Thailand's beauty market expects only modest growth
Thailand's beauty market is expected to grow only modestly this year because of negative sentiments such as intense competition, rising material and transportation costs, and a decline in purchasing power.
Ketmanee Lertkitcha, president of the Thai Cosmetic Manufacturers Association, said on Saturday that entrepreneurs should pay attention to building confidence among consumers, such as maintaining product quality and offering new products that meet their demand.
"Meanwhile, entrepreneurs should take part in exhibitions to meet new domestic and foreign consumers," she said.
She also advised entrepreneurs to adopt such technologies as artificial intelligence (AI) to enhance their products and services and meet the demand for items designed for each consumer.
"Quality is an important factor because consumers are aware of products by searching on the Internet," she added.
Ketmanee outlined beauty products that would be trending this year:
• Anti-aging products;
• Skincare and makeup products from natural extracts that benefit from concerns over safety;
• Beauty foods, such as vitamins that benefit from consumers' values and lifestyles;
• Cosmetics that make skin look hydrated;
• New technologies and innovations such as AI that transform the beauty market.
However, she said she did not expect the government's 10,000-baht digital wallet handouts to stimulate the beauty market, as people would prioritise purchasing necessities.
