PROSPECTUS THAI BEVERAGE PUBLIC COMPANY LIMITED ...

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Part 2 Issuing CompanyThai Beverage Public Company Limited3.2 The IndustryBelow is the information about the alcoholic beverage industry, Thailand economy and otherstatistics, including information of the Company and the Company’s competitors' relative positions inthe Thai alcoholic beverage industry. Such information is based on industry publications, publishedsources or other publicly available information or the good faith belief of the Company’smanagement. All of the data presented in this section, including sales volumes and market share data,has been provided by Canadean, a global beverage research company. Except as otherwise indicated,the Company believes that the sources used are reliable. However, the Company cannot ensure theaccuracy of the information, and neither the Company, the selling shareholder nor the underwritersor any of their affiliates or advisors, have independently verified this information. This informationmay not be consistent with other information compiled within or outside Thailand and is subject torevision by Canadean at any time.The information on beer market came from Canadean and has been updated to the year 2007.However, information on spirits market in Thailand has been updated until 2005 only.The Alcoholic Beverage Industry in Thailand3.2.1 OverviewAccording to Canadean, the beer market in Thailand grew at a compound annual growth rate(“CAGR”) of 9.3% from 1999 to 2007, on sales volume basis. The Company believes that the beermarket will continue to grow due to the expansion of consumer base and increase in beer consumptionper capita. In addition, the spirits market in Thailand is also growing, with the Company’s brownspirits sales volume increasing rapidly in the past few years, offsetting the decrease in demand oflower priced Chinese herb spirits.For the period between 1999 and 2004, worldwide beer and spirits sales volumes grew atCAGR of 2.5% and (0.4)%, respectively. During this period, Thailand has been one of the fastestgrowing markets globally for beer and spirits with a CAGR of 10.1% and 3.2%, respectively. Thecomparison of the growth rate of Thai beer and Thai spirits sales volumes and markets in Asia Pacific,Europe and the Americas is set forth below:Beer Market CAGR for the period 1999 - 2004(%)12108642010.15.3 5.32.51.3 1.2Thai Asia SE World Europe AmericaPac AsiaSpirits Market CAGR for period 1999 - 2004(%)43210-1-2-4-63.2Thai3.0SEAsia0.7AmericaWorld AsiaPac Europe-0.4 -0.4 -1.2Source: CanadeanThe Thai beer and spirits markets are among the six largest alcoholic beverage markets inSoutheast Asia (Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam), by salesvolume. In 2004, 2005, 2006 and 2007, sales volume for beer were approximately 1,619.1 millionliters, 1,728.6 million liters, 2,027.7 million liters, and 2,079.2 million liters, respectively, while salesPart 2 Page 63
Part 2 Issuing CompanyThai Beverage Public Company Limitedvolume for spirits for the year 2004 and 2005 were approximately 648.6 million liters and 661.9million liters respectively.The following table sets forth, beer and spirits sales volumes in 2004 for various countries inSoutheast Asia:BeerSpiritsCountrySales Volume2004CAGR1999 – 2004Sales Volume2004CAGR1999 - 2004(Million Liters)(Million Liters)Indonesia ...................................... 171.5 10.4% 32.1 5.9%Malaysia ...................................... 147.4 1.7% 3.4 5.4%Philippines .................................... 1,268.5 0.7% 473.8 1.9%Singapore...................................... 88.5 2.2% 2.1 (0.3)%Thailand....................................... 1,619.1 10.1% 648.6 3.2%Vietnam ........................................ 878.5 5.0% 9.8 9.3%Others (1) ....................................... 130.3 8.0% N/A N/ATotal.............................................. 4,303.8 5.3% 1,169.8 2.8%(1) Others include Brunei, Myanmar, Cambodia, and Laos.Source: CanadeanThe beer market in Thailand still has room for growth since beer consumption per capita isstill significantly lower than that of the top 20 countries by beer consumption per capita. Between1999 and 2007, Thailand's beer sales volume per capita grew from approximately 16.8 liters percapita to 31.9 liters per capita, representing a CAGR of approximately 8.3%. Also, during 1999 to2005, the spirits sales volume per capita increased from 9.6 liters per capita to 10.3 liters per capita,representing a CAGR of approximately 1.2%.The following tables set forth the 20 largest beer and spirits markets ranked by per capitasales volume in 2004.Consumption for Top 20 Markets by Volume in 2004(ranked by per capita sales volume)BeerSpiritsVolume(Million Liters)Per CapitaSales Volume(Liters)Volume(MillionLiters)Per CapitaSales Volume(Liters)China........................... 30,252.9 23.4 China .......................... 5,090.7 3.9United States ............... 23,550.0 83.4 India............................ 3,095.7 2.9Germany...................... 9,638.0 116.5 Brazil .......................... 1,565.1 9.2Brazil........................... 8,750.0 51.4 United States............... 1,506.8 5.3United Kingdom.......... 5,820.0 99.5 Russia ......................... 1,341.5 9.3Japan ........................... 5,642.0 43.7 Japan........................... 1,255.2 9.7Mexico ........................ 5,450.0 50.5 South Korea................ 1,080.6 22.2Russia.......................... 5,415.2 37.6 Thailand .................... 648.6 10.2South Africa ................ 2,883.5 57.3 Philippines .................. 473.8 5.7Spain ........................... 2,813.5 70.8 Germany ..................... 400.2 4.8Poland ......................... 2,766.8 71.0 Ukraine ....................... 359.3 7.2France.......................... 2,150.0 36.1 France ......................... 336.9 5.7Canada......................... 2,078.8 65.6 Spain........................... 291.1 7.3Venezuela.................... 1,830.0 70.9 United Kingdom ......... 265.1 4.5Colombia..................... 1,825.0 39.5 Poland......................... 245.7 6.3Australia...................... 1,750.0 89.1 Mexico........................ 173.3 1.6Part 2 Page 64
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