04 BEAUTY AND COSMETICS
Beauty care in Thailand – An attractive market Thomas Hundt The beauty products market in Thailand ranked third in South-East Asia in 2022 at US$5.3 billion, after Indonesia (US$ 7.2 billion) and Philippines (US$ 5.5 billion). Market observers forecast that sales in Thailand will grow at an annual average of 5.2 per cent until 2028.
PURCHASING POWER AT A MEDIUM LEVEL BUT RISING The International Monetary Fund forecasts annual increases in national income of around 5 per cent until 2028. The average household consists of three persons and had a monthly income of about US$ 850 in 2021. Of this, they spend about US$ 22 per month on personal care.
Thailand: Sales of beauty care products in 2022 (US$ million) Segment
2022
Personal care
3533
Skin care
801
Cosmetics
635
Fragrances
322
Source: Statista 2023.
PREMIUM, HEALTH AND NATURE TRENDS According to surveys, consumers are willing to pay more money for premium and natural products. Since COVID-19, they are paying even more attention to their health and inform themselves more comprehensively, which is why products recommended by dermatologists or other doctors are in demand. Products based on herbs and plant extracts are also selling particularly well, according to the Thai Cosmetic Manufacturers Association. Domestic suppliers are strongly represented in this segment.
UPDATE 4/2023
