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Thai market for skin care products growing at 7.6% CAGR

Source:Allied Analytics LLP Release Date:2023-10-13 137
Food, Beverage & Personal CarePersonal CareOthersPackaging Equipment & MaterialsProcessing EquipmentRaw Materials & Ingredients
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The skin care products market in Thailand is expected to reach a valuation of USD4,391.4 million, riding on a 7.6% CAGR by 2027, according to a new report from Allied Market Research.

The Thailand skin care products market size was USD2,568.2 million in 2019, and is projected reach $4,391.4 million by 2027, registering a CAGR of 7.6% from 2021 to 2027, according to a report from Allied Market Research.

 

Rise in disposable income, surge in retail penetration, increase in adoption of natural skin care products, and support from government to cosmetic enterprises for local expansion are expected to boost the Thailand skin care products market growth during the forecast period.



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Cosmetics companies are shifting their focus on the mass market especially for the creams and lotions in the ASEAN skin care market (Photo: Sonechka I Dreamstime.com) 

 

Owing to the robust growth of the ASEAN skin care products market, engaged players in the cosmetics industry are now shifting their focus to the mass market, particularly in the skin care creams and lotions category, which is dominated by mass brands in the Thailand skin care products industry. The continuous product diversification in product line prices has been witnessed in the last few years, as plethora of new product lines are being released at lower prices. While majority of sales is generated by mass product segments, continuous innovations in premium segment is witnessed in the cosmetic segment. Among the new skin care products likely to gain traction in the upcoming years include, zero waste beauty products, novel cosmetic formulations, and refillable packaging.

 

Social media has helped leading brands operating in the country to increase awareness regarding skin & beauty care products, particularly among millennial. Beauty bloggers and social media influencers are creating new growth avenues for theThailand skin care products market. Large number of local You Tubers are now hosting popular channels with demonstrations product reviews and tutorials.

 

Ease of access to brands along with cheap and fast delivery of products have become increasingly important in the Thailand skin care products market. Furthermore, four out of five beauty shoppers now use digital platforms prior to or during their shopping journey. In the cosmetic industry, convenience is given more importance and players are now embracing aspects such as intuitive website layout, easytonavigate stores, ease of trialing the product, and giving the right recommendation & advices quickly, thereby allowing faster and simplified decision-making.

 

To know more, click this report


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