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Thailands Health and Beauty Market Sees Significant Growth Amid Rising Consumer Awareness
Thailand's health and beauty sector has experienced substantial growth, reaching a market value of 258 billion baht in 2023. This expansion is largely attributed to increased consumer awareness of health and wellness, coupled with a resurgence in spending following the pandemic.
Products such as skincare, haircare, and oral care have seen heightened demand, reflecting consumers' growing focus on personal well-being. Conversely, the perfume segment has observed more modest growth.
A notable factor contributing to this market's expansion is the emergence of "health and beauty stores." These multi-brand outlets offer a diverse range of cosmetics, skincare, and personal care products, providing consumers with convenient access to various brands and facilitating easy comparisons.
The competitive landscape has intensified as key players implement aggressive strategies to increase their market share. For instance, Watsons, Thailand's leading health and beauty retailer with over 700 branches nationwide, continues to expand through an omnichannel approach, integrating both offline and online platforms.
Similarly, Eve & Boy, a prominent Thai brand, is broadening its presence across the country. The brand recently launched a flagship store in Bangkok's Siam Square and secured exclusive distribution rights for Kylie Cosmetics, enhancing its product offerings.
Beautrium is also investing heavily in expansion, aiming to establish a presence in all provinces by 2027. This includes significant renovations of its Siam Square flagship store to attract a wider customer base.
Additionally, Multy Beauty, specializing in Korean beauty products, has opened a new flagship store in Siam Square, aiming to strengthen its position in the market.
Key trends driving the market include a growing demand for health and wellness products, an increasing focus on male grooming, the importance of digital channels for customer engagement, and an emphasis on enhancing customer experiences through innovative store designs and personalized services.
Looking ahead, the Thai health and beauty market is poised for continued growth, driven by ongoing innovation, heightened consumer awareness, and the influence of social media and digital trends.
Market Thailand - News Service
Market Thailand support small and medium sized businesses in marketing their products and services and help them to find new customers and increase sales.