Bright prospects for Thai cosmetics in Asian markets

0
Kesmanee expressed optimism that the industry will maintain its growth momentum in 2022 after recovering to a 3% growth rate and generating 320 billion baht in sales in 2021.

Thailand’s beauty industry is expected to grow by almost 4% this year, driven by the hygiene products and skin care category, especially children’s products and men’s grooming products, fueled by the popularity of Korean TV dramas.

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 growth rate of 3% and generating 320 billion baht in sales in 2021.

Kesmanee attributed the growth in 2021 largely to the successful adjustment of business strategies by Thai manufacturers, who moved to promote hygiene products that were in high demand during the pandemic and those aimed at solving health-related problems. increase in air pollution.

In 2019, the Thai beauty industry grew by 6.5%, outpacing the average global beauty market growth of 5.5%. Due to the onset of the Covid-19 pandemic, the market saw its first decline of 0.94% in 2020.

Last year, skincare products accounted for the majority (39%) of the total market value of 320 billion baht, followed by haircare (15%), personal care (12%), oral cosmetics (12%), make-up (11%). ), men’s skincare (7%) and fragrances (4%).

ASEAN is the largest market for Thai beauty exporters, accounting for 43% of total exports, followed by South Korea (36%), Japan (16.3%) and China (7 .7%), the rest being destined for 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)


Share.

Comments are closed.