.
Executive summary
In 2022, the Thailand's alcohol market was valued at US$15.6 billion, down from US$16.2 billion in 2019, the pre-pandemic time. Alcohol retail sales increased at a compound annual growth rate (CAGR) of 0.1% from 2018 to 2022.
In 2022, the Thailand's wine market was valued at US$1.0 billion, down from US$1.3 billion in 2019, the pre-pandemic time. Wine retail sales declined at a CAGR of −3.8% from 2018 to 2022.
During the pandemic period, the Thailand wine market saw a favour of the off-trade in 2022, with sales rising to US$579.6 million compared with 2019 level: US$636.6 million.
The Thailand beer market was valued at US$8.6 billion in 2022. The growth increased at a CAGR of 0.9% from 2018 to 2022.
In 2022, the off-trade beer market accounted for US$4.8 billion in sales, while the on-trade market accounted for just US$3.8 billion
The Thailand spirits market dramatically declined to US$5.8 billion in 2022 from US$5.95 billion in 2019. Its growth was a negative CAGR of −0.2% from 2018 to 2022.
In 2022, the Thailand spirit market was largely dominated by the off-trade. Total off-trade sales were US$ 4.2 billion (72% of the spirit market), while on-trade sales were US$1.6 billion (28%).
Thailand alcoholic market
In 2022, the Thailand's alcohol market was valued at US$15.6 billion, down from US$16.2 billion in 2019, the pre-pandemic time. Alcohol retail sales increased at a CAGR of 0.1% from 2018 to 2022. Annual growth 2021 to 2022 was 10.9% and total growth 2018 to 2022 was 0.6% over 2018 to 2022.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 | Annual growth % 2021-2022 | Total growth % 2018-2022 |
|---|---|---|---|---|---|---|---|---|
| Alcoholic Drinks | 15,520.8 | 16,278.3 | 14,289.4 | 14,080.8 | 15,612.4 | 0.1 | 10.9 | 0.6 |
| Beer | 8,313.2 | 8,847.0 | 7,511.3 | 7,433.5 | 8,616.6 | 0.9 | 15.9 | 3.6 |
| Cider/Perry | 15.4 | 17.6 | 13.2 | 12.7 | 14.6 | −1.3 | 15.0 | −5.2 |
| Ready-to-drinks | 138.0 | 146.0 | 118.8 | 124.3 | 140.7 | 0.5 | 13.2 | 2.0 |
| Spirits | 5,844.8 | 5,954.4 | 5,637.1 | 5,632.1 | 5,803.7 | −0.2 | 3.0 | −0.7 |
| Wine | 1,209.4 | 1,313.4 | 1,009.0 | 878.2 | 1,036.8 | −3.8 | 18.1 | −14.3 |
Source: Euromonitor International, 2023 1: On-trade refers to on-premise consumption (bars, restaurants, hotels, nightclubs), while Off-trade refers to places that retail spirits for off-premise consumption (supermarkets, off-licences, shops, online-stores). *CAGR: Compound annual growth rate |
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The market is expected to grow at a CAGR 7.5% from 2022-2026. Thailand's consumption is expected to reach US$20.9 billion by 2026 and surpass 2019 level: US$16.2 billion. Annual growth 2022-23 is 10.2% and total growth is 33.7% over 2022-2026.
| Category | 2023 | 2024 | 2025 | 2026 | CAGR* % 2022-2026 | Annual growth % 2022-2023 | Total growth % 2022-2026 |
|---|---|---|---|---|---|---|---|
| Alcoholic Drinks | 17,199.6 | 18,547.0 | 19,706.1 | 20,877.2 | 7.5 | 10.2 | 33.7 |
| Beer | 9,719.7 | 10,596.3 | 11,312.0 | 12,024.6 | 8.7 | 12.8 | 39.6 |
| Cider/Perry | 16.8 | 19.1 | 21.0 | 22.9 | 11.9 | 15.1 | 56.8 |
| Ready-to-drinks | 154.7 | 162.7 | 170.0 | 177.3 | 6.0 | 10.0 | 26.0 |
| Spirits | 6,110.3 | 6,428.2 | 6,742.8 | 7,063.7 | 5.0 | 5.3 | 21.7 |
| Wine | 1,198.1 | 1,340.6 | 1,460.3 | 1,588.7 | 11.3 | 15.6 | 53.2 |
Source: Euromonitor International, 2023 1: On-trade refers to on-premise consumption (bars, restaurants, hotels, nightclubs), while Off-trade refers to places that retail spirits for off-premise consumption (supermarkets, off-licences, shops, online-stores). *CAGR: Compound annual growth rate |
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Thailand wine market
In 2022, the Thailand's wine market was valued at US$1.0 billion, down from US$1.3 billion in 2019, the pre-pandemic time. Wine retail sales declined at a CAGR of −3.8% from 2018 to 2022.
In 2022, still light grape wine has the largest portion at US$944.6 million (down from US$1,198.3 million in 2019) in wine, representing 91% of the wine. But its growth declined at a CAGR of −3.6% from 2018 to 2022.
All the categories and subcategories grew at a negative CAGR except the non-grape wine with a growth of 0.0% over 2018-2022. Annual growth 2021-2022 was 18.1% and total growth 2018-2022 was −14.3%.
From 2022 consumption of wine is expected to bounce back in both the on- and off-trade, as the pandemic gradually recedes and life resumes a greater degree of normality. Much will also depend on government measures concerning the lifting of travel restrictions (Euromonitor 2022).
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 | Annual growth % 2021-2022 | Total growth % 2018-2022 |
|---|---|---|---|---|---|---|---|---|
| Wine | 1,209.4 | 1,313.4 | 1,009.0 | 878.2 | 1,036.8 | −3.8 | 18.1 | −14.3 |
| Fortified Wine and Vermouth | 51.1 | 49.8 | 35.9 | 30.8 | 36.9 | −7.8 | 19.8 | −27.8 |
| Vermouth | 51.1 | 49.8 | 35.9 | 30.8 | 36.9 | −7.8 | 19.8 | −27.8 |
| Non-Grape Wine | 0.6 | 0.6 | 0.5 | 0.6 | 0.6 | 0.0 | 0.0 | 0.0 |
| Sparkling Wine | 63.9 | 64.7 | 49.0 | 45.2 | 54.7 | −3.8 | 21.0 | −14.4 |
| Champagne | 45.5 | 46.0 | 36.2 | 33.5 | 40.2 | −3.0 | 20.0 | −11.6 |
| Other Sparkling Wine | 18.4 | 18.7 | 12.8 | 11.7 | 14.5 | −5.8 | 23.9 | −21.2 |
| Still Light Grape Wine | 1,093.8 | 1,198.3 | 923.5 | 801.6 | 944.6 | −3.6 | 17.8 | −13.6 |
| Still Red Wine | 928.8 | 1,021.2 | 807.6 | 706.3 | 824.2 | −2.9 | 16.7 | −11.3 |
| Still Rosé Wine | 1.7 | 1.8 | 1.3 | 1.1 | 1.4 | −4.7 | 27.3 | −17.6 |
| Still White Wine | 163.3 | 175.3 | 114.5 | 94.2 | 119.0 | −7.6 | 26.3 | −27.1 |
Source: Euromonitor International, 2023 *CAGR: Compound annual growth rate |
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The wine market is expected to grow at a CAGR of 11.3% from 2022-2026. Thailand's retail is expected to reach US$1.6 billion by 2026, and surpassed 2019 level: US$1.3 billion. Annual growth 2022-2023 is 15.6% and total growth 2022-2026 is 53.2%.
| Category | 2023 | 2024 | 2025 | 2026 | CAGR* % 2022-2026 | Annual growth % 2022-2023 | Total growth % 2022-2026 |
|---|---|---|---|---|---|---|---|
| Wine | 1,198.1 | 1,340.6 | 1,460.3 | 1,588.7 | 11.3 | 15.6 | 53.2 |
| Fortified Wine and Vermouth | 41.9 | 45.6 | 47.5 | 48.4 | 7.0 | 13.6 | 31.2 |
| Vermouth | 41.9 | 45.6 | 47.5 | 48.4 | 7.0 | 13.6 | 31.2 |
| Non-Grape Wine | 0.7 | 0.7 | 0.7 | 0.7 | 3.9 | 16.7 | 16.7 |
| Sparkling Wine | 61.4 | 65.9 | 68.9 | 71.0 | 6.7 | 12.2 | 29.8 |
| Champagne | 44.6 | 47.6 | 49.6 | 50.9 | 6.1 | 10.9 | 26.6 |
| Other Sparkling Wine | 16.8 | 18.3 | 19.4 | 20.2 | 8.6 | 15.9 | 39.3 |
| Still Light Grape Wine | 1,094.2 | 1,228.4 | 1,343.2 | 1,468.6 | 11.7 | 15.8 | 55.5 |
| Still Red Wine | 948.2 | 1,059.8 | 1,157.2 | 1,262.0 | 11.2 | 15.0 | 53.1 |
| Still Rosé Wine | 1.7 | 1.8 | 2.0 | 2.1 | 10.7 | 21.4 | 50.0 |
| Still White Wine | 144.3 | 166.8 | 184.1 | 204.4 | 14.5 | 21.3 | 71.8 |
Source: Euromonitor International, 2023 *CAGR: Compound annual growth rate |
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Off-trade and on-trade review
During the pandemic period, the Thailand wine market saw a favour of the off-trade in 2022, with sales rising to US$579.6 million compared with 2019 level: US$636.6 million. The CAGR growth was −0.2% from 2018 to 2022. The on-trade sales failing to US$457.2 million compared with 2019 level: US$676.7 million, with a CAGR of −7.5% from 2018 to 2022. Annual growth for off-trade wine 2021 to 2022 was 11.3% and total growth for off-trade wine 2018-2022 was −1.0%. However annual growth for on-trade wine 2021 to 2022 was 27.9% and total growth for on-trade wine 2018 to 2022 was −26.7%.
Almost all the categories and sub-categories demonstrate negative growth, except the non-grape wine (CAGR: 0%) and the off-trade "still red wine" (CAGR: 0.7%).
| Category | Trade type | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 | Annual growth % 2021-2022 | Total growth % 2018-2022 |
|---|---|---|---|---|---|---|---|---|---|
| Wine | Off | 585.2 | 636.6 | 557.3 | 520.8 | 579.6 | −0.2 | 11.3 | −1.0 |
| On | 624.1 | 676.7 | 451.6 | 357.4 | 457.2 | −7.5 | 27.9 | −26.7 | |
| Fortified Wine and Vermouth | Off | 19.8 | 19.2 | 14.9 | 14.3 | 16.3 | −4.7 | 14.0 | −17.7 |
| On | 31.3 | 30.6 | 21.0 | 16.5 | 20.6 | −9.9 | 24.8 | −34.2 | |
| Vermouth | Off | 19.8 | 19.2 | 14.9 | 14.3 | 16.3 | −4.7 | 14.0 | −17.7 |
| On | 31.3 | 30.6 | 21.0 | 16.5 | 20.6 | −9.9 | 24.8 | −34.2 | |
| Non-Grape Wine | Off | 0.6 | 0.6 | 0.5 | 0.5 | 0.6 | 0.0 | 20.0 | 0.0 |
| On | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0 | 0 | 0 | |
| Sparkling Wine | Off | 12.5 | 12.6 | 10.6 | 10.3 | 11.7 | −1.6 | 13.6 | −6.4 |
| On | 51.4 | 52.1 | 38.4 | 34.9 | 43.0 | −4.4 | 23.2 | −16.3 | |
| Champagne | Off | 4.8 | 4.8 | 4.5 | 4.4 | 4.7 | −0.5 | 6.8 | −2.1 |
| On | 40.7 | 41.2 | 31.8 | 29.2 | 35.5 | −3.4 | 21.6 | −12.8 | |
| Other Sparkling Wine | Off | 7.7 | 7.8 | 6.2 | 6.0 | 6.9 | −2.7 | 15.0 | −10.4 |
| On | 10.7 | 10.9 | 6.6 | 5.7 | 7.5 | −8.5 | 31.6 | −29.9 | |
| Still Light Grape Wine | Off | 552.4 | 604.2 | 531.3 | 495.6 | 551.0 | −0.1 | 11.2 | −0.3 |
| On | 541.4 | 594.1 | 392.2 | 306.0 | 393.6 | −7.7 | 28.6 | −27.3 | |
| Still Red Wine | Off | 477.5 | 524.3 | 475.2 | 446.5 | 491.4 | 0.7 | 10.1 | 2.9 |
| On | 451.3 | 496.9 | 332.4 | 259.8 | 332.8 | −7.3 | 28.1 | −26.3 | |
| Still Rosé Wine | Off | 1.0 | 1.1 | 0.9 | 0.8 | 0.9 | −2.6 | 12.5 | −10.0 |
| On | 0.7 | 0.7 | 0.5 | 0.4 | 0.5 | −8.1 | 25.0 | −28.6 | |
| Still White Wine | Off | 73.9 | 78.8 | 55.2 | 48.3 | 58.7 | −5.6 | 21.5 | −20.6 |
| On | 89.4 | 96.5 | 59.4 | 45.8 | 60.3 | −9.4 | 31.7 | −32.6 | |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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The off-trade wine is expected to see growth at a CAGR of 6.4% from 2022-2026, as the sector recovers from the pandemic. The on-trade wine is expected to see growth at a CAGR of 16.6%.
Annual growth for off-trade wine 2022 to 2023 was 8.0% and total growth for off-trade wine 2022 to 2026 was −28.3%. However annual growth for on-trade wine 2022 to 2023 was 25.1% and total growth for on-trade wine 2022 to 2026 was 84.8%.
| Category | Trade type | 2023 | 2024 | 2025 | 2026 | CAGR % 2022-2026 | Annual growth % 2022-2023 | Total growth % 2022-2026 |
|---|---|---|---|---|---|---|---|---|
| Wine | Off | 626.1 | 667.5 | 704.6 | 743.7 | 6.4 | 8.0 | 28.3 |
| On | 572.0 | 673.1 | 755.7 | 845.0 | 16.6 | 25.1 | 84.8 | |
| Fortified Wine and Vermouth | Off | 17.5 | 18.1 | 18.3 | 18.4 | 3.1 | 7.4 | 12.9 |
| On | 24.4 | 27.5 | 29.2 | 30.0 | 9.9 | 18.4 | 45.6 | |
| Vermouth | Off | 17.5 | 18.1 | 18.3 | 18.4 | 3.1 | 7.4 | 12.9 |
| On | 24.4 | 27.5 | 29.2 | 30.0 | 9.9 | 18.4 | 45.6 | |
| Non-Grape Wine | Off | 0.7 | 0.7 | 0.7 | 0.7 | 3.9 | 16.7 | 16.7 |
| On | 0.0 | 0.0 | 0.0 | 0.0 | 0 | 0 | 0 | |
| Sparkling Wine | Off | 12.6 | 13.1 | 13.6 | 14.0 | 4.6 | 7.7 | 19.7 |
| On | 48.8 | 52.8 | 55.4 | 57.1 | 7.3 | 13.5 | 32.8 | |
| Champagne | Off | 5.0 | 5.1 | 5.2 | 5.3 | 3.0 | 6.4 | 12.8 |
| On | 39.6 | 42.5 | 44.3 | 45.5 | 6.4 | 11.5 | 28.2 | |
| Other Sparkling Wine | Off | 7.7 | 8.0 | 8.3 | 8.6 | 5.7 | 11.6 | 24.6 |
| On | 9.1 | 10.3 | 11.1 | 11.5 | 11.3 | 21.3 | 53.3 | |
| Still Light Grape Wine | Off | 595.3 | 635.6 | 672.1 | 710.7 | 6.6 | 8.0 | 29.0 |
| On | 498.8 | 592.8 | 671.1 | 757.9 | 17.8 | 26.7 | 92.6 | |
| Still Red Wine | Off | 527.9 | 559.2 | 586.5 | 616.1 | 5.8 | 7.4 | 25.4 |
| On | 420.3 | 500.5 | 570.7 | 645.9 | 18.0 | 26.3 | 94.1 | |
| Still Rosé Wine | Off | 1.0 | 1.1 | 1.2 | 1.3 | 9.6 | 11.1 | 44.4 |
| On | 0.6 | 0.7 | 0.8 | 0.8 | 12.5 | 20.0 | 60.0 | |
| Still White Wine | Off | 66.3 | 75.2 | 84.4 | 93.2 | 12.3 | 12.9 | 58.8 |
| On | 77.9 | 91.6 | 99.7 | 111.2 | 16.5 | 29.2 | 84.4 | |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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Company shares
Siam Winery Co Ltd is the leading company, retail sale reaching US$271.5 million in 2021, less than pre-pandemic level in 2019: US$383.9 million. It is followed by Pernod Ricard Groupe (US$95.2 million) and Treasury Wine Estates Ltd (US$78.2 million). Champagne Taittinger had the fastest growth at a CAGR of 5.5% from 2016 to 2021.
| Companies | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | CAGR* % 2016-2021 |
|---|---|---|---|---|---|---|---|
| Siam Winery Co Ltd | 279.2 | 322.6 | 370.6 | 383.9 | 307.4 | 271.5 | −0.6 |
| Pernod Ricard Groupe | 89.1 | 112.9 | 129.3 | 130.3 | 106.8 | 95.2 | 1.3 |
| Treasury Wine Estates Ltd | 66.5 | 84.8 | 99.9 | 113.0 | 89.3 | 78.2 | 3.3 |
| Accolade Wines Ltd | 53.4 | 69.7 | 78.8 | 85.1 | 66.6 | 58.1 | 1.7 |
| CPK Plantation Co Ltd | 21.7 | 23.7 | 25.3 | 27.8 | 18.5 | 15.3 | −6.8 |
| Ambrose Wine Ltd | 12.2 | 14.9 | 17.4 | 19.3 | 14.2 | 12.6 | 0.6 |
| LVMH Moët Hennessy Louis Vuitton SA | 19.5 | 20.7 | 22.0 | 23.0 | 13.4 | 12.2 | −9.0 |
| Société Jacques Bollinger SA | 9.5 | 10.0 | 10.7 | 11.2 | 9.9 | 9.1 | −0.9 |
| Wine & Spirit Trading Co Ltd | 8.6 | 10.3 | 11.6 | 12.6 | 9.1 | 8.0 | −1.4 |
| Champagne Taittinger | 5.9 | 6.3 | 6.7 | 7.1 | 8.5 | 7.7 | 5.5 |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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Distribution channel
The Thailand's wine off-trade is dominated by store-based retailing, which enjoyed 16.7 million liters of sales in 2021, representing 98.2% of total wine retail across all channels, growing at a CAGR of 1.0% from 2016 to 2021.
E-Commerce is steady, having growth at a CAGR of 0.0% among all channels from 2016 to 2021, reaching US$0.1 million, same as 2019 level: US$0.1 million.
| Distribution channel | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | CAGR* % 2016-2021 |
|---|---|---|---|---|---|---|---|
| Store-Based Retailing | 15.9 | 17.0 | 18.8 | 20.2 | 17.4 | 16.7 | 1.0 |
| Grocery Retailers | 15.9 | 17.0 | 18.8 | 20.2 | 17.4 | 16.7 | 1.0 |
| Modern Grocery Retailers | 11.2 | 12.0 | 13.5 | 14.9 | 12.8 | 12.5 | 2.2 |
| Convenience Stores | 1.3 | 1.5 | 1.7 | 2.0 | 1.6 | 1.8 | 6.7 |
| Hypermarkets | 4.3 | 4.7 | 5.2 | 5.8 | 5.0 | 4.7 | 1.8 |
| Supermarkets | 5.7 | 5.9 | 6.6 | 7.1 | 6.2 | 6.0 | 1.0 |
| Traditional Grocery Retailers | 4.7 | 5.0 | 5.3 | 5.4 | 4.6 | 4.2 | −2.2 |
| Food / drink / tobacco specialists | 4.4 | 4.6 | 4.9 | 4.9 | 4.2 | 3.8 | −2.9 |
| Independent Small Grocers | 0.3 | 0.3 | 0.4 | 0.5 | 0.4 | 0.3 | 0.0 |
| Non-Store Retailing | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.1 | 0.0 |
| E-Commerce | 0.1 | 0.1 | 0.1 | 0.1 | 0.3 | 0.1 | 0.0 |
| Source: Euromonitor International, 2023 | |||||||
Foreign wine in Thailand - Imports
In 2022, Thailand imported a total of US$115.7 million wine from the world. Australia, France and Italy are the top three exporters to Thailand's wine market and exported US$38.3 million, US$36.8 million and US$11.0 million respectively in 2022. Canada is a relatively minor player in the Thailand wine import market, with US$1,200 in wine exports to Japan in 2022. The growth is decreasing at a CAGR of −49.4% from 2017 to 2022.
| Category | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2017-2022 |
|---|---|---|---|---|---|---|---|
| World | 49,166.2 | 72,269.6 | 65,372.3 | 49,301.7 | 52,372.0 | 115,650.7 | 18.7 |
| Australia | 12,713.5 | 19,674.8 | 16,159.5 | 14,320.9 | 20,287.1 | 38,283.7 | 24.7 |
| France | 19,424.4 | 30,226.7 | 24,560.8 | 13,731.5 | 13,115.5 | 36,807.6 | 13.6 |
| Italy | 3,533.8 | 4,196.2 | 5,226.0 | 4,496.3 | 4,124.7 | 11,027.4 | 25.6 |
| United States | 3,615.8 | 6,576.3 | 5,862.9 | 6,924.9 | 5,813.5 | 10,690.7 | 24.2 |
| Chile | 3,910.3 | 4,983.1 | 7,295.7 | 4,809.2 | 5,066.5 | 8,685.4 | 17.3 |
| New Zealand | 1,667.9 | 23,72.4 | 2,039.6 | 1,357.1 | 1,305.3 | 3,541.0 | 16.3 |
| Spain | 959.1 | 1,060.8 | 1,364.1 | 1,107.7 | 914.5 | 2,107.2 | 17.1 |
| South Africa | 1,556.4 | 1,451.1 | 840.7 | 1,156.8 | 731.7 | 1,813.7 | 3.1 |
| Argentina | 682.9 | 578.2 | 730.5 | 479.8 | 403.1 | 1,254.2 | 12.9 |
| Germany | 222.5 | 278.7 | 249.6 | 282.8 | 162.1 | 2,017.0 | 13.8 |
| Canada (33) | 36.0 | 33.7 | 40.0 | 22.6 | 2.2 | 1.2 | −49.4 |
Source: Global Trade Tracker, 2023 *CAGR: Compound annual growth rate |
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Thailand beer market
The Thailand beer market was valued at US$8.6 billion in 2022. The growth increased at a CAGR of 0.9% from 2018 to 2022. The beer market was dominated by lager, which saw sales of US$8.4 billion in 2022 (97% of the beer market). Domestic Economic lager was the largest subcategory, with US$6.8 billion in sales in 2022.
Annual growth of beer 2021 to 2022 was 15.9% and total growth of beer 2018 to 2022 was 3.6%.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 | Annual growth % 2021-2022 | Total growth % 2018-2022 |
|---|---|---|---|---|---|---|---|---|
| Beer | 8,313.2 | 8,847.0 | 7,511.3 | 7,433.5 | 8,616.6 | 0.9 | 15.9 | 3.6 |
| Dark Beer | 206.2 | 214.2 | 161.8 | 184.0 | 219.4 | 1.6 | 19.2 | 6.4 |
| Weissbier / Weizen / Wheat Beer | 206.2 | 214.2 | 161.8 | 184.0 | 219.4 | 1.6 | 19.2 | 6.4 |
| Lager | 8,056.8 | 8,581.3 | 7,318.9 | 7,226.0 | 8,365.5 | 0.9 | 15.8 | 3.8 |
| Standard Lager | 8,056.8 | 8,581.3 | 7,318.9 | 7,226.0 | 8,365.5 | 0.9 | 15.8 | 3.8 |
| Premium Lager | 456.7 | 493.9 | 378.8 | 403.0 | 462.2 | 0.3 | 14.7 | 1.2 |
| Domestic Premium Lager | 403.7 | 437.4 | 334.7 | 361.0 | 412.5 | 0.5 | 14.3 | 2.2 |
| Imported Premium Lager | 53.0 | 56.5 | 44.1 | 42.0 | 49.7 | −1.6 | 18.3 | −6.2 |
| Mid-Priced Lager | 1,184.0 | 1,215.2 | 952.1 | 978.0 | 1,139.2 | −1.0 | 16.5 | −3.8 |
| Domestic Mid-Priced Lager | 1,184.0 | 1,215.2 | 952.1 | 978.0 | 1,139.2 | −1.0 | 16.5 | −3.8 |
| Economy Lager | 6,416.2 | 6,872.2 | 5,987.9 | 5,845.0 | 6,764.1 | 1.3 | 15.7 | 5.4 |
| Domestic Economy Lager | 6,416.2 | 6,872.2 | 5,987.9 | 5,845.0 | 6,764.1 | 1.3 | 15.7 | 5.4 |
| Non / Low Alcohol Beer | 0.4 | 0.6 | 0.7 | 0.7 | 0.8 | 18.9 | 14.3 | 100 |
| Non Alcoholic Beer | 0.4 | 0.6 | 0.7 | 0.7 | 0.8 | 18.9 | 14.3 | 100 |
| Stout | 49.7 | 50.8 | 29.9 | 22.8 | 30.9 | −11.2 | 35.5 | −37.8 |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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Stout is expected to see the fastest growth, growing at a CAGR of 21.2% from 2022 to 2026, followed by domestic premium lager at a CAGR of 11.3%, and Weissbier/Weizen/Wheat Beer at a CAGR of 11.2%. Annual growth of beer 2022 to 2023 was 12.8% and total growth of beer 2022 to 2026 was 39.6%.
| Category | 2023 | 2024 | 2025 | 2026 | CAGR* % 2022-2026 | Annual growth % 2022-2023 | Total growth % 2022-2026 |
|---|---|---|---|---|---|---|---|
| Beer | 9,719.7 | 10,596.3 | 11,312.0 | 12,024.6 | 8.7 | 12.8 | 39.6 |
| Dark Beer | 251.7 | 280.5 | 307.7 | 335.3 | 11.2 | 14.7 | 52.8 |
| Weissbier / Weizen / Wheat Beer | 251.7 | 280.5 | 307.7 | 335.3 | 11.2 | 14.7 | 52.8 |
| Lager | 9,426.3 | 10,265.1 | 10,944.4 | 11,621.7 | 8.6 | 12.7 | 38.9 |
| Standard Lager | 9,426.3 | 10,265.1 | 10,944.4 | 11,621.7 | 8.6 | 12.7 | 38.9 |
| Premium Lager | 538.8 | 593.3 | 649.2 | 703.1 | 11.1 | 16.6 | 52.1 |
| Domestic Premium Lager | 482.8 | 532.7 | 583.8 | 632.9 | 11.3 | 17.0 | 53.4 |
| Imported Premium Lager | 56.0 | 60.7 | 65.4 | 70.2 | 9.0 | 12.7 | 41.2 |
| Mid-Priced Lager | 1,278.8 | 1,368.7 | 1,449.8 | 1,532.0 | 7.7 | 12.3 | 34.5 |
| Domestic Mid-Priced Lager | 1,278.8 | 1,368.7 | 1,449.8 | 1,532.0 | 7.7 | 12.3 | 34.5 |
| Economy Lager | 7,608.7 | 8,303.1 | 8,845.4 | 9,386.5 | 8.5 | 12.5 | 38.8 |
| Domestic Economy Lager | 7,608.7 | 8,303.1 | 8,845.4 | 9,386.5 | 8.5 | 12.5 | 38.8 |
| Non / Low Alcohol Beer | 0.8 | 0.8 | 0.9 | 0.9 | 3.0 | 0.0 | 12.5 |
| Non Alcoholic Beer | 0.8 | 0.8 | 0.9 | 0.9 | 3.0 | 0.0 | 12.5 |
| Stout | 41.0 | 49.9 | 59.0 | 66.6 | 21.2 | 32.7 | 115.5 |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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Off-trade and on-trade review
In 2022, the off-trade beer market accounted for US$4.8 billion in sales, while the on-trade market accounted for just US$3.8 billion. From 2018-2022, off-trade sales increased by a CAGR of 2.8%, while on-trade sales dropped by a CAGR of −1.3%, driven by a rising trend in Thailand of drinking at home, rather than social drinking. The impact of the coronavirus pandemic was to greatly accelerate this trend, with on-trade sales falling to US$3.8 billion in 2022 compared with 2019 level: US$4.3 billion, and off trade beer sales US$4.8 billion in 2022 which surpassed 2019 level: US$4.6 billion. .
Value sales of beer through the off-trade saw positive growth in 2022. However, this was not enough to compensate for the decline in sales in the on-trade, as the consumption of alcoholic drinks on-trade is often for social occasions, not all of the lost on-trade volumes shifted to the off-trade, especially as gatherings at home, such as parties, had also been banned to prevent the spread of the virus Euromonitor 2022).
Annual growth for off-trade beer 2021-2022 was 8.3% and total growth for off-trade beer 2018-2022 was −11.8%. However annual growth for on-trade beer 2021-2022 was 27.2% and total growth for on-trade beer 2018-2022 was −5.1%.
| Category | Trade type | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 | Annual growth % 2021-2022 | Total growth % 2018-2022 |
|---|---|---|---|---|---|---|---|---|---|
| Beer | Off | 4,299.0 | 4,560.8 | 4,307.1 | 4,440.2 | 4,808.3 | 2.8 | 8.3 | 11.8 |
| On | 4,014.2 | 4,286.2 | 3,204.2 | 2,993.3 | 3,808.3 | −1.3 | 27.2 | −5.1 | |
| Dark Beer | Off | 72.1 | 75.9 | 68.4 | 86.9 | 105.4 | 10.0 | 21.3 | 46.2 |
| On | 134.1 | 138.3 | 93.5 | 97.1 | 114.0 | −4.0 | 17.4 | −15.0 | |
| Weissbier / Weizen / Wheat Beer | Off | 72.1 | 75.9 | 68.4 | 86.9 | 105.4 | 10.0 | 21.3 | 46.2 |
| On | 134.1 | 138.3 | 93.5 | 97.1 | 114.0 | −4.0 | 17.4 | −15.0 | |
| Lager | Off | 4,223.4 | 4,481.1 | 4,235.3 | 4,350.1 | 4,699.3 | 2.7 | 8.0 | 11.3 |
| On | 3,833.5 | 4,100.2 | 3,083.6 | 2,875.9 | 3,666.3 | −1.1 | 27.5 | −4.4 | |
| Standard Lager | Off | 4,223.4 | 4,481.1 | 4,235.3 | 4,350.1 | 4,699.3 | 2.7 | 8.0 | 11.3 |
| On | 3,833.5 | 4,100.2 | 3,083.6 | 2,875.9 | 3,666.3 | −1.1 | 27.5 | −4.4 | |
| Premium Lager | Off | 78.4 | 84.9 | 76.7 | 78.0 | 85.1 | 2.1 | 9.1 | 8.5 |
| On | 378.3 | 408.9 | 302.2 | 325.0 | 377.1 | −0.1 | 16.0 | −0.3 | |
| Domestic Premium Lager | Off | 71.8 | 77.9 | 70.0 | 71.0 | 77.6 | 2.0 | 9.3 | 8.1 |
| On | 331.9 | 359.4 | 264.7 | 290.0 | 334.9 | 0.2 | 15.5 | 0.9 | |
| Imported Premium Lager | Off | 6.6 | 7.0 | 6.7 | 7.0 | 7.4 | 2.9 | 5.7 | 12.1 |
| On | 46.4 | 49.5 | 37.4 | 35.0 | 42.2 | −2.3 | 20.6 | −9.1 | |
| Mid-Priced Lager | Off | 234.8 | 240.4 | 227.0 | 240.9 | 255.8 | 2.2 | 6.2 | 8.9 |
| On | 949.1 | 974.8 | 725.1 | 737.1 | 883.5 | −1.8 | 19.9 | −6.9 | |
| Domestic Mid-Priced Lager | Off | 234.8 | 240.4 | 227.0 | 240.9 | 255.8 | 2.2 | 6.2 | 8.9 |
| On | 949.1 | 974.8 | 725.1 | 737.1 | 883.5 | −1.8 | 19.9 | −6.9 | |
| Economy Lager | Off | 3,910.1 | 4,155.7 | 3,931.7 | 4,031.2 | 4,358.5 | 2.8 | 8.1 | 11.5 |
| On | 2,506.1 | 2,716.5 | 2,056.2 | 1,813.8 | 2,405.7 | −1.0 | 32.6 | −4.0 | |
| Domestic Economy Lager | Off | 3,910.1 | 4,155.7 | 3,931.7 | 4,031.2 | 4,358.5 | 2.8 | 8.1 | 11.5 |
| On | 2,506.1 | 2,716.5 | 2,056.2 | 1,813.8 | 2,405.7 | −1.0 | 32.6 | −4.0 | |
| Non / Low Alcohol Beer | Off | 0.4 | 0.5 | 0.6 | 0.6 | 0.7 | 15.0 | 16.7 | 75.0 |
| On | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | |
| Non Alcoholic Beer | Off | 0.4 | 0.5 | 0.6 | 0.6 | 0.7 | 15.0 | 16.7 | 75.0 |
| On | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | |
| Stout | Off | 3.2 | 3.2 | 2.8 | 2.6 | 2.9 | −2.4 | 11.5 | −9.4 |
| On | 46.5 | 47.6 | 27.1 | 20.2 | 28.0 | −11.9 | 38.6 | −39.8 | |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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From 2022 to 2026, on-trade sales of beer are expected to grow at a CAGR of 11.7%, while off-trade sales increase at a CAGR of 6.1%. In 2026, on-trade sales are expected to recover to US$5.9 billion, surpassed their 2019 levels of US$4.3 billion.
The biggest growth was stout at a CAGR of 22.3% from 2022 to 2026. Annual growth and total growth of stout are the biggest too at 34.6% and 123.6% respectively.
Annual growth for off-trade beer 2022 to 2023 was 6.9% and total growth for off-trade beer 2022 to 2026 was −26.9%. Annual growth for on-trade beer 2022 to 2023 was 20.2% and total growth for on-trade beer 2022 to 2026 was 55.5%.
| Category | Trade type | 2023 | 2024 | 2025 | 2026 | CAGR* % 2022-2026 | Annual growth % 2022-2023 | Total growth % 2022-2026 |
|---|---|---|---|---|---|---|---|---|
| Beer | Off | 5,141.3 | 5,477.1 | 5,789.2 | 6,100.9 | 6.1 | 6.9 | 26.9 |
| On | 4,578.4 | 5,119.2 | 5,522.8 | 5,923.6 | 11.7 | 20.2 | 55.5 | |
| Dark Beer | Off | 123.1 | 140.2 | 157.0 | 175.0 | 13.5 | 16.8 | 66.0 |
| On | 128.6 | 140.3 | 150.7 | 160.3 | 8.9 | 12.8 | 40.6 | |
| Weissbier / Weizen / Wheat Beer | Off | 123.1 | 140.2 | 157.0 | 175.0 | 13.5 | 16.8 | 66.0 |
| On | 128.6 | 140.3 | 150.7 | 160.3 | 8.9 | 12.8 | 40.6 | |
| Lager | Off | 5,014.2 | 5,332.7 | 5,627.7 | 5,921.1 | 5.9 | 6.7 | 26.0 |
| On | 4,412.0 | 4,932.4 | 5,316.7 | 5,700.6 | 11.7 | 20.3 | 55.5 | |
| Standard Lager | Off | 5,014.2 | 5,332.7 | 5,627.7 | 5,921.1 | 5.9 | 6.7 | 26.0 |
| On | 4,412.0 | 4,932.4 | 5,316.7 | 5,700.6 | 11.7 | 20.3 | 55.5 | |
| Premium Lager | Off | 92.7 | 98.5 | 104.2 | 110.0 | 6.6 | 8.9 | 29.3 |
| On | 446.1 | 494.8 | 544.9 | 593.1 | 12.0 | 18.3 | 57.3 | |
| Domestic Premium Lager | Off | 84.9 | 90.3 | 95.6 | 101.0 | 6.8 | 9.4 | 30.2 |
| On | 397.9 | 442.3 | 488.2 | 531.9 | 12.3 | 18.8 | 58.8 | |
| Imported Premium Lager | Off | 7.8 | 8.2 | 8.6 | 9.0 | 5.0 | 5.4 | 21.6 |
| On | 48.2 | 52.5 | 56.8 | 61.2 | 9.7 | 14.2 | 45.0 | |
| Mid-Priced Lager | Off | 267.7 | 279.6 | 290.9 | 302.1 | 4.2 | 4.7 | 18.1 |
| On | 1,011.0 | 1,089.1 | 1,158.9 | 1,229.9 | 8.6 | 14.4 | 39.2 | |
| Domestic Mid-Priced Lager | Off | 267.7 | 279.6 | 290.9 | 302.1 | 4.2 | 4.7 | 18.1 |
| On | 1,011.0 | 1,089.1 | 1,158.9 | 1,229.9 | 8.6 | 14.4 | 39.2 | |
| Economy Lager | Off | 4,653.8 | 4,954.6 | 5,232.5 | 5,508.9 | 6.0 | 6.8 | 26.4 |
| On | 2,954.9 | 3,348.5 | 3,612.8 | 3,877.6 | 12.7 | 22.8 | 61.2 | |
| Domestic Economy Lager | Off | 4,653.8 | 4,954.6 | 5,232.5 | 5,508.9 | 6.0 | 6.8 | 26.4 |
| On | 2,954.9 | 3,348.5 | 3,612.8 | 3,877.6 | 12.7 | 22.8 | 61.2 | |
| Non / Low Alcohol Beer | Off | 0.7 | 0.7 | 0.8 | 0.8 | 3.4 | 0.0 | 14.3 |
| On | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | |
| Non Alcoholic Beer | Off | 0.7 | 0.7 | 0.8 | 0.8 | 3.4 | 0.0 | 14.3 |
| On | 0.1 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | |
| Stout | Off | 3.2 | 3.5 | 3.8 | 4.0 | 8.4 | 10.3 | 37.9 |
| On | 37.7 | 46.5 | 55.3 | 62.6 | 22.3 | 34.6 | 123.6 | |
Source: Euromonitor International, 2023 *CAGR: Compound annual growth |
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Company shares
Boon Rawd Brewery Co Ltd is the leading company, retail sales reaching US$4.3 billion in 2021, less than the pre-pandemic level in 2019: US$5.3 billion. Its growth increased at a CAGR of 1.2% from 2016 to 2021. It is followed by Thai Beverage PCL (US$2.5 billion in 2021) and Heineken NV (US$310.4 million in 2021).
| Companies | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | CAGR* % 2016-2021 |
|---|---|---|---|---|---|---|---|
| Boon Rawd Brewery Co Ltd | 4,063.0 | 4,550.7 | 4,792.6 | 5,261.9 | 4,458.0 | 4,315.9 | 1.2 |
| Thai Beverage PCL | 2,538.4 | 2,679.4 | 2,686.5 | 3,030.2 | 2,605.5 | 2,483.6 | −0.4 |
| Heineken NV | 290.8 | 316.3 | 347.1 | 389.5 | 298.8 | 310.4 | 1.3 |
| Anheuser-Busch InBev NV | 110.8 | 97.0 | 83.3 | 89.7 | 73.0 | 88.2 | −4.5 |
| San Miguel Corp | 43.9 | 47.3 | 49.4 | 52.5 | 36.8 | 35.4 | −4.2 |
| Thai Asia Pacific Brewery Co Ltd | 27.5 | 30.3 | 33.3 | 36.4 | 28.0 | 25.7 | −1.3 |
| Asahi Group Holdings Ltd | 15.7 | 16.7 | 19.0 | 20.7 | 15.4 | 16.4 | 0.9 |
| Others | 199.0 | 199.2 | 219.8 | 234.3 | 161.6 | 157.9 | −4.5 |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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Distribution channels
The Thailand's beer off-trade is totally dominated by store-based/grocery retailers retailing, which enjoyed 100% of sales by volume in 2021, while non-grocery specialists has "0" sales. The growth of the store-based/grocery retailers was at CAGR of −1.9% from 2016 to 2021.
| Distribution channel | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | CAGR* % 2016-2021 |
|---|---|---|---|---|---|---|---|
| Store-Based Retailing | 1,518.4 | 1,502.5 | 1,409.2 | 1,457.1 | 1,364.5 | 1,379.9 | −1.9 |
| Grocery Retailers | 1,518.4 | 1,502.5 | 1,409.2 | 1,457.1 | 1,364.5 | 1,379.9 | −1.9 |
| Modern Grocery Retailers | 1,113.0 | 1,094.5 | 1,020.8 | 1,045.5 | 986.1 | 999.2 | −2.1 |
| Convenience Stores | 334.5 | 317.2 | 283.6 | 286.2 | 266.8 | 277.3 | −3.7 |
| Hypermarkets | 450.6 | 453.0 | 440.4 | 456.1 | 423.5 | 425.0 | −1.2 |
| Supermarkets | 328.0 | 324.3 | 296.7 | 303.2 | 295.8 | 296.8 | −2.0 |
| Traditional Grocery Retailers | 405.4 | 408.0 | 388.4 | 411.7 | 378.4 | 380.7 | −1.2 |
| Food / drink / tobacco specialists | 191.9 | 190.7 | 182.0 | 185.8 | 161.7 | 164.5 | −3.0 |
| Independent Small Grocers | 208.1 | 210.1 | 197.8 | 216.5 | 205.2 | 206.0 | −0.2 |
| Other Grocery Retailers | 5.4 | 7.2 | 8.6 | 9.4 | 11.5 | 10.2 | 13.6 |
| Non-Grocery Specialists | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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Foreign beer in Thailand - Imports
In the years leading up to 2022, Thailand imports of beer had been enjoying growth, rising by a CAGR of 2.1% from 2017 to 2022. However, in 2022, imports of beer peaked at the value of US$14.2 million, and surpassed the 2019 level: US$13.4 million. Top three exporters are growing at the CAGR of 20.6%, followed by Viet-Nam at a CAGR of 8.1% and South Korea at a CAGR of 47.8% from 2017 to 2022.
Canada was not a major player in the Thailand beer market. Canada has seen its beer exports declined at a negative CAGR of −58.9% from 2017 to 2022.
| Country | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2017-2022 |
|---|---|---|---|---|---|---|---|
| World | 12,819,992.9 | 12,483,295.4 | 13,365,020.9 | 9,806,413.5 | 10,815,256.8 | 14,219,133.8 | 2.1 |
| Japan | 2,383,624.1 | 2,971,108.2 | 3,804,699.0 | 3,436,604.6 | 5,250,619.5 | 6,078,421.3 | 20.6 |
| Viet-Nam | 2,130,184.6 | 2,553,279.9 | 2,845,079.5 | 2,396,887.0 | 2,560,689.1 | 3,146,316.0 | 8.1 |
| South Korea | 237,225.2 | 752,082.1 | 731,952.6 | 923,379.2 | 1,167,142.2 | 1,673,339.9 | 47.8 |
| China | 4,830,405.3 | 4,079,930.6 | 3,566,222.2 | 1,875,738.7 | 701,487.2 | 819,189.5 | −29.9 |
| United Kingdom | 375,095.0 | 340,520.2 | 386,985.9 | 303,350.6 | 314,214.6 | 602,701.0 | 10.0 |
| Australia | 819,663.6 | 518,841.0 | 654,194.2 | 235,809.3 | 185,959.5 | 577,756.2 | −6.8 |
| France | 195,399.8 | 129,297.0 | 191,379.9 | 161,222.0 | 129,793.2 | 391,111.6 | 14.9 |
| South Africa | 158,893.0 | 101,112.0 | 202,060.9 | 27,792.7 | 52,316.3 | 145,541.8 | −1.7 |
| Singapore | 652,668.7 | 105,039.8 | 133,455.9 | 189.4 | 156,274.8 | 118,741.9 | −28.9 |
| Latvia | 24,354.4 | 74,536.4 | 82,692.9 | 117,108.4 | 68.8 | ||
| Canada (26) | 1,166.2 | 74.0 | 106.1 | 33.3 | −58.9 | ||
Source: Global Trade Tracker, 2023 *CAGR: Compound annual growth rate |
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Thailand's spirits market
The Thailand spirits market declined to US$5.8 billion in 2022 from US$5.95 billion in 2019. Its growth was a negative CAGR of −0.2% from 2018 to 2022. The Thailand spirits market is dominated by whiskies, which saw US$449.2 million in sales in 2022, But compared with the sales at US$594.9 million in 2019, it significantly declined. Therefore the CAGR of spirits was −8.6% from 2018 to 2022. Annual growth of spirits 2021 to 2022 was 3.0% and total growth of spirits 2018 to 2022 was −0.7%.
| Category | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 | Annual growth % 2021-2022 | Total growth % 2018-2022 |
|---|---|---|---|---|---|---|---|---|
| Spirits | 5,844.8 | 5,954.4 | 5,637.1 | 5,632.1 | 5,803.7 | −0.2 | 3.0 | −0.7 |
| Brandy and Cognac | 325.2 | 335.3 | 273.6 | 263.0 | 274.4 | −4.2 | 4.3 | −15.6 |
| Brandy | 272.5 | 280.7 | 229.6 | 222.4 | 230.7 | −4.1 | 3.7 | −15.3 |
| Cognac | 52.7 | 54.6 | 44.0 | 40.6 | 43.7 | −4.6 | 7.6 | −17.1 |
| Liqueurs | 56.4 | 59.3 | 42.7 | 41.8 | 46.6 | −4.7 | 11.5 | −17.4 |
| Bitters | 9.1 | 9.1 | 6.6 | 6.2 | 6.8 | −7.0 | 9.7 | −25.3 |
| Cream-based Liqueurs | 4.3 | 4.3 | 3.0 | 2.8 | 3.3 | −6.4 | 17.9 | −23.3 |
| Other Liqueurs | 43.1 | 45.9 | 33.2 | 32.8 | 36.5 | −4.1 | 11.3 | −15.3 |
| Rum | 76.5 | 79.7 | 64.3 | 60.9 | 61.4 | −5.3 | 0.8 | −19.7 |
| Dark Rum | 5.8 | 6.2 | 5.1 | 4.5 | 4.6 | −5.6 | 2.2 | −20.7 |
| White Rum | 70.7 | 73.5 | 59.2 | 56.3 | 56.8 | −5.3 | 0.9 | −19.7 |
| Tequila (and Mezcal) | 63.7 | 64.4 | 43.7 | 39.3 | 50.0 | −5.9 | 27.2 | −21.5 |
| Whiskies | 644.6 | 594.9 | 487.9 | 448.5 | 449.2 | −8.6 | 0.2 | −30.3 |
| Bourbon / Other American Whiskey | 22.0 | 23.3 | 18.7 | 18.2 | 19.5 | −3.0 | 7.1 | −11.4 |
| Japanese Whisky | 6.5 | 8.1 | 6.6 | 6.0 | 6.5 | 0.0 | 8.3 | 0.0 |
| Blended Scotch Whisky | 604.2 | 550.9 | 452.2 | 414.4 | 412.8 | −9.1 | −0.4 | −31.7 |
| Single Malt Scotch Whisky | 11.9 | 12.7 | 10.4 | 9.9 | 10.4 | −3.3 | 5.1 | −12.6 |
| White Spirits | 193.6 | 201.7 | 165.2 | 152.4 | 155.7 | −5.3 | 2.2 | −19.6 |
| Gin | 53.5 | 55.3 | 43.5 | 40.6 | 41.3 | −6.3 | 1.7 | −22.8 |
| Vodka | 140.1 | 146.4 | 121.7 | 111.8 | 114.4 | −4.9 | 2.3 | −18.3 |
| Other Spirits | 4,484.7 | 4,619.1 | 4,559.7 | 4,626.3 | 4,766.5 | 1.5 | 3.0 | 6.3 |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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Spirits is expected to reach US$7.1 billion, growing at a CAGR of 3.7% from 2022 to 2026, surpassing US$5.9 billion in 2019.
Whisky is expected to recover in 2026 at the value of US$510.9 million, unable to return to 2019 level: US$594.9 million, growing at a CAGR of 2.0% from 2022 to 2026. All the categories and subcategories demonstrate a positive growth ranging from 1.5% (Blended Scotch Whisky) to 9.0% (White rum and Japanese whisky) from 2022 to 2026. Annual growth of spirits 2022 to 2023 was 5.3% and total growth of spirits 2022 to 2026 was 21.7%.
| Category | 2023 | 2024 | 2025 | 2026 | CAGR* % 2022-2026 | Annual growth % 2022-2023 | Total growth % 2022-2026 |
|---|---|---|---|---|---|---|---|
| Spirits | 6,110.3 | 6,428.2 | 6,742.8 | 7,063.7 | 3.7 | 5.3 | 21.7 |
| Brandy and Cognac | 289.5 | 305.9 | 322.6 | 340.1 | 4.1 | 5.5 | 23.9 |
| Brandy | 243.2 | 257.0 | 271.2 | 286.2 | 4.2 | 5.4 | 24.1 |
| Cognac | 46.3 | 48.9 | 51.4 | 53.9 | 3.9 | 5.9 | 23.3 |
| Liqueurs | 51.9 | 57.2 | 62.2 | 67.7 | 6.9 | 11.4 | 45.3 |
| Bitters | 7.5 | 8.1 | 8.6 | 9.1 | 5.0 | 10.3 | 33.8 |
| Cream-based Liqueurs | 3.7 | 4.0 | 4.3 | 4.6 | 5.6 | 12.1 | 39.4 |
| Other Liqueurs | 40.7 | 45.0 | 49.3 | 54.0 | 7.3 | 11.5 | 47.9 |
| Rum | 68.0 | 75.9 | 85.0 | 95.2 | 8.8 | 10.7 | 55.0 |
| Dark Rum | 5.1 | 5.6 | 6.0 | 6.6 | 6.7 | 10.9 | 43.5 |
| White Rum | 62.9 | 70.4 | 79.0 | 88.7 | 9.0 | 10.7 | 56.2 |
| Tequila (and Mezcal) | 60.4 | 68.4 | 75.0 | 80.0 | 7.3 | 20.8 | 60.0 |
| Whiskies | 472.4 | 487.0 | 498.8 | 510.9 | 2.0 | 5.2 | 13.7 |
| Bourbon / Other American Whiskey | 21.4 | 23.3 | 25.4 | 27.5 | 6.5 | 9.7 | 41.0 |
| Japanese Whisky | 7.3 | 8.3 | 9.2 | 10.3 | 9.0 | 12.3 | 58.5 |
| Blended Scotch Whisky | 432.4 | 443.1 | 450.9 | 458.6 | 1.5 | 4.7 | 11.1 |
| Single Malt Scotch Whisky | 11.3 | 12.3 | 13.3 | 14.4 | 6.2 | 8.7 | 38.5 |
| White Spirits | 165.6 | 177.4 | 190.1 | 203.8 | 5.3 | 6.4 | 30.9 |
| Gin | 43.8 | 46.6 | 49.7 | 53.0 | 4.9 | 6.1 | 28.3 |
| Vodka | 121.8 | 130.8 | 140.4 | 150.8 | 5.5 | 6.5 | 31.8 |
| Other Spirits | 5,002.5 | 5,256.4 | 5,509.1 | 5,766.1 | 3.6 | 5.0 | 21.0 |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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Off-trade and on-trade review
In 2022, the Thailand spirit market was largely dominated by the off-trade. Total off-trade sales were US$ 4.2 billion (72% of the spirit market), while on-trade sales were US$1.6 billion (28%). The Thailand spirits market saw a significant shift from the on-trade to the off-trade during the pandemic. The on-trade sales decreased from 2019 level: US$2.2 billion to US$1.6 billion in 2022 while off-trade increased from 2019 level: US$3.7 billion to US$4.2 billion in 2022.
The restrictions imposed on on-trade establishments including nightclubs continued to depress demand for spirits in 2021 and 2022. Some categories such as vodka, gin, rum, cream-based and other imported spirits are widely used to mix cocktails at bars (Euromonitor 2022). Blended Scotch whisky experienced one of the worst performances in the on-trade channel in 2021 due to the low tourist numbers. This came on the back of a previous sustained fall for blended Scotch whisky as many Thai consumers turned to Japanese whisky instead due to the ongoing popularity of Japanese culture in 2021 (Euromonitor 2022).
From 2018 to 2022, almost all off-trade sales have been increasing across all categories and subcategories while on-trade declined significantly. Annual growth of off-trade spirits 2021-2022 was 4.8% and total growth of off-trade spirits 2018-2022 was 15.1% while annual growth of on-trade spirits 2021-2022 was −1.2% and total growth of on-trade spirits 2018-2022 was −26.4%.
| Category | Trade type | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2018-2022 | Annual growth % 2021-2022 | Total growth % 2018-2022 |
|---|---|---|---|---|---|---|---|---|---|
| Spirits | Off | 3,622.7 | 3,712.0 | 3,805.6 | 3,976.9 | 4,169.1 | 3.6 | 4.8 | 15.1 |
| On | 2,222.1 | 2,242.3 | 1,831.5 | 1,655.2 | 1,634.6 | −7.4 | −1.2 | −26.4 | |
| Brandy and Cognac | Off | 116.7 | 118.4 | 112.6 | 113.7 | 120.7 | 0.8 | 6.2 | 3.4 |
| On | 208.5 | 216.9 | 161.0 | 149.3 | 153.7 | −7.3 | 2.9 | −26.3 | |
| Brandy | Off | 85.3 | 86.1 | 83.9 | 87.7 | 91.9 | 1.9 | 4.8 | 7.7 |
| On | 187.2 | 194.6 | 145.7 | 134.8 | 138.8 | −7.2 | 3.0 | −25.9 | |
| Cognac | Off | 31.4 | 32.3 | 28.7 | 26.1 | 28.8 | −2.1 | 10.3 | −8.3 |
| On | 21.4 | 22.3 | 15.3 | 14.5 | 14.9 | −8.7 | 2.8 | −30.4 | |
| Liqueurs | Off | 13.2 | 13.5 | 11.5 | 10.9 | 12.5 | −1.4 | 14.7 | −5.3 |
| On | 43.3 | 45.8 | 31.2 | 30.9 | 34.1 | −5.8 | 10.4 | −21.2 | |
| Bitters | Off | 3.4 | 3.4 | 2.9 | 2.6 | 3.0 | −3.1 | 15.4 | −11.8 |
| On | 5.7 | 5.7 | 3.7 | 3.6 | 3.8 | −9.6 | 5.6 | −33.3 | |
| Cream-based Liqueurs | Off | 2.4 | 2.4 | 1.8 | 1.7 | 2.1 | −3.3 | 23.5 | −12.5 |
| On | 1.9 | 1.9 | 1.2 | 1.1 | 1.2 | −10.9 | 9.1 | −36.8 | |
| Other liqueurs | Off | 7.4 | 7.7 | 6.8 | 6.6 | 7.5 | 0.3 | 13.6 | 1.4 |
| On | 35.7 | 38.2 | 26.3 | 26.2 | 29.0 | −5.1 | 10.7 | −18.8 | |
| Rum | Off | 10.7 | 11.0 | 10.5 | 10.5 | 11.4 | 1.6 | 8.6 | 6.5 |
| On | 65.8 | 68.6 | 53.8 | 50.3 | 50.0 | −6.6 | −0.6 | −24.0 | |
| Dark rum | Off | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 |
| On | 4.8 | 5.1 | 4.1 | 3.6 | 3.6 | −6.9 | 0.0 | −25.0 | |
| White rum | Off | 9.7 | 10.0 | 9.5 | 9.6 | 10.3 | 1.5 | 7.3 | 6.2 |
| On | 61.0 | 63.5 | 49.7 | 46.8 | 46.4 | −6.6 | −0.9 | −23.9 | |
| Tequila (and Mezcal) | Off | 13.4 | 13.6 | 11.9 | 11.4 | 12.9 | −0.9 | 13.2 | −3.7 |
| On | 50.3 | 50.8 | 31.8 | 27.9 | 37.2 | −7.3 | 33.3 | −26.0 | |
| Whiskies | Off | 125.2 | 116.7 | 109.4 | 106.7 | 115.4 | −2.0 | 8.2 | −7.8 |
| On | 519.4 | 478.2 | 378.5 | 341.8 | 333.8 | −10.5 | −2.3 | −35.7 | |
| Bourbon / Other American Whiskey | Off | 8.1 | 8.5 | 8.2 | 8.5 | 9.3 | 3.5 | 9.4 | 14.8 |
| On | 13.9 | 14.8 | 10.5 | 9.6 | 10.2 | −7.4 | 6.3 | −26.6 | |
| Japanese Whisky | Off | 2.1 | 2.7 | 2.5 | 2.4 | 2.6 | 5.5 | 8.3 | 23.8 |
| On | 4.4 | 5.4 | 4.1 | 3.7 | 3.8 | −3.6 | 2.7 | −13.6 | |
| Blended Scotch Whisky | Off | 112.7 | 103.1 | 96.4 | 93.5 | 100.9 | −2.7 | 7.9 | −10.5 |
| On | 491.5 | 447.8 | 355.8 | 320.9 | 311.9 | −10.7 | −2.8 | −36.5 | |
| Single Malt Scotch Whisky | Off | 2.3 | 2.4 | 2.3 | 2.3 | 2.5 | 2.1 | 8.7 | 8.7 |
| On | 9.6 | 10.3 | 8.0 | 7.6 | 7.8 | −5.1 | 2.6 | −18.8 | |
| White Spirits | Off | 27.7 | 29.0 | 27.9 | 29.0 | 30.7 | 2.6 | 5.9 | 10.8 |
| On | 165.9 | 172.7 | 137.3 | 123.4 | 125.0 | −6.8 | 1.3 | −24.7 | |
| Gin | Off | 6.6 | 6.8 | 6.4 | 6.5 | 7.0 | 1.5 | 7.7 | 6.1 |
| On | 46.9 | 48.5 | 37.2 | 34.1 | 34.4 | −7.5 | 0.9 | −26.7 | |
| Vodka | Off | 21.1 | 22.2 | 21.5 | 22.5 | 23.7 | 2.9 | 5.3 | 12.3 |
| On | 119.0 | 124.2 | 100.2 | 89.3 | 90.6 | −6.6 | 1.5 | −23.9 | |
| Other Spirits | Off | 3,315.9 | 3,409.9 | 3,521.8 | 3,694.7 | 3,865.6 | 3.9 | 4.6 | 16.6 |
| On | 1,168.8 | 1,209.2 | 1,037.9 | 931.6 | 900.9 | −6.3 | −3.3 | −22.9 | |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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On-trade sales of spirits in 2026 are expected to be US$2.183.8 million, lower than their 2019 level of US$2,242.3 million. Off-trade sales are expected to reach US$4.9 billion by 2026, higher than the 2019 level: US$3.7 billion.
The sale of Japanese whisky through the on-trade is expected to grow at a CAGR of 16.1% from 2022 to 2026, the biggest growth among all categories, reaching US$6.9 million, surpassing 2019 level: US$5.4 million while off trade sales of Japanese whisky are expected to grow at a CAGR of 6.9%. On-trade sales of whisky are still at US$385.4 million, however, expected to remain well below 2019 levels: US$478.2 million.
Annual growth of off-trade spirits 2022 to 2023 was 4.3% and total growth of off-trade spirits 2022 to 2026 was 17.0% while annual growth of on-trade spirits 2022 to 2023 was 7.8% and total growth of on-trade spirits 2022 to 2026 was 33.6%.
| Category | Trade type | 2023 | 2024 | 2025 | 2026 | CAGR* % 2022-2026 | Annual growth % 2022-2023 | Total growth % 2022-2026 |
|---|---|---|---|---|---|---|---|---|
| Spirits | Off | 4,347.4 | 4,529.4 | 4,706.0 | 4,879.9 | 4.0 | 4.3 | 17.0 |
| On | 1,762.9 | 1,898.8 | 2,036.8 | 2,183.8 | 7.5 | 7.8 | 33.6 | |
| Brandy and Cognac | Off | 125.0 | 129.3 | 133.5 | 137.5 | 3.3 | 3.6 | 13.9 |
| On | 164.5 | 176.5 | 189.1 | 202.5 | 7.1 | 7.0 | 31.8 | |
| Brandy | Off | 94.7 | 97.4 | 100.1 | 102.8 | 2.8 | 3.0 | 11.9 |
| On | 148.5 | 159.6 | 171.1 | 183.4 | 7.2 | 7.0 | 32.1 | |
| Cognac | Off | 30.3 | 31.9 | 33.4 | 34.8 | 4.8 | 5.2 | 20.8 |
| On | 16.0 | 17.0 | 18.0 | 19.1 | 6.4 | 7.4 | 28.2 | |
| Liqueurs | Off | 14.1 | 15.2 | 16.1 | 17.0 | 8.0 | 12.8 | 36.0 |
| On | 37.8 | 42.0 | 46.1 | 50.6 | 10.4 | 10.9 | 48.4 | |
| Bitters | Off | 3.3 | 3.7 | 3.9 | 4.0 | 7.5 | 10.0 | 33.3 |
| On | 4.2 | 4.5 | 4.7 | 5.0 | 7.1 | 10.5 | 31.6 | |
| Cream-based Liqueurs | Off | 2.3 | 2.6 | 2.8 | 3.0 | 9.3 | 9.5 | 42.9 |
| On | 1.3 | 1.4 | 1.5 | 1.6 | 7.5 | 8.3 | 33.3 | |
| Other liqueurs | Off | 8.4 | 8.9 | 9.5 | 10.0 | 7.5 | 12.0 | 33.3 |
| On | 32.3 | 36.1 | 39.8 | 44.0 | 11.0 | 11.4 | 51.7 | |
| Rum | Off | 12.2 | 13.0 | 13.9 | 14.8 | 6.7 | 7.0 | 29.8 |
| On | 55.8 | 62.9 | 71.1 | 80.4 | 12.6 | 11.6 | 60.8 | |
| Dark rum | Off | 1.1 | 1.2 | 1.3 | 1.4 | 8.8 | 10.0 | 40.0 |
| On | 3.9 | 4.3 | 4.7 | 5.2 | 9.6 | 8.3 | 44.4 | |
| White rum | Off | 11.1 | 11.8 | 12.6 | 13.4 | 6.8 | 7.8 | 30.1 |
| On | 51.8 | 58.6 | 66.4 | 75.2 | 12.8 | 11.6 | 62.1 | |
| Tequila (and Mezcal) | Off | 14.2 | 15.1 | 15.8 | 16.5 | 6.3 | 10.1 | 27.9 |
| On | 46.2 | 53.4 | 59.2 | 63.4 | 14.3 | 24.2 | 70.4 | |
| Whiskies | Off | 120.9 | 123.3 | 124.5 | 125.5 | 2.1 | 4.8 | 8.8 |
| On | 351.6 | 363.7 | 374.3 | 385.4 | 3.7 | 5.3 | 15.5 | |
| Bourbon / Other American Whisky | Off | 10.0 | 10.7 | 11.4 | 12.1 | 6.8 | 7.5 | 30.1 |
| On | 11.4 | 12.6 | 13.9 | 15.4 | 10.8 | 11.8 | 51.0 | |
| Japanese Whisky | Off | 2.8 | 3.0 | 3.2 | 3.4 | 6.9 | 7.7 | 30.8 |
| On | 4.5 | 5.3 | 6.0 | 6.9 | 16.1 | 18.4 | 81.6 | |
| Blended Scotch Whisky | Off | 105.3 | 106.7 | 106.7 | 106.7 | 1.4 | 4.4 | 5.7 |
| On | 327.1 | 336.4 | 344.1 | 352.0 | 3.1 | 4.9 | 12.9 | |
| Single Malt Scotch Whisky | Off | 2.8 | 2.9 | 3.1 | 3.3 | 7.2 | 12.0 | 32.0 |
| On | 8.5 | 9.4 | 10.2 | 11.1 | 9.2 | 9.0 | 42.3 | |
| White Spirits | Off | 32.5 | 34.4 | 36.5 | 38.9 | 6.1 | 5.9 | 26.7 |
| On | 133.1 | 143.0 | 153.6 | 164.9 | 7.2 | 6.5 | 31.9 | |
| Gin | Off | 7.3 | 7.7 | 8.1 | 8.5 | 5.0 | 4.3 | 21.4 |
| On | 36.4 | 38.9 | 41.6 | 44.5 | 6.6 | 5.8 | 29.4 | |
| Vodka | Off | 25.1 | 26.7 | 28.5 | 30.4 | 6.4 | 5.9 | 28.3 |
| On | 96.7 | 104.1 | 111.9 | 120.4 | 7.4 | 6.7 | 32.9 | |
| Other Spirits | Off | 4,028.5 | 4,199.0 | 4,365.7 | 4,529.6 | 4.0 | 4.2 | 17.2 |
| On | 974.0 | 1,057.3 | 1,143.4 | 1,236.5 | 8.2 | 8.1 | 37.3 | |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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Company shares
Thai Beverage PCL is the leading company, retail sales reaching US$3.5 billion in 2021, less than pre-pandemic level in 2019: US$3.7 billion. Its growth increased at a CAGR of 3.3% from 2016 to 2021. It is followed by Diageo Plc (US$289.4 million in 2021) and Regency Thai Co Ltd (US$185.3 million in 2021).
| Companies | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | CAGR* % 2016-2021 |
|---|---|---|---|---|---|---|---|
| Thai Beverage PCL | 2,982.5 | 3,297.2 | 3,416.0 | 3,674.3 | 3,628.2 | 3,500.9 | 3.3 |
| Diageo Plc | 389.6 | 411.6 | 411.7 | 425.7 | 316.5 | 289.4 | −5.8 |
| Regency Thai Co Ltd | 180.6 | 212.7 | 234.2 | 251.8 | 204.9 | 185.3 | 0.5 |
| Pernod Ricard Groupe | 286.1 | 257.6 | 243.6 | 246.1 | 190.9 | 173.2 | −9.6 |
| Carabao Tawandang Co Ltd | 21.4 | 37.5 | 62.4 | 74.4 | N/C | ||
| Bacardi & Co Ltd | 45.6 | 50.5 | 54.2 | 57.9 | 47.2 | 42.1 | −1.6 |
| Rémy Cointreau Group | 44.7 | 43.7 | 42.0 | 45.4 | 35.3 | 31.1 | −7.0 |
| Hite Jinro Co Ltd | 4.0 | 4.8 | 5.4 | 6.7 | 9.6 | 17.5 | 34.3 |
| Others | 1,165.4 | 1,213.4 | 1,358.6 | 1,389.3 | 1,266.5 | 1,318.2 | 2.5 |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate N/C: Not calculable |
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Distribution Channels
The Thailand's spirits off-trade is dominated by store-based retailing/grocery retailers, which enjoyed 100% of sales by volume in 2021, while non-grocery specialists had nothing in channel distribution.
| Distribution channel | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | CAGR* % 2016-2021 |
|---|---|---|---|---|---|---|---|
| Store-Based Retailing | 579,457.4 | 602,000.0 | 583,188.0 | 589,692.4 | 603,129.9 | 614,466.5 | 1.2 |
| Grocery Retailers | 579,457.4 | 602,000.0 | 583,188.0 | 589,692.4 | 603,129.9 | 614,466.5 | 1.2 |
| Modern Grocery Retailers | 269,935.9 | 281,109.3 | 277,534.4 | 282,464.9 | 288,830.2 | 290,976.5 | 1.5 |
| Convenience Stores | 60,478.9 | 62,343.1 | 63,442.9 | 64,350.8 | 65,683.3 | 63,839.7 | 1.1 |
| Hypermarkets | 129,498.3 | 134,967.8 | 131,511.6 | 133,542.5 | 135,915.9 | 137,713.0 | 1.2 |
| Supermarkets | 79,958.7 | 83,798.4 | 82,579.9 | 84,571.6 | 87,231.0 | 89,423.9 | 2.3 |
| Traditional Grocery Retailers | 309,521.5 | 320,890.7 | 305,653.5 | 307,227.5 | 314,299.7 | 323,490.0 | 0.9 |
| Food / drink / tobacco specialists | 168,724.7 | 173,521.1 | 163,012.3 | 161,710.0 | 161,715.2 | 161,883.8 | −0.8 |
| Independent Small Grocers | 140,217.4 | 146,767.6 | 136,787.2 | 139,624.5 | 148,160.2 | 156,037.9 | 2.2 |
| Other Grocery Retailers | 579.4 | 602.0 | 5,854.0 | 5,893.0 | 4,424.2 | 5,568.3 | 57.2 |
| Non-Grocery Specialists | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Source: Euromonitor International, 2023 *CAGR: Compound annual Growth Rate |
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Foreign spirits
Thailand's imports of foreign spirits totalled US$244.5 million in 2022, but not returned to 2019 level: US$264.9 million and grew at a CAGR of −7.5% from 2017 to 2022.
From 2017 to 2022, Canadian spirit exports have decreased and in 2022 reached US$0.2 million, down from US$0.3 million in 2019, with a negative growth of −15.9% from 2017 to 2022.
| Country | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | CAGR* % 2017-2022 |
|---|---|---|---|---|---|---|---|
| World | 214.2 | 256.1 | 264.9 | 175.1 | 156.8 | 244.5 | −7.5 |
| United Kingdom | 113.3 | 121.9 | 114.0 | 74.4 | 62.5 | 100.2 | −13.8 |
| France | 54.9 | 71.3 | 81.2 | 43.3 | 48.8 | 54.9 | −2.9 |
| China | 10.8 | 20.0 | 28.7 | 25.9 | 18.4 | 31.0 | 14.3 |
| Singapore | 0.0 | 0.0 | 0.0 | 0.2 | 0.1 | 10.8 | N/C |
| Japan | 2.8 | 3.5 | 4.4 | 3.3 | 5.8 | 8.1 | 19.9 |
| United States | 7.1 | 8.7 | 6.8 | 4.1 | 1.9 | 7.8 | −28.1 |
| South Korea | 1.2 | 1.3 | 2.4 | 4.0 | 6.3 | 7.4 | 51.4 |
| Viet-Nam | 5.2 | 5.6 | 5.5 | 4.5 | 2.2 | 4.6 | −19.4 |
| Germany | 1.3 | 1.3 | 2.7 | 2.0 | 2.4 | 3.7 | 16.6 |
| Ireland | 1.6 | 2.2 | 2.5 | 1.3 | 0.7 | 2.1 | −18.7 |
| Canada (24) | 0.2 | 0.1 | 0.3 | 0.3 | 0.1 | 0.2 | −15.9 |
Source: Global Trade Tracker, 2023 *CAGR: Compound annual growth rate N/C: Not calculable |
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For more information
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For additional information on Food and Hotel Asia 2023, please contact:
Ben Berry, Deputy Director
Trade Show Strategy and Delivery
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ben.berry@agr.gc.ca
Resources
- Euromonitor 2023
- Euromonitor International. Alcoholic Drinks in Thailand, June 2022
- Euromonitor International. Beer in Thailand, June 2022
- Euromonitor International. Spirits in Thailand, June 2022
- Euromonitor International. Wine in Thailand, June 2022
- Global Trade Tracker, 2023
Sector Trend Analysis – Wine, beer and spirits in Thailand
Global Analysis Report
Prepared by: Hongli Wang, market analyst
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