Thailand’s summer typically acts as a major driver for the beverage industry each year. As temperatures rise and the sun intensifies, people naturally seek out cold drinks such as sweetened beverages, soft drinks, green tea, or energy drinks to cool down and refresh themselves throughout the day.
This year, it’s not just the increased demand that benefits the industry; costs are also favorable for operators. In particular, prices for key raw materials like sugar and plastic pellets used in packaging are trending downward.
Overall, the beverage industry looks increasingly attractive, especially regarding profit potential, which is expected to grow notably. This has made it a sector that analysts and investors are watching closely again this year.
The Meteorological Department has issued a forecast for Thailand’s 2026 summer weather, noting the season will start about two weeks later than usual, officially beginning in late February and ending around mid-May.
Although the start is delayed, the heat intensity will be notable. Data shows the average maximum temperature this summer will be around 36–37°C, higher than the normal 35.4°C.
From late March to mid-April, the peak of summer, maximum temperatures in some areas, especially in the north, could reach 42–43°C, clearly indicating a harsher summer than the previous year.
Maybank Securities (Thailand) estimates that the beverage industry will deliver stronger financial performance than the food sector in 2026, forecasting a 9% growth in net profits for beverages, while food manufacturers are expected to see about a 5% profit decline.
A key supporting factor, besides the hotter weather boosting sales, is the favorable production cost trend. Prices of essential raw materials such as sugar and plastic pellets for packaging are predicted to either decrease or remain low throughout 2026.
The combination of rising sales from increased demand and falling costs will be crucial in expanding the gross profit margins of beverage companies.
Examining the potential of listed beverage companies, Maybank Securities (Thailand) highlights notable stocks to watch as follows.
1. Ichitan Group Public Company Limited, or ICHI stock
ICHI is the standout stock benefiting from the ready-to-drink green tea trend. It is supported by a market emphasizing natural image, health benefits, and refreshment, expected to be the fastest-growing non-alcoholic beverage segment with a 4.4% growth rate in 2026.
Additionally, ICHI is attractive in terms of returns, with a forecasted dividend yield of up to 8.5% for 2026 and a target price of 14.90 baht.
2. Carabao Group Public Company Limited, or CBG stock
CBG is expected to have passed its profit low point in the third quarter of 2025 and to gradually recover. This is supported by a new product launch priced at 12 baht aimed at expanding market share in the premium segment. The target price is 48.00 baht.
3. Osotspa Public Company Limited, or OSP stock
OSP’s strength lies in efficient cost management, which has improved its gross profit margin. It also consistently offers a dividend yield of about 6%, with a target price of 19.10 baht.
4. Sappe Public Company Limited, or SAPPE stock
For SAPPE, Maybank Securities (Thailand) recommends a “hold” rating. Despite the company’s aggressive growth targets, the research team holds a more cautious view.
Sales in 2026 are projected to grow only 6%, due to external risks such as uncertain recovery in Asian and Middle Eastern markets and impacts from U.S. import tax increases. The target price is 31.75 baht.
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