Sappe (MV $227M): Thailand’s #1 Functional Beverage Company With >60% of Sales from Global Exports

Sappe (SET: Sappe) is Thailand’s #1 functional beverage drinks company with around 40% market share by value (for sizes larger than 250ml) and #1 in functional coffee powder brand under the Preaw brand in terms of volume (#2 by value). Sappe is the pioneering innovator with the concept of “Beauty you can drink” and also the first company to manufacture and sell juice drinks with coconut jelly, or nata de coco, through its best-selling Mogu Mogu as well as juice drinks with aloe vera. Importantly, Sappe is also one of the few Thai or Southeast Asian consumer firms who enjoyed success outside of its domestic market, with overseas exports to over 60 countries contributing over 60% of total sales. Established by the Ruckariyapong family as a traditional desert and cookie company in 1988, Sappe transformed into an innovative functional and healthy beverage company under the leadership of the second-generation leaders Adisak since 2001 and joined later by his sister Piyajit.

1) What Makes It a Wide-Moat Business?

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