2025 dawns after 12 months of upheaval in Thai business landscape

The Thai business sector is seeking relief in 2025 after 12 months grappling with a stagnating economy, soaring household debt, and shrinking purchasing power.

Businesses also had to adapt to changing global conditions, including geopolitical conflicts and the looming likelihood of fresh trade wars triggered by the incoming Trump administration.

Thai business daily Krungthep Turakij summarised major business events over the past year, as the private sector weathered the storm in hope of more prosperous conditions in 2025.

Big moves by giants 

The year kicked off with a change in management at regional food & beverage giant Thai Beverage Plc as Thapana Sirivadhanabhakdi was appointed group CEO. The new chief executive appointed his right-hand man, Kosit Suksingha, as president and chief operating officer (Thailand) and Prapakon Thongtheppairot as group COO (International).

ThaiBev also announced additional investments in Vietnam, Myanmar, Singapore, and Malaysia, while undergoing organisational restructuring focused on its non-alcoholic and beer arms.

Meanwhile Sahapat Group, Thailand's largest consumer products conglomerate, signed a record 18 memorandums of understanding with Thai and international business partners, including key players from Japan and China, as it ramped up investment in new and existing businesses.

Coca-Cola Thailand branched out from soft drinks to alcohol for the first time with a new product, Schweppes Mixed. The company chose Thailand, where it has been operating for 75 years, as the regional launchpad for its new alcohol business as research showed Thai consumers are among the world’s top 20 drinkers.

Retail rising in Bangkok

October saw the launch of One Bangkok, a 120-billion-baht retail, office and residential mixed-use megaproject in the city’s heart. After over 10 years of construction, TCC Assets and Frasers Property Holdings opened the new landmark overlooking Lumpini Park on bustling Rama IV Road.

The two companies also announced that Isetan Mitsukoshi Holdings, Japan’s largest shopping mall chain, will take over 4,600 sqm of retail and office space in One Bangkok. The deal marks a comeback for Isetan department store in Thailand, after the closure of its last branch in Bangkok in 2020.

Central Retail, meanwhile, in December unveiled its newly renovated Central Chidlom department store, showcasing “The City Store” concept in the heart of Bangkok.

The transformation of one of its oldest branches highlights the company’s commitment to revitalising its legacy while enhancing its international brand presence.
 

New player in the beer market

Thailand’s 200-billion-baht beer market gained a new challenger in 2024 as Carabao Group launched two brands – Carabao and Tawandaeng.

Group CEO Sathian Sathianthamma decided to take on the two market leaders, Chang (ThaiBev) and Leo (Boon Rawd Brewery), branching out from the popular Carabao Dang energy drink.

 

Big-brand restaurants close their doors

Several well-known restaurant chains shuttered in 2024, with Texas Chicken, Hotpot, Daidomon, GRAM Pancakes, PABLO Cheese Tart, and Tim Ho Wan waving goodbye.

Others fared better, including KFC Thailand, which has been operating for 40 years. The US-based fast-food chain announced Thai rapper Kunpimook “Bam Bam” Bhuwakul as Thailand’s first “Friend of KFC” in a bid to attract young consumers.
 

Job cuts in media industry

Revenue continued to shrink for traditional media, such as television and newspapers, in 2024 as more advertisers shifted to online platforms with a wider audience reach.

Making headlines with job cuts were Mono29, Channel 3, Channel 7, and WorkPoint. Analysts say other traditional media companies downsized quietly.