The Thai cosmetics & toiletries industry is forecast to grow from ฿194.2bn (US$6.15bn) in 2019 to ฿259.5bn (US$8.57bn) in 2024, recording a compound annual growth rate (CAGR) of 6.0%, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Thailand Cosmetics & Toiletries – Market Assessment and Forecasts to 2024’ reveals that the skincare was the largest sector with value sales of ฿80.8bn (US$2.56bn) in 2019. However, the feminine hygiene sector is forecast to register the fastest value growth at a CAGR of 7.3% during 2019–2024. The category is closely followed by make-up and skincare sectors which are projected to grow at CAGRs of 6.3% and 6.2%, respectively.

Anchal Bisht, Consumer Analyst at GlobalData, says: “Per capita expenditure on cosmetics & toiletries in Thailand was significantly higher in comparison to the global and regional levels in 2019. Increasing consumer purchasing power is leading to growing demand for high quality skincare products that help address unique consumer concerns, which is contributing to growth in the sector.”

The value share of Thailand in the global cosmetics & toiletries industry is expected to increase from 1.3% in 2019 to 1.4% by 2024. Similarly, the country’s share at regional level is expected to increase from 3.5% in 2019 to 3.6% by 2024.

Unilever, Procter & Gamble and L’Oreal S.A. are the leading companies in the Thai cosmetics & toiletries industry. While Nivea, Artistry, and Mistine are the top brands. Private label accounted for a value share of 2.2% in the Thai cosmetics & toiletries industry in 2019.

Hypermarkets & supermarkets dominated the industry with majority value share of 33.7% in 2019, followed by health & beauty stores and convenience stores with shares of 19.7% and 13.3%, respectively.

Ms Anchal concludes: “With health & wellness trend gaining popularity, there is an upsurge in demand for organic and natural haircare and makeup products, driving sector growth. Consumers are seeking sophisticated premium quality products – a trend expected to pave way for innovative cosmetic products.”