Thailand's health and beauty market booms, fuelled by competition
Growth driven by increased consumer awareness of health and wellness
The Thai health and beauty market is thriving, reaching a value of 258 billion baht in 2023.
This growth is driven by increased consumer awareness of health and wellness, coupled with the resurgence of consumer spending post-pandemic.
Skincare, haircare, and oral care products are experiencing strong demand, while the perfume segment is witnessing slower growth.
The rise of "health and beauty stores" – multi-brand stores offering a wide range of cosmetics, skincare, and personal-care products – has significantly contributed to market growth.
These stores provide consumers with convenient access to a variety of brands and facilitate easy comparisons.
The global health and beauty market is also experiencing robust growth, with an estimated value of US$580 billion by 2027 and an average annual growth rate of 6%.
Key Players Intensify Competition:
This competitive market has spurred major players to expand their market share through aggressive strategies.
- Watson: Thailand's leading health and beauty store operator, with more than 700 branches nationwide, continues to expand its reach through an omnichannel strategy, encompassing both offline and online channels.
- Eve & Boy: A prominent Thai brand, Eve & Boy is strategically expanding 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, bolstering its product portfolio.
- Beautrium: With a focus on reaching all provinces by 2027, Beautium is investing heavily in expansion, including a significant renovation of its Siam Square flagship store.
- Multy Beauty: This K-Beauty specialist recently opened a new flagship store in Siam Square, aiming to solidify its position in the market.
Key Market Trends:
- Growing demand for health and wellness: Consumers are increasingly prioritising health and beauty, leading to increased demand for skincare, haircare, and wellness products.
- Rise of the male grooming market: Men's grooming products are experiencing significant growth, reflecting a growing awareness of male beauty.
- Focus on digital channels: Online and omnichannel strategies are becoming increasingly important for reaching and engaging customers.
- Emphasis on customer experience: Retailers are investing in innovative store designs, personalized services, and interactive experiences to enhance the customer journey.
The future of the Thai health and beauty market remains bright, driven by continued innovation, increased consumer awareness, and the growing influence of social media and digital trends.
