ASEANbeauty first to cater to fast evolving market in Thailand

By Michelle Yeomans contact

- Last updated on GMT

ASEANbeauty first to cater to fast evolving market in Thailand

Related tags: Asean economic community, South east asia, Personal care products, Southeast asia, Asean

UBM Asia has launched ASEANbeauty, a trade event supported by the Thai Cosmetics Manufacturers Association in an effort to keep up with the growing cosmetics sector in Thailand.

According to the Association, Thailand's beauty industry is growing, fuelled by a strong economy and increasingly sophisticated consumers, including the men's market which is proving to be particularly lucrative.

With 70 million potential consumers, the market for beauty and personal care products grew 8% in 2012.

The luxury goods segment continues to boom with a 24% increase in year-on-year sales in 2013. The top product categories include perfumes and cosmetics.

Southeast Asia is a strategic region, where economic growth and development is expected to exceed the global average.

Thus, ASEANbeauty will be the premier international beauty trade show for South East Asia where companies looking to expand in Southeast Asia will be able to build business network and gain industry insights through seminars and educational workshops.

International and domestic opportunities at this industry first event

The event will be held in Bangkok from the 8-10 April, 2015.

Show organisers say it will be the ideal platform for attendees to not only meet potential buyers and distributors, but also to observe trends and gather market intelligence.

To date, 200 leading suppliers are set to exhibt across the personal care, skin, hair, and nail care segments including cosmetics, fragrances, raw ingredients, salon supplies and natural heath products from Asia and other countries around the world.

According to Ketmanee Lertkitcha, president of The Thai Cosmetic Manufacturers Association and supporting partner of ASEANbeauty, there are many opportunities for both international as well as domestic companies in this vibrant market, which values new and innovative products.

"A wealth of natural resources, low-cost skilled labour and regional economic integration with the ASEAN Economic Community by 2015 have attracted businesses keen to explore the vibrant new domestic markets that are emerging in ASEAN countries,"​ she says.

Reduction in import duties driving cosmetic purchases

A recent reduction in import duties in Thailand is believed by the government to attract more foreign visitors, as well as increasing domestic spending on cosmetics.

“Thailand still subjects such goods to 30-per-cent duties. If tourists come to Thailand and can purchase all they want here, it would boost spending per tourist," ​says Areepong Bhoocha-oom, secretary at the Finance Ministry.

The government also aims to improve cross-border trade, and is eyeing a series of initiatives which would give more funding to border activities and provide greater convenience for multi-country transactions.

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