Bangkok, December 23, 2024 – Thailand’s health and beauty market has experienced remarkable growth, reaching a valuation of 258 billion baht in 2023. This expansion is largely attributed to a heightened consumer focus on health and wellness, coupled with a rebound in spending following the COVID-19 pandemic.
The surge in demand encompasses skincare, haircare, and oral care products, while the perfume segment has observed more modest growth. A significant contributor to this market expansion is the proliferation of multi-brand health and beauty stores, which offer consumers convenient access to a wide array of products and facilitate brand comparisons.
On a global scale, the health and beauty industry is projected to reach a valuation of US$580 billion by 2027, with an anticipated average annual growth rate of 6%.
Key Players Amplify Market Presence
The competitive landscape has prompted major players to implement aggressive strategies to expand their market share:
Watson: As Thailand’s leading health and beauty retailer, operating over 700 branches nationwide, Watson continues to enhance its omnichannel strategy, integrating both offline and online platforms to reach a broader customer base.
Eve & Boy: This prominent Thai brand is strategically broadening its footprint across the country. The recent launch of a flagship store in Bangkok’s Siam Square and the acquisition of exclusive distribution rights for Kylie Cosmetics have strengthened its product portfolio.
Beautrium: With an ambitious goal to establish a presence in all provinces by 2027, Beautrium is investing heavily in expansion efforts, including a comprehensive renovation of its Siam Square flagship store.
Multy Beauty: Specializing in Korean beauty products, Multy Beauty has recently opened a new flagship store in Siam Square, aiming to solidify its position in the competitive market.
Emerging Market Trends
Several key trends are shaping the future of Thailand’s health and beauty market:
Increased Health and Wellness Focus: Consumers are placing greater emphasis on health and beauty, driving demand for skincare, haircare, and wellness products.
Male Grooming Market Growth: There is a notable rise in the consumption of men’s grooming products, reflecting a growing awareness and acceptance of male beauty and personal care.
Digital Channel Expansion: The importance of online and omnichannel strategies is escalating, as retailers seek to engage customers through multiple platforms.
Enhanced Customer Experience: Retailers are investing in innovative store designs, personalized services, and interactive experiences to improve the overall customer journey.
The outlook for Thailand’s health and beauty market remains positive, driven by continuous innovation, increasing consumer awareness, and the expanding influence of social media and digital trends.
