ICHI, ONSENS, APCO Stand Out as Thai Wellness Market Grows Against the Tide

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Summary · why it matters

Thailand's Health & Wellness business is growing against the broader economic trend. Data from the Global Wellness Institute indicates that Thailand's Health & Wellness market has among the highest growth potential in the world, with a total market value of 40.5 billion US dollars, or roughly 1.4 trillion baht, and is expected to grow by an average of about 8.5% to 9.9% per year. Wellness tourism is growing fastest, at an average of about 12% to 16.6% per year, followed by spas and services at an average of 9.8% to 10% per year, and health food at an average of about 6% to 8% per year. The driving factors are the full transition into an aging society and the behavior of the new Gen Y and Gen Z generations, who prioritize prevention over treatment. Among listed companies worth watching are three: ICHI, ONSENS, and APCO. ICHI reported total sales revenue of 4.0754 billion baht in the first half of 2026, up 1.7%, and net profit of 595.8 million baht, down 8.7% from a base that included an extraordinary gain from a land sale. Domestic sales expanded 11%, driven by the Non-Tea and Functional Drink groups. ONSENS reported total revenue of 142.05 million baht, up 4.13%, and net profit of 8.47 million baht, up 36.92%. APCO reported total revenue of 93.81 million baht and net profit of 28.95 million baht, up 10.03%, while maintaining a high gross profit margin of 84%.

Impact on assets 3

Consumer Staples▲
Ichitan Group Public Company Limited
ICHI
± MixedDemandrelevance

ICHI's first-half 2026 sales rose 1.7% with domestic sales up 11% on Non-Tea and Functional Drinks, but net profit fell 8.7% against a base including an extraordinary land-sale gain.

Consumer Discretionary▲