Thailand Market Trends (2024)
Meiyume’s Spotlight Trend Report
June 2024 –
Exploring macro and micro trends, this report examines the global reach of Thai beauty brands, the integration of cultural and technological advancements, shifts in consumer preferences post-pandemic, and strategic online and offline retail developments. The emphasis on natural and organic ingredients, sustainability, vegan products, and the intersection of beauty and technology further shape the landscape of the Thai beauty market.
The Thai Market, at a Glance
- Beauty and personal care (BPC) in Thailand saw demand from local consumers reflect greater sophistication in taste and preferences. As a result, the BPC market overall enjoyed a $7.2B current value and 13.9% YoY growth.
- Skincare is the largest category with a $2.6B current value and is expected to see significant growth with a 9.4% CAGR.
- Colour cosmetics continue to drive overall industry growth, rising fastest in terms of volume and current value sales, with impressive 33.9% YoY growth and the strongest future growth of 14.7% CAGR.
3 Key Micro Trends to Watch
- Skinimalism – Emphasizing simplicity in skincare and makeup routines, this trend encourages the use of fewer products, focusing on multifunctionality to achieve maximum benefits with minimal application. This approach aligns with the growing desire for more sustainable and efficient beauty practices, allowing consumers to streamline their routines without compromising results. By embracing skinimalism, consumers can achieve a natural, healthy look with less effort and fewer products.
- Natural/Organic Ingredients – Driven by the increasing consumer demand for clean beauty options, this trend emphasizes the use of products free from harsh chemicals and formulations that incorporate natural elements, reflecting a growing preference for more sustainable and health-conscious beauty practices.
- Beauty Tech – The beauty industry is rapidly evolving with the integration of technology to enhance personalized product experiences. This trend is marked by the development of innovative apps and tools that allow consumers to virtually test products and perform detailed skin analysis. By leveraging these advancements, brands can offer tailored recommendations, improving customer satisfaction and engagement. The fusion of beauty and tech is not only revolutionizing how consumers interact with products but also setting new standards for customization and precision in beauty care.
Meiyume
At Meiyume, we harness data and analyze industry trends to stay at the forefront of the beauty industry. By leveraging advanced analytics and insights, we continually adapt and innovate our product offerings to meet evolving market demands. Contact us at marketing@staging.mym.inqaprojects.com to learn more about Meiyume’s full capabilities.
To learn more about these trends and how they are shaping the future of the beauty industry, contact us to access the full trend report. Stay tuned for more insights and updates from Meiyume.