Thai brewers, Chang Beer and Carabao Group, target market leader Boon Rawd Brewery

Thailand’s beer market, valued at over THB200 billion (USD6 billion), is set for intensified competition as Chang Beer, brewed by Thai Beverage (ThaiBev), aims to eat into leader Boon Rawd Brewery’s market share, according to a recent report in the Nation Thailand.

Chang currently commands only around 32% of the market share while Boon Rawd dominates the sector, with about 62-63%, with its Singha and Leo brands. Carabao Beer, produced by Carabao Group, accounts for about5%, with European imports making up just 1%, says the report.

Although Singha and Leo have become household names, supported by Boon Rawd’s 90-year history, ThaiBev has competed aggressively since launching Chang Beer in 1994. Chang Beer’s strategy to continue to challenge Boon Rawd includes expanding its premium mass beer portfolio, with products such as Coldbrew, Federbroy, and unpasteurized Chang playing a central role.

Meanwhile, Carabao Group, a recent player in the beer market, has invested over THB4 billion in 2023 to build a brewery, and aims to capture 10% market share in the coming years.

Despite Chang’s aggressive push, Boon Rawd remains confident. Thitiporn Thammapimookkul, chief marketing officer at Boon Rawd, said the company’s proactive marketing ensures its brands stay ahead. Leo Beer alone holds a 50% market share, reinforcing Boon Rawd’s leading position.

With a rebound in tourism expected to push demand in the sector beyond pre-pandemic levels by 2025, ThaiBev’s beer business head, Songwit Sritham, anticipates the market will reach 20 million hectolitres in 2024, driven by yearly single-digit growth.