“Coconut water, a niche product today, has the potential of becoming as big as orange juice,” Vita Coco cofounder Michael Kirban tells Forbes.
When Pongsakorn Pongsak was a boy in Thailand, nothing beat the refreshment of coconut water straight from a green coconut. Years later, his search for the same flavor abroad sparked a global business idea. Today, his company General Beverage has turned that childhood favorite into IF, now the world’s second-largest coconut water brand, behind only America’s Vita Coco.
Launched 12 years ago, IF quickly established itself in China, where it dominates the coconut water market with over a third of the share. Through its Hong Kong–listed subsidiary, IFBH (Innovative Food and Beverages Holdings), the brand surged to $158 million in sales in 2024—up 80% year-on-year—with net profit nearly doubling to $33 million. Almost all of that revenue comes from China, where IF leads thanks to savvy marketing, local flavor innovations, and celebrity endorsements like actor-singer Xiao Zhan.
“Our coconuts in Thailand have a lot of aroma. So I thought, why don’t we bring the good ones to the world?” says Pongsakorn, who retains a 60% stake in IFBH, valuing his fortune at about $700 million.
IPO Boost and Global Plans
According to Forbes Magazine, in June 2025, IFBH raised $145 million on the Hong Kong Stock Exchange, attracting cornerstone investors such as Black Dragon (linked to the Charoen Pokphand Group) and UBS. The fresh capital will fund international expansion, particularly in the U.S. and Australia, where IF currently has only a small presence. With U.S. coconut water sales reaching $1.4 billion last year, the opportunity is enormous—though tariffs and stiff competition from Vita Coco and beverage giants loom large.
Industry watchers say IF’s edge lies in its Thai identity and lean operating model. The company outsources production and distribution while maintaining tight quality control through direct relationships with coconut farmers. This asset-light structure has fueled fast growth and is difficult for rivals to replicate.
Riding a Health Wave
Coconut water sits at the intersection of wellness and refreshment. With natural electrolytes and lower sugar content, it’s marketed as a healthier alternative to sports drinks. Global retail sales of plant-based waters grew 10% annually from 2018 to 2024, outpacing the broader soft drinks industry. That wave has carried IF to prominence—and emboldened Pongsakorn to bet big on global consumers’ thirst for natural hydration.
While coconut water makes up nearly all of IFBH’s sales, diversification is underway. The company is exploring fruit juices, Thai milk tea, and even plant-based snacks like coconut rolls and quinoa chips. It has set aside $26 million for acquisitions in Asia, the U.S., and Australia, targeting healthy beverage and snack companies.
Still, Pongsakorn insists coconut water remains central to the mission. “When I really go deep into something, I give it everything. That’s me. No U-turn,” he says.
