BBGI

What BBGI does

BBGI Public Company Limited is a Bangkok-headquartered holding company listed on the Stock Exchange of Thailand (ticker: BBGI) that was formed through the partnership of Bangchak Corporation (BCP) and Khon Kaen Sugar (KSL). The company operates across four business segments: biodiesel (B100) production at 1,000,000 liters/day from a single plant in Phra Nakhon Si Ayutthaya; bioethanol production at 600,000 liters/day across three plants in Khon Kaen, Kanchanaburi, and Chachoengsao (with a 200,000 L/day expansion underway); a financial holding vehicle (BBFB); and a High Value Bio-based Products (HVP) division. The HVP division encompasses the B Nature+ consumer brand (Asta-Immu nutritional supplements, pharmaceutical-grade hand sanitizer), NutraSweet natural sweeteners, and B2B bio-ingredients for nutrition, cosmetics, and pharmaceuticals, developed through a 5.6% strategic stake in US-based Manus Bio Inc. and the 51%-owned WIN Ingredients joint venture, which holds exclusive Asia-wide distribution rights.

Revenue is generated primarily through B2B contract sales of biofuel to major Thai oil traders including Bangchak Group, with pricing negotiated privately. The HVP and consumer segments add secondary revenue streams via the WIN Ingredients distribution channel (12 Asian/Southeast Asian countries), e-commerce marketplaces (Lazada, Shopee), social commerce (Facebook, Line), and retail stores. BBGI's go-to-market is therefore sales-led and relationship-anchored on the B2B side, with a smaller D2C motion for consumer health products.

Financially, BBGI reported 9M2024 revenue of 10,122 million THB (+14.63% YoY), Q3/2024 sales of 4,363 million THB, 9M2024 net profit of 1,058 million THB (+49.27% YoY), FY2025 net profit of 283 million THB (+31% YoY), and Q3/2025 net profit of 94 million THB (+335% QoQ, +883% YoY). The company has accumulated strong ESG credentials (SET ESG Ratings AAA 2025, CGR Excellent/5 stars for 3 consecutive years, ESG100 Award) and is positioned around Thailand's Bio-Circular-Green (BCG) economy policy, with strategic expansion into sustainable aviation fuel, cultivated meat, and synthetic biology-enabled ingredients.

Name

BBGI

Legal name

BBGI Public Company Limited

Website

https://bbgigroup.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

501–1,000 employees

Short description

BBGI Public Company Limited is a Bangkok-based holding company, listed on the Stock Exchange of Thailand, that produces biodiesel and bioethanol for major Thai oil traders and develops high-value bio-based products, natural sweeteners, and consumer health supplements via its WIN Ingredients joint venture with Manus Bio Inc.

Ownership category

akta.pro rank

Product category

Biofuel Production

NAICS

Fats and Oils Refining and Blending (311225), Food Manufacturing (311)

SIC

Fats & Oils (2070), Food And Kindred Products (2000)

akta.pro primary industry

Biofuel Co-products & Byproduct Processing (DDGS, Glycerin, CO2, Lignin) (EUAAAHAJ)

akta.pro secondary industry

Sweetener Syrups & Blends (HFCS, cane/invert, agave, maple blends) (AFAFAGAF)

Keywords

• Biodiesel production
• Bioethanol manufacturing
• Synthetic biology products
• Biofuel distribution
• Renewable energy products

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Biodiesel (B100): Production and distribution of B100 biodiesel using crude palm oil as main raw material. Produced at factory in Phra Nakhon Si Ayutthaya province with total production capacity of 1,000,000 liters per day.
2. Ethanol: Production and distribution of ethanol from various feedstocks including sugarcane bagasse, fresh cassava, and cassava chips. Three production facilities located in Khon Kaen, Kanchanaburi, and Chachoengsao provinces with combined capacity of 600,000 liters per day, with expansion of additional 200,000 liters per day underway.
3. By-products (Glycerol, Pharmaceutical Alcohol): Production and sale of pure glycerol (food and pharmaceutical grade) and pharmaceutical-grade alcohol. Glycerol prices have increased, contributing to profitability.
4. High Value Bio-Based Products (HVP): Production and distribution of high-value bio-based products including natural sweeteners, nutritional supplements (Asta-Immu), and health/wellness products under B Nature Plus brand. Products distributed in Asia and Southeast Asia through WIN Ingredients.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

BBGI Public Company Limited operates as a holding company that produces and distributes biofuel products including biodiesel (B100) manufactured from crude palm oil at a 1,000,000 liters-per-day plant in Phra Nakhon Si Ayutthaya and ethanol produced from sugarcane bagasse, fresh cassava, and cassava chips at three facilities in Khon Kaen, Kanchanaburi, and Chachoengsao with combined 600,000 liters-per-day capacity. The company also produces by-products such as food- and pharmaceutical-grade glycerol and pharmaceutical-grade alcohol, and develops high-value bio-based products (HVP) including natural sweeteners, nutraceuticals, bio-cosmetic ingredients, and bio-pharmaceutical ingredients through synthetic biology partnerships with Manus Bio Inc. via the WIN Ingredients joint venture, alongside consumer products under the B Nature Plus brand.

Product overview

BBGI operates as a holding company managing four core business segments: Biodiesel (B100) production at 1,000,000 liters/day capacity, Bioethanol production at 600,000 liters/day across 3 plants, BBFB financial holding structure, and High Value Bio-based Products (HVP). The HVP division encompasses the B Nature+ consumer brand (Asta-Immu supplements, hand sanitizer), NutraSweet natural sweeteners via the WIN Ingredients joint venture with Manus Bio, and advanced biotechnology ingredients across nutrition, cosmetics, pharmaceuticals, and bio-materials sectors. The company positions itself at the intersection of biofuel production and synthetic biology innovation.

Differentiator

Problem solved

Functional benefit

Brands

• B Nature Plus: Consumer health and wellness brand marketing bio-based products including Asta-Immu food supplement with Astaxanthin extract, natural sweeteners, and BBGI Alcohol Hand Sanitizer.
• NutraSweet
• WIN Ingredients

Products and services

• Biodiesel B100 Biodiesel B100 produced from crude palm oil at BBGI's Phra Nakhon Si Ayutthaya province plant with combined production capacity of 1,000,000 liters per day. Sold as a blending feedstock to major oil trading companies in Thailand including Bangchak Group for fuel blending and distribution.
• Bioethanol and industrial alcohol Bioethanol and industrial alcohol produced from sugarcane bagasse, fresh cassava, and cassava chips across three manufacturing plants in Khon Kaen, Kanchanaburi, and Chachoengsao provinces with combined capacity of 600,000 liters per day (with an additional 200,000 liters per day expansion underway). Distributed to oil trading companies for fuel blending.
• Pure glycerol (food and pharmaceutical grade) Pure glycerol recovered as a by-product of biodiesel production, available in food and pharmaceutical grades. Pricing for glycerol has trended upward, contributing to BBGI's profitability.
• Pharmaceutical-grade alcohol Pharmaceutical-grade alcohol produced as a by-product of BBGI's bioethanol operations, supplied to pharmaceutical, personal care, and disinfectant manufacturers.
• High Value Bio-based Products (HVP) High-value bio-based products developed through synthetic biology partnerships with Manus Bio Inc. via the WIN Ingredients joint venture (51% BBGI ownership). Includes bio-nutrition ingredients, bio-cosmetic ingredients, bio-pharmaceutical ingredients, and bio-materials/active ingredients, with exclusive Asia distribution across 12 countries.
• NutraSweet natural sweeteners (Reb M stevia) Zero-calorie natural sweetener (Reb M stevia) produced via synthetic biology by Manus Bio Inc. and distributed through the WIN Ingredients joint venture in 12 Asian and Southeast Asian countries. Includes bulk and table-top packaging formats for food and beverage manufacturers, coffee shops, restaurants, hotels, and end consumers.
• Asta-Immu nutritional supplement Nutritional supplement (30 capsules per pack, 890 THB retail price) marketed under the B Nature Plus brand. Contains Astaxanthin extract from Haematococcus pluvialis algae (positioned as 6,000x more potent than Vitamin C), Beta Glucan for immune support, Plukaow Extract, and Elderberry (Cyanidin-3-Sambubioside) for antiviral protection.
• BBGI Alcohol Hand Sanitizer 75% Pharmaceutical-grade alcohol-based hand sanitizer at 75% concentration, produced under GMP HACCP standards. Distributed in 5L packs under the B Nature Plus brand via Facebook, Line OA, Lazada Mall, Shopee Mall, and retail stores.

Quantifiable outcome

• Net profit growth from 200 million THB (2018) to 1,112 million THB (2020) to 283 million THB (2025)
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered minor and core.

• Advance Biocarbon Company LimitedminorStrategic or Co-development Partner · 1 September 2025September 2025 partnership with Thai Ministry of Agriculture and Cooperatives and Advance Biocarbon Company Limited to develop sustainable aviation fuel (SAF) and animal feed from microalgae. BBGI contributes to this initiative supporting Thailand's sustainable energy and agriculture development.
• SCG Chemicals Public Company LimitedcoreStrategic or Co-development Partner · 1 March 2023March 2023 partnership among Thailand-based biofuel company BBGI, SCG Chemicals, and QTC Energy to jointly develop and trial bio transformer oil production in Thailand. This partnership focuses on developing renewable energy solutions and sustainable bio-based products for the power infrastructure sector.
• QTC Energy Public Company LimitedcoreStrategic or Co-development Partner · 1 March 2023March 2023 partnership among Thailand-based biofuel company BBGI, SCG Chemicals, and QTC Energy to jointly develop and trial bio transformer oil production in Thailand. This collaboration aims to support renewable energy integration and smart grid deployment through bio transformer oil solutions.
• Thailand Synthetic Biology Consortium (SynBio Consortium)minorStrategic or Co-development Partner · 1 November 2021BBGI participated in the Thailand Synthetic Biology Consortium MOU signing in November 2021, joining 17 organizations including academic institutions, research agencies, and industry partners to promote synthetic biology innovation and industry in Thailand under the BCG economic model.
• Rajamangala University of Technology Thanyaburi (RMUTT)minorImplementation/ SI/ Consulting Partner · 1 August 2021August 2021 MOU for knowledge and technology exchange and human resource development, both theoretically and practically. Partnership aims to develop academic and research collaboration, service learning, and enhance workforce capabilities through upskilling and reskilling programs.
• Manus Bio Inc.coreStrategic or Co-development Partner · 1 November 2020BBGI invested in Manus Bio Inc., a US-based biotechnology company, as a major shareholder (5.6% ownership). Manus specializes in developing and producing diverse high-value bio-based products using synthetic biology. BBGI co-founded WIN Ingredients with Manus to manufacture and distribute high-value bio-based products in 12 countries across Asia and Southeast Asia, with exclusive rights to produce and sell Manus products in the region.
• Aleph FarmsminorStrategic or Co-development PartnerBBGI is building production capacity alongside Aleph Farms as part of a hub-and-spoke model for cultivated meat. Aleph Farms is an Israeli cultivated meat startup that has partnered with Singapore-based Cell Agritech and established Asia-Pacific hub in Singapore, with manufacturing scale partnerships in Thailand through BBGI and Fermbox Bio.
• Fermbox BiominorStrategic or Co-development PartnerBBGI builds production capacity alongside Thailand-based partners Fermbox Bio and Aleph Farms as part of cultivated meat production expansion. Fermbox Bio is a Thailand-based biotechnology company involved in the production of cultivated meat products.
• WIN Ingredients Co., Ltd. (WIN)coreStrategic or Co-development PartnerJoint venture company established by BBGI and Manus Bio Inc. (51% BBGI ownership) to manufacture and distribute high-value bio-based products in Asia and Southeast Asia. WIN has exclusive rights to produce and sell Manus products in 12 countries. Currently marketing NutraSweet natural sweeteners and other bio-based ingredients.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Others

• Wilmar International: Asia's largest palm oil processor with significant biodiesel and oleochemical operations globally. Highly comparable to BBGI's palm-oil-based B100 biodiesel and food-grade glycerol business.

Direct peers

• Thai Oil Public Company Limited: Major Thai refinery and fuel retailer. Operates adjacent biofuel blending and renewable product initiatives, making it a direct peer in Thailand's fuel and biofuel market.
• Bangchak Corporation Public Company Limited: Thai integrated energy company that is BBGI's largest shareholder and primary offtake customer, with its own biofuel and renewable businesses. Direct comparability in B100 biodiesel, ethanol, and fuel distribution in Thailand.
• Manus Bio Inc. US-based synthetic biology company in which BBGI holds a 5.6% stake and is BBGI's exclusive regional manufacturing/distribution partner via WIN Ingredients. Direct peer in engineered-microbe bio-based ingredients.
• POET LLC: World's largest ethanol producer (US), with corn-based and cellulosic ethanol. Directly comparable to BBGI's ethanol production segment in terms of process, scale economics, and commodity exposure.

Regional players

• Cosan S.A. Brazilian conglomerate with leading sugar, ethanol, and biofuel (Raízen joint venture with Shell) operations. Comparable as a vertically integrated sugarcane/ethanol producer, though operating primarily in Brazil rather than Asia.

Broad incumbents

• Archer Daniels Midland (ADM): Global agribusiness with major corn-ethanol, biodiesel, and food/bio-based ingredient businesses (including flavors, sweeteners, and nutrition). Broadly comparable to BBGI's integrated biofuel-plus-specialty-ingredient model.
• PTT Public Company Limited: Thailand's largest energy conglomerate with downstream refining, retail, and renewable/biofuel operations. Overlaps with BBGI on domestic ethanol/biodiesel blending demand and is a broader incumbent across the Thai fuel value chain.
• Cargill, Incorporated: Global agribusiness with extensive corn-ethanol, biodiesel, and food-ingredient operations. Comparable to BBGI on both the agricultural-feedstock-to-biofuel side and the high-value food-ingredient side.

Emerging players

• Ginkgo Bioworks: US-based synthetic biology platform serving industrial biotech, food ingredients, and cosmetics customers. Comparable to BBGI's Manus Bio-linked HVP strategy of using SynBio for high-value ingredients like sweeteners and nutraceuticals.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php?id=100057657870766

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BBGI