The global wellness tourism market valued at USD 850.55 billion in 2021 and is expected to grow to USD 2.1 trillion by 2030. This trend is driven by increasing awareness of health and wellness, as well as the demand for products and services that support a healthy lifestyle.
Healthcare and Beauty Industry in Thailand
The healthcare and beauty industry in Thailand is experiencing rapid growth, significantly contributing to the nation’s economy. Known for its advanced yet affordable medical care, Thailand has become a top destination for medical tourism. In 2023, the country’s healthcare sector saw substantial growth driven by increased demand for high-quality medical services at lower costs compared to Western countries.
The Universal Coverage Scheme played a crucial role, with the government allocating approximately 207 billion Thai Baht in 2023 to support healthcare services.
In 2024, Thailand’s healthcare and beauty industries continue to demonstrate significant growth. According to a report from Meiyume, the beauty and personal care market in Thailand reached a value of $7.2 billion, with an annual growth rate of 13.9%. The skincare category is the largest, valued at $2.6 billion, and is expected to grow at a compound annual growth rate (CAGR) of 9.4%. Additionally, color cosmetics show the fastest growth, with an annual increase of 33.9% and a projected CAGR of 14.7%.
Furthermore, GlobalData projects that the Thai cosmetics and toiletries industry will reach $8.57 billion by 2024, with a CAGR of 6.0% from 2019 to 2024. Key drivers include increased consumer purchasing power, leading to higher demand for quality skincare products. The growing trend of health and wellness is also boosting demand for organic and natural hair care and makeup products.
Overall, Thailand’s healthcare and beauty industries are not only crucial to its economic growth but also position the country as a major player in the global market. The combination of advanced medical services and a thriving beauty sector creates numerous opportunities for business expansion and international collaboration.
The beauty and personal care market in Thailand is equally robust. In 2024, this market is projected to generate revenues of approximately USD 6.67 billion, with an annual growth rate of 5.11% from 2024 to 2028. The combination of advanced medical services and a thriving beauty sector creates numerous opportunities for business expansion and international collaboration.
About Healthcare and Beauty Business Matching 2024
The 2024 Thailand Healthcare and Beauty Business Matching event aims to connect and strengthen the healthcare and beauty industries between Thailand and Indonesia. It provides a platform for entrepreneurs to broaden their business prospects and establish lasting partnerships across both countries.
Additionally, this initiative fosters knowledge exchange, promotes innovation, and enhances access to new markets and cutting-edge technologies. It also encourages the sharing of best practices and boosts economic growth by leveraging the unique strengths and resources of both nations. (*)
