Despite global challenges, homegrown coffee brands are flourishing, with some set to challenge established leaders.
Thailand’s insatiable appetite for coffee continues to fuel an extraordinary surge in the domestic market, with both established players and emerging local chains reporting significant financial gains.
The “affordable price” model, offering competitively priced beverages, has emerged as a key factor driving this remarkable expansion.
Recent financial disclosures for 2024 reveal impressive growth across numerous coffee chains in terms of revenue, net profit, and store count.
Notably, Café Phunthai, a relatively recent entrant, has demonstrated exceptional acceleration, outperforming several long-standing brands and setting ambitious targets to become the largest coffee chain by branch network in the country.
Despite this burgeoning competition, Café Amazon maintains its stronghold as Thailand’s most extensive coffee chain.
Intriguingly, as its parent company, PTT, navigates the complexities of global oil price fluctuations, the lifestyle business segment, predominantly led by Café Amazon, has experienced exponential growth.
Strategic restructuring within Café Amazon under former CEO Disathat Panyarachun has streamlined operations, enabling the brand to vigorously compete for market share both within Thailand and internationally.
Café Amazon: A New Core for PTT
Café Amazon, the flagship brand of PTT Oil and Retail Business Public Company Limited (OR), is increasingly pivotal to the conglomerate’s strategy.
While OR’s overall revenue declined by 5.9% in 2024 due to lower global oil prices, its lifestyle business, spearheaded by Café Amazon, saw an impressive 8.2% growth.
The lifestyle segment’s EBITDA surged over 100% in Q4 2024, highlighting its growing importance. This shift underscores OR’s strategic diversification beyond oil, with retail becoming a core focus.
Café Amazon sold 400 million cups in 2024, averaging 1.1 million daily. Its 4,922 global outlets (as of April 2025) include 4,485 in Thailand and a strong presence in Cambodia. The brand sources beans locally from northern Thailand and operates its own roasting plant.
Café Phunthai: Rapid Ascent Continues
Café Phunthai, part of PTG Energy, posted a remarkable 116% revenue increase in 2024 to 3,049 million baht, with a net profit of 291 million baht.
Having turned profitable in 2022 after years of losses, the chain aims to open 146 new branches in Q1 this year, maintaining its ambitious goal of 5,000 outlets by 2028, potentially surpassing Café Amazon.
Starbucks: Strong in Thailand Despite Global Headwinds
Globally, Starbucks has faced challenges, including leadership changes and disappointing sales. However, Starbucks Thailand has largely maintained a strong trajectory, reporting over 10 billion baht in revenue for 2024.
While net profit saw a slight 5% dip, the brand, with 525 branches and an average of 30 new openings annually, continues to see Thailand as a high-potential market in Southeast Asia.
Other Players: Steady Growth and Strategic Shifts
Bangchak’s Inthanin, established in 2006, reported 1,100 million baht in revenue for 2024. With 1,060 branches, Inthanin sees significant growth potential, aiming for 200 new outlets annually, expanding beyond petrol station locations to target Gen Z.
Black Canyon, a 32-year-old Thai-founded chain, maintained revenues between 1,300-1,500 million baht for much of the last decade, recovering from lockdown-induced losses between 2019-2021.
True Coffee, founded in 2006, saw 2024 revenue of 264 million baht. While reporting a net loss, the brand plans to expand beyond its traditional True shop locations, competing in the broader, increasingly demanding coffee market.