Due to its favorable location within the ASEAN area, Thailand is predicted to have one of the largest and fastest growing cosmetics markets. The development of a complete supply chain presents the country with numerous opportunities for future growth and progress.
On July 25, 2023, at the Kempinski Hotel in Jakarta, there will be a discussion on this at the “Thailand Cosmetics & Personal Care Business Matching” event.
The event, which will take the form of seminar and business matching, will also include prominent Indonesian officials, and the invitees consisting of importers and distributors of cosmetic and personal care products.
According Hataichanok Sivara, Director of Thai Trade Center, Jakarta that more than 750 million people live in Southeast Asia, an area made up of populous nations including Indonesia, Brunei, Cambodia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Since the ASEAN Economic Community (AEC) was established in 2015 and its members have free trade agreements in place, the area has attracted investors and global corporations looking to forge business relationships. It is hardly unexpected that several industries in this area are expanding quickly.
One of the areas with the fastest growth is the market for cosmetics and personal care goods. The personal care and cosmetics market in Southeast Asia is growing at a double-digit rate, making it the second-largest development engine in the area after China. The key forces behind this expansion are a young population demographic and the emergence of a middle class with almost 600 million individuals.
Sales are anticipated to increase further in the personal care and cosmetics market, reaching $30.04 billion by 2023. This growth is predicted to continue between 2023 and 2027 at a rate of 3.57% annually.
Thailand has taken considerable actions in an effort to seize this chance. Participating actively in the cosmetics sector, which enables the production of high-quality goods locally, is one of them. Thailand can work with local companies to produce products as a consequence, creating beneficial commercial connections.
