ttb analytics expects Thai beauty market to reach 68 billion baht in 75,000, growth slows, working-age group saturated
ttb analytics expects "Thai beauty market" in 68 to grow by less than 75,000 billion baht after the market began to slow down, but there is still support from 3 new potential behaviors to help compensate for the saturated working-age female customer group.
February 21, 2568 TTB Analytics (ttb analytics) The Thai beauty market in 2568 is estimated to grow at a low rate with a market revenue of 75,000 billion baht, expanding by only 2.7% from 2567, an increase of 4%, after the market began to face a slowdown due to limitations in the main customer group, such as working-age women, which tends to decrease. However, we see an expansion in the male customer group and the elderly who are starting to receive more beauty services, including new consumers who have an easier chance to make decisions through planning their spending under their ability to pay in installments in the future, helping to compensate and support the growth of the industry in the future.
The beauty market is one of the fastest growing industries worldwide, especially after the COVID-19 pandemic, which has led to a rise in popularity of image care. With effective and cheaper medical technologies and innovations, beauty services are becoming more accessible.
According to Grand View Research, the global beauty market is expected to be worth over 5 trillion baht in 2567 and grow to 11.5 trillion baht by 2573, growing at a CAGR of 15%. Key factors driving this growth คือ Expansion of the Non-Invasive Cosmetic Products Market This is another option that meets the needs of consumers who want to enhance their beauty without surgery, especially those who are concerned about the risks of invasive products. In addition, the surgical procedure can enhance the results of the surgery, attracting a variety of customers, both existing and new customers who want safe and low-risk options, supporting the tendency for the beauty enhancement market to continue to grow.
for Thailand In the past, the beauty industry has expanded rapidly following global trends. This is consistent with the assessment of ttb analytics, which collected revenue data from operators during 2562-2566, and found that revenue grew by an average of 14% per year. However, in 2567, it is expected to grow by 4% from 2566, with a market value of 73,000 billion baht. It is estimated that in 2568, the beauty industry is expected to expand by a low of 2.7%, with a market value of 75,000 billion baht.
The reasons why the Thai beauty industry trend is not growing according to the trend are due to the following important factors:
1.) Saturation of purchasing power groups, especially the main customer group of working-age women.
2.) The relatively high cost of services is an obstacle to accessing services for a wide range of customers due to the higher costs of importing equipment and medical supplies from abroad.
3.) Consumer purchasing power is limited by Thai people's income, which increases slowly when compared to the United States, which is the world's largest beauty market, as well as South Korea, which is famous for providing beauty services. In comparing income per service, it was found that Thai people may have to work up to 25 days, while the United States or South Korea work only 1-3 days.
Although there is increasing pressure on the Thai consumer market, with the new generation of consumers placing more importance on beauty care, it is not a limitation in using the service regardless of age, gender, and income level. With ttb analytics' in-depth study of consumer behavior, 3 interesting issues were found as follows:
1. The male market has clearly become more popular, especially among teenagers, with a growth rate of up to 65%, while the working-age male customer group, which is the main proportion of the market, has expanded by 20%, which is consistent with the trend of men taking care of themselves around the world, as reflected in the growth of facial and body care products (Mans Grooming) from Global Market Insights, which expects the global market value of this product to continue to grow by an average of 5.6% during 2567-2575.
2. The market of people aged 50 and over is becoming a market with high potential. With more financial readiness than other age groups, this group is both an opportunity and a challenge for the beauty business. From the survey, it was found that the group of customers aged 50 and over has expenses per person that are twice as high as the younger group, especially in the group of women who give importance to slowing down the aging process. It is expected that this group will tend to expand from the population structure in the group of customers aged 2-40 years old, which is currently large.
3. New consumer groups tend to make purchase decisions more easily because Thai people tend to buy products or services that can be paid in installments in multiple installments, which reduces the burden of paying in a single lump sum. This is consistent with the principle of intertemporal consumption, which benefits consumers who plan their finances in advance. A survey on beauty spending behavior in Thailand found that using credit cards to pay in installments costs 6 times higher per person than paying in full, and has a growth rate of up to 57% at present.
In summary
The beauty market in Thailand is an industry with continuous growth under the popularity of image care and improvement. Despite the challenges of slowing demand limitations in the main customer group, in the long term, the market still tends to grow continuously, driven by technological innovation, health and beauty trends, and the expansion of a wider range of target groups, along with the increasing competition in the market to attract customers who want more satisfaction in terms of “standards, safety, and quality”, which will become strategies that influence the growth of the beauty industry in the future.
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