The skincare sector in Thailand is expected to grow from ฿80.8bn (US$2.5bn) in 2019 to ฿109.1bn (US$3.6bn) by 2024 with a compounded annual growth rate (CAGR) of 6.2% over the forecast period of 2019-2024, says GlobalData, a leading data and analytics company.

GlobalData’s report, ‘Thailand Skincare – Market Assessment and Forecasts to 2024’ reveals that ‘facial category’ was the largest category with value sales of ฿66.7bn (US$2.11bn) in 2019. However, the hand care category is projected to witness the fastest value sales at a CAGR of 6.29% over the forecast period 2019–2024, followed by facial care and make-up remover categories with CAGRs of 6.28% and 6.2%, respectively.

Anchal Bisht, Consumer Analyst at GlobalData, says: “Strong economic growth, rise of the middle class, growing tourism, changing consumer inclinations and manufacturers’ emphasis on developing products and marketing products targeting men have all contributed to sizable growth in the sector.”

The per capita expenditure of skincare in Thailand stood higher than the regional and global averages in 2019. The per capita expenditure for Thailand skincare sector stood at US$36.5 in 2019 which was higher than the global per capita expenditure of US$19.6 followed by regional per capita expenditure which stood at US$17.6 in the same year.  

Unilever, Beiersdorf Ag, and L’Oréal S.A. C are the top three leading players by value sales in the Thai skincare sector. Nivea, owned by Beiersdorf Ag is the most popular brand in the Thai skincare sector in 2019. ‘Hypermarkets and supermarkets’ emerged the largest distribution channel in 2019 with a value share of 36.6% in the Thai skincare sector followed by health & beauty stores.

Ms Anchal concludes: “Consumers’ rising penchant for high quality products using naturally sourced ingredients that promote healthy skin is expected to drive further innovation in the sector resulting in elevated adoption. Increasing brand awareness among consumers and rising expenditure on premium beauty products, while expanding target market with affordable products, will fuel growth of Thai skincare sector through to 2024.”