Thailand’s make-up sector to reach US$943.4m by 2024, says GlobalData

The make-up sector in Thailand is forecast to grow from ฿21bn (US$667.2m) in 2019 to ฿28.5bn (US$943.4m) by 2024, recording a compound annual growth rate (CAGR) of 6.3%, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Thailand Make-Up – Market Assessment and Forecasts to 2024’ reveals that the ‘face make-up’ dominated the Thai make-up sector with value sales of ฿11.5bn (US$363.8m) in 2019. The category also led the sector in volume terms with sales of 20.9 million units in the same year. However, ‘eye make-up’ category is forecast to register the fastest value growth at a CAGR of 6.62% during 2019-2024. It is followed by face make-up and lip make-up categories with CAGR of 6.56% and 5.6%, respectively.

Anchal Bisht, Consumer Analyst at GlobalData, says: “Demand for natural and organic beauty products is on the rise among the Thai consumers which is likely to drive the sector growth through 2024. Consumers are looking for safe and natural ingredients in products on account of their increasing awareness of harmful effects of artificial or chemical additives in beauty products.”

The report further reveals that the value share of Thailand in the global make-up sector is expected to increase from 1.2% in 2019 to 1.3% by 2024. However, the country’s share at regional level is expected to remain constant at 3.6% during the next five years. 

Better Way(Thailand) Co., Inc., L’Oréal S.A. and Op Natural Products Ltd are the leading players in the Thai make-up sector. Mistine, owned by Better Way(Thailand) Co., Inc., remains the most popular make-up brand in the country in 2019 and is followed by Oriental Princess in the same year.  

Department stores are the leading distribution channels in the Thai make-up sector with a value share of 28.1% in 2019. It is followed by direct sellers and health & beauty stores in the same year.

Ms Anchal concludes: “Growing internet penetration among the Thai consumers has increased popularity of several international beauty products, the influx of which is expected to drive sector growth further. Consumers are not hesitant to buy products through e-commerce platforms owing to detailed product information and reviews available, wider product range and reasonable prices, which will ensure the category continues to prosper in the foreseeable future.”

More Media