Singha soda sales double in S Korea as Boon Rawd expansion sparkles
Thai beverage giant Boon Rawd Trading, known for its flagship brand Singha, is accelerating its overseas expansion plans for soda products.
The company aims to offset declining domestic consumption, with South Korea as a key target market.
Singha has targeted international markets for the past two years, focusing on exports to South Korea and China where it has established distributors and marketing, including celebrity endorsements and concert sponsorships.
Sales of Singha soda have doubled in South Korea over the past year, spurring the company’s long-term strategy to establish manufacturing in the country.
Soda is popular in east Asian markets as a mixer for liquors such as whisky.
Singha is also introducing its soda in premium glass bottles priced higher price than in Thailand (10 baht) – reflecting the product’s export status.
Chief marketing officer Titiporn Thammapimookkul estimates Thailand's soda market will reach 510-520 million litres in 2024, despite facing challenges from a 10% decline in the liquor market.
To revitalise the domestic market, Singha soda has partnered with Harley-Davidson, launching limited-edition products to attract a new customer base among bikers.
Currently, 90% of the soda group's revenue is generated domestically, but Singha anticipates foreign market contributions will rise to 15% within a few years. However, overall revenue will remain predominantly from alcohol sales, it said.
