According to the report published by allied market, Thailand skin care products industry garnered $2.56billion in 2019, and is estimated to reach $4.39billion by 2027, registering a CAGR of 7.6% from 2021 to 2027. The report provides a comprehensive analysis of key market trends, driving factors & opportunities, major segments, value chain, product portfolio, and competitive landscape.
Surge in demand for anti-aging skin care products due to rapidly aging population and rise in awareness among female consumers regarding the benefits of self-care drive the growth of the Thailand skin care products market. However, rise in penetration of counterfeit skin care products restrains the market growth. Furthermore, growing internet penetration and the shift from non-store retail to onlineis expected tocreate new growth opportunities.
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Leading market players
- Beiersdorf AG
- L’Oréal S.A.
- The Estée Lauder Companies Inc.
- Kao Corporation
- Siam Health Group Co. Ltd.
- Do Day Dream Plc.
- Shiseido Company Limited
- Aisance Company Limited
- Procter & Gamble
- Unilever Group
Covid-19 Scenario
- Skin care products manufacturing companies have affected to a larger extent due to disrupted supply chain amid the Covid-19 outbreak.
- In addition, shutdown of beauty salons amid lockdown has reduced the demand for skin care products across Thailand.
- Consumers prefer to buy skin care products from the online sales platform instead of buying from specialty stores to avoid transmission of the coronavirus. This shift in purchasing behaviour has affected the market.
Thefemale segment to dominate throughout the forecast period
Based on demographics, the female segment accounted for more than three-fifths of the total share of the Thailand skin care products market in 2019, and is expected to maintain its leadership status in terms of revenue throughout the forecast period. This is attributed to improvement in the standard of living, rise in fashion consciousness, and surge in awareness regarding health and wellness among female consumers across Thailand. However, the male segment is estimated to portray the fastest CAGR of 8.5% from 2021 to 2027.This is attributed to rise in consciousness of personal well-being and desires to develop, create, and maintain a strong identity and self-image.
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The Generation X segment held the lion’s share during the forecast period
Based on age group, the Generation X segment contributed to the highest market share, accounting formore than two-fifths of the Thailand skin care products market share in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to the buying behavior of consumers of this age group as they prefer doing traditional shopping from retail stores or specialty stores. However, the millennials segment is estimated to generate the fastest CAGR of 8.6% from 2021 to 2027. This is attributed to the buying behavior of consumers of this age group as they are more tech-savvy and exhibit interest in trying new products.
Supermarket/Hypermarketto maintain its dominant by 2027
Based on sales channel, the supermarket/hypermarket segment contributed to the highest market share, accounting for more than one-fourth of the Thailand skin care products market share in 2019, and is estimated to maintain its leadership position during the forecast period. This is attributed to availability of multiple cosmetic brands in supermarket/hypermarket that provides increased access to consumers. Moreover, these serve as a one-stop solution, which makes a popular option of shopping for consumers. However, the online sales channel segment is estimated to generate the fastest CAGR of 10.2% from 2021 to 2027. This is attributed to easy accessibility, heavy discounts, and offers on cosmetics & skin care products provided by the online platforms.
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