Top seven Thai beauty market priorities as market projects to grow by 5.4%

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BANGKOK (The Nation/Asia News Network): Trend forecasting company WGSN reveals the top strategies include Traceability and Transparency, Science-First Skincare and Holistic Beauty.

According to Statista, the SEA beauty, health, household and personal care segment is valued at US$18.5bil and is projected to grow at an annual rate of 16% during 2022-2026. Thailand's beauty market is valued at US$5.42bil as of 2022 and is projected to have a CAGR of 5.4% (2022–2026).

WGSN's proprietary methodology predicts consumer trends on the 18-24 month horizon with 90 per cent accuracy, and the firm has unveiled its South & South-East Asian beauty priorities analysis report that health is a concern that connects all countries in Asia.

In South-East Asia and India, product safety and authenticity are particularly important, with counterfeit products and poor manufacturing processes posing a dangerous issue.

Thailand is prioritising skin health as consumers gravitate to cosmeceuticals formulated with clean, natural and herbal ingredients. In addition, Thai consumers are also concerned about product safety and value innovative brands that are trustworthy and ethical.

"Health is one of Thai consumersʼ top beauty priorities, making clean and safe formulations is a must among beauty brands. Brands should prioritize traceability and transparency processes as top strategies, as Thai consumers expect to see full transparency on product sourcing and performance," said Christine Chua, Beauty Analyst, WGSN.

WGSN has revealed the top 7 beauty priorities for Thailand, which include:

1) Traceability and transparency: Health is Thai consumer's biggest beauty priority, making clean and safe formulations a must.

Education is also important as they try to learn more and increase ʻingredient-fluencyʼ as 70 per cent of Thai consumers only recognise 3 out of 10 active ingredients and are looking to retailers to fill the gap.

2) Science-first skincare: Derma-backed beauty brands will grow in popularity, valued for perceived expertise and prestige branding. Alongside perennially popular all-natural formulations, ʻscience-madeʼ ingredients will gain traction.

3) Holistic beauty: A growing cohort of Thai consumers will continue to seek head-to-toe beauty and self-care products. Scalp care products will uptick, with hair loss one of Thai consumersʼ biggest beauty concerns.

4) Wellness products and services: Rising stress levels and burnout are driving demand for wellness products and services.

Intentional products such as massage oils, foot baths, candles and aromatherapy-infused skin and body care will appeal to Thai consumers, while spending on professional treatments, spas and wellness retreats will continue to increase.

5) Gender-neutral to gender-specific: Thai men are developing more sophisticated beauty needs. While gender neutrality is expected, informed consumers are seeking facial skincare custom formulated for their concerns.

Thailand is also home to a prominent trans community. Products that address the skin dehydration and hair loss common with hormone replacement therapies will be in demand and offer a white space opportunity for brands and retailers.

6) Experimental purchases: The growing affluence and usage of digital channels have created a thirst for innovation. 81 per cent of Thai consumers plan to spend more or the same as now on beauty, especially on new brands with good reviews.

In addition, local brands are also leveraging local pride, using Thai art, food and heritage as their muse.

7) Community-minded: Conscious Thai consumers are seeking brands that fulfil their Protopian beliefs, benefiting others and the planet as well as themselves.

For example, a Bangkok-based farm-to-face brand uses every part of the moringa, including the leaves, branches and seed, leaving no waste behind.

The moringa is harvested organically in small batches to prevent overworking the soil and helps ensure fair trade for local families the brand partners with.

Social media and e-commerce have radically changed the way Thai consumers discover new brands and products.

Moreover, with the growing ageing population in Thailand, the anti-ageing category is now a prime territory for brands and retailers. Sunscreens and skin screens are also popular by association, especially with the all-year summer in the tropics region.

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