Thailand skincare market to exceed $3b in 2026: report

It is projected to see an average of of 3.8% growth annually.

Thailand’s skincare market is expected to reach more than $3.2b in 2026 as the mandatory use of face masks remains in place, GlobalData reported. 

The industry is projected to see a compound annual growth rate (CAGR) of 3.8% from $2.6b in 2021. 

“As protective face masks continue to be mandatory, the demand for facial care formulations that alleviate skin problems caused by the prolonged use of masks will continue to be in demand,” Likitha Nalluri, Consumer Analyst at GlobalData, said. 

“Moreover, multifunctional hand care creams and lotions that soften skin and protect against germs will gain traction. In addition, Thailand’s large aging population presents strong opportunities for anti-aging skincare products.”

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In its Thailand Skincare – market Assessment and Forecast to 2026 report, GlobalData noted the growth will be driven by “depilatories” category, followed by facial care with a CAGR of 4% and 3.9% between 2021 and 2026, respectively. 

“Even as COVID-19 cases subside and more consumers return to their workplace, consumer demand for do-it-yourself (DIY) advanced skincare solutions is expected to continue and be complemented by the increasing demand for multifunctional products for on-the-go usage,” Nalluri said.