The Thailand skin care products market size was valued at $2,568.2 million in 2019, and is projected reach $4,391.4 million by 2027, registering a CAGR of 7.6% from 2021 to 2027. Skin care products refer to those products which aid skin integrity, provides relief to skin conditions, and furthermore enhance its appearance. Several types of skin care products available in the market include cream, lotion, masks, and serums. Skin care products are manufactured using several ingredients, including chemical compounds, medicinal herbs, or natural ingredients.
Tourism industry is one of the highest contributors to the Thailand economy. Hence, the spending by tourists and visitors on skin care products is regarded as a crucial driver ofthe Thailand skin care products market.In addition, the rapidly aging Thailand population is one of the key factors influencing the growth of the anti-aging skin care products range. The demand for anti-aging productsis thereby expected to experience a healthy growth. However, the drastic drop in tourist visits to Thailand during the COVID-19 crisishasconsiderably hampered the Thailand skin care products market in the country—the effects of which are anticipated to impact until the uplifting of lockdown restrictions. On the contrary, the ongoing boom in internet penetration and the shift from non-store retail to online can be regarded as a Thailand skin care products market opportunity for cosmetic manufactures to target a large consumer base and hence expand sales.
According to Thailand skin care products market analysis, the market is segmented into type, demographics, age group, and sales channel. By type, it is categorized into cream, lotion, and others. Depending on demographics, it is bifurcated into male and female. On the basis of age group, it is classified into generation X, millennial, and generation Z. As per sales channel, the market has been studied across supermarket/hypermarket, specialty stores, department stores, beauty salons, pharma & drug stores, and online sales channel.
On the basis of type, the cream segment accounted for the maximum share in 2019, since cream and cream-based products are considered as one of the most popular skin care products in Thailand. Cream-based products have gained higher traction in the skin care industry, due to their emollient properties such as anti-inflammation and skin firming. In addition, social factors such as increase in consciousness about personal well-being &appearance among young generation and surge in demand for aesthetic services are actuated to positively impact the growth of the market. Hence, due to these key characteristics possessed by cream-based skin care products, the cream segment accounted for a higher value share in the Thailand skin care products market, although other skin care products such serums, masks, peel offs, powder, oil, cleansers, and toners are expected to grow at a higher CAGR during theThailand skin care products market forecast period.
On the basis of demographics, the female segment was dominant, which accounted for more than half of the Thailand skin care products market share in 2019, and is expected to retain its dominance during the forecast period. Improvement in standard of living and fashion consciousness among Thailand female consumers haveboosted the demand for skin care products. In addition, owing to surge in awareness regarding health and wellness among female consumers in Thailand, the demand for herbal and natural skin care products is anticipated to increase at a substantial rate during the forecast period.
By Product Type
Others segment would exhibit the highest CAGR of 8.8% during 2021-2027.
On the basis of age group, the generation X segment held a significant share in the Thailand market in 2019. However, the millennial segment is expected to garner a considerable share in the Thailand skin care products market, since millennial are known to be more tech-savvy and exhibit interest in trying new products, which make them the key target audience in the Thailand skin care products industry.
By Demographics
Male segment would exhibit the highest CAGR of 8.5% during 2021-2027.
On the basis of sales channel, the supermarket/hypermarket segment held a significant share in the Thailand skin care products marketin 2019. However, the online sales segment is expected to garner a considerable share, due to rise in penetration of internet, increase in digitization, and surge in number of social media users in Thailand. In addition, brands are collaborating with social media influencers to promote skin care brands in online retail. Hence, online stores reach a larger consumer base across the country, and is considered as the fastest growing sales channel in Thailand skin care products market during the forecast period.
By Age Group
Millennials segment would exhibit the highest CAGR of 8.6% during 2021-2027.
The key players analyzed in the Thailand skin care products market reportare L'Oréal S.A., Beiersdorf AG, Kao Corporation, The Estée Lauder Companies Inc., Do Day Dream Plc., Siam Health Group Co. Ltd., Aisance Company Limited, Shiseido Company Limited, Unilever Group, and Procter & Gamble.
By Sales Channel
Online Sales Channel segment would exhibit the highest CAGR of 10.2% during 2021-2027.
Key market benefits for stakeholders
- The report provides extensive analysis of the current & emerging trends and opportunities in the Thailand skin care products market.
- The reportprovides detailed qualitative and quantitative analyses of current trends and future estimations, which help to understand the prevailing Thailand skin care products market opportunities.
- A comprehensive analysis of factors that drive and restrict Thailand skin care products market growth is provided in the study.
- An extensive analysis of the market is conducted by following key product positioning and monitoring top competitors within the market framework.
- The report provides extensive qualitative insights on the potential & niche segments.
Thailand Skin Care Products Market Report Highlights
| Aspects | Details |
 By Type |
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 By Demographic |
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 By Age Group |
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 By Sales Channel |
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 Key Market Players | Unilever Group, Shiseido Company Limited, Kao Corporation, The Estée Lauder Companies Inc., Beiersdorf AG, Do Day Dream Plc., Siam Health Group Co. Ltd, Procter & Gamble, L'Oréal S.A, Aisance Company Limited |
Analyst Review
Thailand serves as a lucrative investment pocket for skin care products in the ASEAN market. This is attributed to the fact that Thailand in among the leading original equipment manufacturing (OEM) cosmetics manufacturing countries in ASEAN region. In addition, availability of abundant raw materials, strategic proximity location near high potential market, profound expertise in manufacturing, and high quality standards of products have significantly contributed toward the growth of the Thailand skin care products market. However, the Thai market is highly price sensitive. Competitive prices without compromising with the quality of products remains a major challenge for the engaged stakeholders operating in the Thailand skin care products market. As a result, leading players in the industry are coming up with innovative skin care products incorporating natural ingredients, differentiating packaging, and unique offerings at affordable prices. Furthermore, the market is expected to grow at a robust rate in the upcoming years, due to by government support in terms of product development, proliferation of online sales channels, and increase in trend of digital promotions & advertisements.
The Thailand skin care products market size was valued at $2,568.2 million in 2019.
The Thailand skin care products market is poised to grow with a CAGR of 7.6% from 2021 to 2027.
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Government initiatives, surge in awareness regarding health and wellness and brands collaboration with social media influencers are some of the top impacting factors of the Thailand skin care products market.
The Thailand skin care products market is segmented into type, demographics, age group, and sales channel.
The forecast period for Thailand skin care products market is from 2021 to 2027.
Active players in the Thailand skin care products market includes L'Oréal S.A., Beiersdorf AG, Kao Corporation, The Estée Lauder Companies Inc., Do Day Dream Plc., Siam Health Group Co. Ltd., Aisance Company Limited, Shiseido Company Limited, Unilever Group, and Procter & Gamble.
Organic and natural skin care products are likely to gain high traction in the Thailand skin care products market.
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