Thailand Beauty Products
Post-pandemic, Thailand’s beauty sector rebounds with ample opportunities for beauty brands and manufacturers. Thailand’s imports of luxury and beauty enhancement products, such as brand-name cosmetics, fillers, and Botox, during the first half of the 2023 fiscal year increased by 40 percent yearly, reflecting consumer confidence, purchasing power, and recovery of the tourism market.
In 2022, Thailand’s beauty products market was valued at $4.2 billion. Major segments are as follows:
- Skincare 60 percent.
- Hair care 20 percent.
- Makeup 14 percent.
- Fragrances 6 percent.
The skincare market is worth approximately $2.5 billion, with about 7 percent annual growth projected for 2023. Organic skincare products accounted for about 20-25 percent of the market and grew significantly during the pandemic. Products with natural and organic ingredients are increasing in popularity. Additionally, imported beauty products from the United States, France, Japan, and South Korea are favored by middle and upper-income consumers.
During the pandemic, sales of makeup products dropped significantly. However, in 2023, sales of makeup products, especially lipsticks and makeup foundations, increased 71 percent compared to the same period in 2022. The growth of the makeup products market is expected to outpace skincare products.
To learn more about business opportunities in Thailand’s beauty sector, please contact Commercial Specialist Ms. Kornluck Tantisaeree at Kornluck.Tantisaeree@trade.gov