Cosmetics, Beauty and Personal Care : Trend and Market Analysis
3 February 2020
Cosmetics or beauty and personal care are one of the important businesses in Thailand, which are not only have high market values but are also on a rising trend. Specifically, Beauty and Personal Care is one of the fastest growing consumer goods, growing well above the country’s GDP at 7.6% per year between 2013 - 2018. In 2018, domestic market value reaches 180.2 billion baht, increases 7.3% from 2017. Breaking down into categories: 47% is skincare, 18% is hair treatment and 16% is makeup.
The monopolistic competition market consists of the major firms who dominate the majority of the market. However, the lack of market entry barriers gives the high degree of competition in the market. Hence, the small firms should focus on their niche market and strengthen their specialized in some products. Recently, the interesting niche market consists of the following group for example aging group and male group. On the other hand, Organic or green product is the point that the firm should consider because the rise of the health-conscious movement leads how to make selective purchases on beauty care products based on the raw ingredients used, whether avoiding potentially unsafe components or seeking those with more natural materials. Moreover, consumers expect more of less-harmful production processes and eco-friendly or recycle packaging. Firms should develop the variety of the distribution channel to cover both online and offline retailers and focus on product innovation including set up the storytelling for the products.
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This article was prepared for general publication. Which was prepared from various sources trustworthy. However, TCELS can not be authenticated reliability Or integrity for commercial use or any other benefit. TCELS may be changed the detail of paper at any time without prior notice. Especially, users must be cautious when using various information by your discretion and responsible for all risks. TCELS will not be liable to users or anyone for any damage from using information in this report.
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