Thailand’s coconut beverage brand, IF has become China’s top coconut water brand.
IF brand of bottled coconut water, launched 12 years ago, is sold overseas through General Beverage subsidiary IFBH, an acronym derived from Innovative Food and Beverages.
IF has become the top-selling coconut water brand in mainland China, the company’s biggest market. Shanghai-based China Insights Industry Consultancy pegs IFBH’s market share there at over a third—28% from IF and 6% from Innococo, a coconut water drink it touts as a healthier alternative to conventional sports drinks. The 2 brands compete against players such as local Chinese brand Delgarden, which also sources its coconut water from Thailand, and has a market share of under 5%. Other rivals include homegrown Qingshang Drink as well as US brand Vita Coco and Thai beverage company Malee group’s Malee Coco.
Pongsakorn is confident that IF can continue to stay on top. “When people think about coconut water, IF comes up automatically,” he says. “We want to keep our brand reputation at that level.” In 2024, the company’s sales surged 80% to US$158 million, while net profit nearly doubled to US$33 million. IFBH attributed the jump to buoyant demand for its drinks in China, which accounted for 97% of revenue last year.
Privately held General Beverage, of which its Founder and CEO Pongsak Pongsakorn owns 91% share, had revenue of Bt 3.5 billion (US$108 million).
Due to the success in China, Pongsakorn is eyeing broader expansion. In June, he successfully listed IFBH on the Hong Kong stock exchange. Pongsakorn however still retains 60% share in IFBH.
IFBH is now the world’s 2nd largest coconut water company by market share after Vita Coco.
With its high content of natural electrolytes, coconut water has become popular as a low-sugar rehydrating alternative to sports drinks.
After China, IF aims to grow its presence in the US and Australia. The idea of expanding beyond China highlights IFBH’s ambition to be a global brand.
Pongsakorn also plans to diversify its portfolio beyond coconut water, which currently contributes 98% to IFBH revenue with only 2% derived from juices, milk tea and fruit-based snacks.
The company has also earmarked US$26 million for potential acquisitions within the healthy beverages, plant-based snacks and alternative protein products in Asia, the US and Australia.
