The makeup sector in Thailand is predicted to increase from US$667.2m in 2019 to US$943.4m by 2024, for a compound annual growth rate (CAGR) of 6.3%, according a recent report from GlobaData.
Eye makeup is forecast to have the fastest value growth at a CAGR of 6.62% during 2019-2024, followed by face makeup and lip makeup categories with CAGR of 6.56% and 5.6%, respectively.
“Demand for natural and organic beauty products is on the rise among the Thai consumers which is likely to drive the sector growth through 2024. Consumers are looking for safe and natural ingredients in products on account of their increasing awareness of harmful effects of artificial or chemical additives in beauty products,” said Anchal Bisht, Consumer Analyst at GlobalData.
By brand, Mistine — owned by Better Way (Thailand) Co. — remains the most popular makeup brand in the country, followed by Oriental Princess.
L’Oréal is also a major player in Thai cosmetics, thanks to the online brand awareness gained among consumers in the country.
“Growing internet penetration among the Thai consumers has increased popularity of several international beauty products, the influx of which is expected to drive sector growth further,” continued Anchal.
As for distribution, department stores were the leading retail channel in the Thai makeup sector with a value share of 28.1% in 2019, followed by direct sellers and health and beauty stores.
“Consumers are not hesitant to buy products through e-commerce platforms owing to detailed product information and reviews available, wider product range and reasonable prices, which will ensure the category continues to prosper in the foreseeable future,” concluded Anchal.