Thai Beverage (ThaiBev), the Singapore-listed food and beverage company, announced plans to allocate THB18bn this fiscal year for both domestic and international expansion, as reported by Bangkok Post.

The move is part of the group's five-year "Passion 2030" strategy, aimed at adapting to shifting consumer behaviour and delivering digital solutions to meet customer preferences, according to Chief Executive Thapana Sirivadhanabhakdi. "The service sector has substantial growth potential, and we view the digital platform as a crucial area for expansion," Thapana said.

Prapakon Thongtheppairot, executive vice president in charge of spirits products, said the company plans to expand its spirits division over the next five years by exploring opportunities in foreign markets. For the fiscal year from October 1, to September 30, 2025, the company has earmarked THB18bn for investment across its product lines, including food, alcoholic beverages, and non-alcoholic beverages (NAB).

Of this, THB2.5bn ($76.8mn) will be allocated to Cambodia, he added. Kosit Suksingha, executive vice president in charge of NAB and head of digital and technology, said the company will invest THB8bn in Malaysia's AgriValley project, which aims to develop an integrated dairy farm housing 20,000 cows across 2,726 hectares. 

"The Malaysia project will be a fully integrated dairy farm with a closed-loop system designed to serve the local market. Additionally, Malaysia will act as a hub for our halal products," Kosit said. He noted that ThaiBev's NAB segment in Thailand has been performing well, with Malaysia, Vietnam, Myanmar, and Thailand identified as the company's core strategic markets for non-alcoholic beverages. Additionally, Singapore, Cambodia, and Laos are considered strategic markets, while Indonesia presents a promising growth opportunity.

"Moreover, the overall Thai NAB sector has benefitted from the government's THB10,000 cash handout scheme," Kosit added. Reflecting on the economic outlook, Thapana acknowledged the financial challenges brought on by the pandemic but expressed optimism.