Everybody likes to look great, and Thais are no exception, in fact we spent over $22 Billion on beauty products last year alone! Some might even be surprised that a significant portion of that went to grooming products for men, so it’s no wonder we are such a good-looking nation! With that kind of money involved you might wish you owned a cosmetics factory (known as โรงงานเครื่องสำอาง in Thai)! Well, let’s take a minute to behold what this thriving beauty business is all about.
Beauty products and cosmetics have traditionally been the domain of women, who individually spend an average of $3,600 yearly on beauty and grooming. Perhaps a little surprisingly, today’s men are now also using these products. Around 16% of of sales were made by men, who have even begun to include makeup in their daily grooming regime. Of the total amount spent, women still make up the lion’s share, with a total of $15 Billion, while men spent $7 Billion, a very significant increase from decades past.
The Thai beauty industry is growing larger and more profitable, so who are the people working to make this happen? Much like education and health care, women dominate the field. Australian employees in the beauty industry are mostly women, holding 48% of full-time jobs, and 49% of part-time jobs in the field. There are now over 35,000 businesses dedicated to beauty, employing 80,000 people, of which 97% are female, with only 3% being male. Men have certainly become much more interested in beauty care products, but it’s still women who make up the majority when it comes to the buying and selling.
Within the beauty industry’s many sectors, personal care holds the lead, boasting $3,391 million in revenue for the year 2021. It’s considered to be a growth industry, the next four years are estimated to see an estimated increase of 5.8%, culminating in $3,737 million of projected revenue by 2026.
The best-selling products are related to personal hygiene, dominating with a market share of 80%. Coming in at a strong second place are oral and dental care products with a notable market share of 78%. Skin care and fragrances also had impressive showings, as did the ever-popular cosmetics and toiletries.
What does it all mean? That Thais mean business when it comes to their appearance and personal care, making this a better time than ever before to be in that business!