Thailand’s new coalition authorities is being inspired to adopt a consistent policy to help the nation’s magnificence and wellness market over an extended interval.
Ketmanee Lertkitcha, the chairwoman of the health, wellness and wonder business cluster of the Federation of Thai Industries, highlighted the need for a national strategy to promote this sector, which, along with tourism, performs a vital role within the country’s economy.
Ketmanee proposed the implementation of soft power activities and the identification of prime locations for native small companies to showcase their well being and sweetness products. She cited South Korea as a wonderful example of a nation that has successfully supported its beauty industry.
The global wellness financial system was valued at a hundred forty five trillion baht in 2020 and is anticipated to reach 230 trillion by 2025. In 2021, Thailand’s wellness financial system was estimated to be around 1 trillion baht.
In the health, wellness and beauty sector, private care and sweetness accounted for 30%, while healthy consuming, nutrition and weight loss made up 25%. Wellness tourism contributed 12%, with bodily exercise and traditional and complementary medicine every accounting for 10%. Simple , prevention, and personalised drugs represented 6%, and spas made up 4% of the trade.
Regarding the wonder market, Ketmanee acknowledged that the global market value final 12 months was 648 billion baht, with Thailand’s magnificence market valued at 246 billion baht. The compound annual development fee for Thailand’s magnificence market is 9.22%.
E-commerce, which accounted for 28% of the market and recorded eight.9% growth in 2022, primarily drove the growth of the local cosmetics market. The e-commerce section of the wonder market is predicted to develop by 13% this year.
Angel Fu, occasion director at Informa Markets, pointed out that Thailand has become the fastest-growing beauty market in Southeast Asia. Several major international manufacturers have already invested within the Thai cosmetics market, in accordance with Fu.
“Thailand has a lot of worldwide manufacturers with production capacity here, given the country’s low production prices. Thailand additionally has plenty of original tools producers [OEMs] producing here.”
Francesca Donati, head of worldwide marketing for Asia at BolognaFiere Cosmoprof, emphasised Thailand’s strategic position as a gateway to Asean. The country’s cosmetics sector accounts for 25% of the entire ASEAN area..