Thailand has also been a center for Original Equipment Manufacturers (OEM) in the cosmetics industry. By choosing Thailand as an OEM center, cosmetic companies can take advantage of the nation’s current infrastructure and manufacturing expertise.
Thailand’s success as an ASEAN centre for beauty is attributed to the richness of indigenous raw material sources. The country offers easy access to a wide range of natural raw materials used in the production of cosmetics. Utilizing local raw materials helps the home sector grow and remain viable, and it also gives Thai cosmetics more value.
Thailand is poised to serve as the ASEAN region’s center for beauty in this circumstance. Thailand’s cosmetics industry is expected to be worth more than USD 7.3 billion by 2022. Commercial prospects are growing along the entire value chain thanks to the AHCRS (ASEAN Harmonized Cosmetic Regulatory Scheme), which harmonizes cosmetic laws with ASEAN.
With the steps that have been taken and the appealing market potential, Thailand has shown that it has the ability to play a big role in the Asia Pacific cosmetics business. By focusing on product development and innovation, supply chain improvement, and increased engagement with local companies and regional partners, Thailand may be able to take advantage of the significant growth potential in the swiftly increasing cosmetics sector.
Business opportunities
The country currently enjoys a powerful government and elevated political stability. The Thai government’s action demonstrates its commitment to creating an environment that is favorable for companies in the cosmetics sector.
These benefits encourage companies to develop and expand their operations in Thailand while also raising Thailand’s competitiveness in the cosmetics sector on a regional and global level.
