The Thai skincare market has been forecast to increase at a compound annual growth rate (CAGR) of 3% through to 2017, increasing from a total of THB 17.5 billion at the end of 2012, to hit a value of over THB 20 billion by 2017.
Thai people are paying more attention to their beauty. There are more bad environmental factors damaging the skin in daily life, such as pollution and hot weather. This does not only apply to women, but has also been spreading to men, allowing the healthy growth of skin care.
Moreover, supportive factors were derived from other approaches, including rapid product development and variety. Also, Thai consumers' attitude towards their looks have been changing, especially the younger generations.
Looking good becomes an important factor on both the work and personal life fronts. This has also resulted in greater demand for aesthetic services as can be seen from the booming business of beauty clinics and hospitals.
According to a recent report, 'The Future of the Skincare Market in Thailand to 2017,' in terms of categories, 'Facial Care' is by far the largest sector, with 'Body Care' the second largest category.
Despite this, the fastest growing sector in skincare in Thailand is 'Depilatories', which is forecast to grow at over 4% CAGR between 2013 and 2017.
L'Oreal (Thailand) Co, the No 2 beauty company in the Kingdom, has achieved leadership of the country's skincare market with an 18%.
The company claims to be the fastest-growing beauty company in the country, with a 19% increase in overall business turnover in 2012 with 112 million products sold and continued double-digit growth in the first quarter of this year.
The Thai skin care market is expected to continue to register healthy growth in both constant value and volume terms through to 2017. Sales are likely to be supported by new product development. According to the customs department of Thailand, there is expected to be a higher value of cosmetics and skin care products being imported from overseas.
For more information on the Thai skincare market, see the latest research: Skincare Market Research
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