Thailand’s beauty industry this year has been anticipated to grow by nearly 4 percent, driven by hygiene products and the skincare category, especially children’s products and men’s grooming products fueled by the popularity of Korean television series.
Kesmanee Lertkitcha, chairman of the health and beauty cluster of the Federation of Thai Industries (FTI), expressed optimism that the industry will maintain its growth momentum in 2022 after recovering to a 3 percent growth rate and generating 320 billion baht in sales in 2021.
Kesmanee attributed 2021’s growth largely to the successful adjustment of business strategies by Thai manufacturers, who shifted to promote hygiene products that were in high demand during the pandemic and those aimed at addressing issues related to rising air pollution.
In 2019, Thailand’s beauty industry expanded by 6.5%, outpacing the average growth of the global beauty market, which was 5.5%. Due to the onset of the Covid-19 pandemic, the market experienced its first 0.94 percent decline in 2020.
Last year, skincare products accounted for the majority (39 percent) of the market’s total value of 320 billion baht, followed by haircare (15 percent), hygiene (12 percent), oral cosmetics (12 percent), make-up (11 percent), men’s grooming (7 percent), and fragrances (4 percent).
ASEAN is the most important market for Thai exporters of beauty products, accounting for 43 percent of total exports, followed by South Korea (36 percent), Japan (16.3 percent), and China (7.7 percent), with the remainder going to other markets.
According to the FTI, Thailand has the largest cosmetics industry in Southeast Asia and serves as a gateway to the ASEAN market. The country is also recognized as the center of the beauty industry in the region. (NNT)