SKIN CARE IN THAILAND - ANALYSIS

Country Report | May 2023

KEY DATA FINDINGS Market Sizes

Retail value sales rise by 11% in current terms in 2022 to THB95.2 billion Sales of Skin Care
Facial care is the best performing category in 2022, with retail value sales rising by Retail Value RSP - THB million - Current - 2008-2027
11% in current terms to THB80.9 billion
L’Oréal Thailand Co Ltd is the leading player in 2022, with a retail value share of 12%
95.230 Forecast
200.000
Retail sales are set to increase at a current value CAGR of 8% (2022 constant value
CAGR of 6%) over the forecast period to THB141.4 billion
150.000
2022 DEVELOPMENTS

Particularly strong growth for face masks and intensive eye care
100.000
products
Even after COVID-19 ended, many people still lived with increased levels of stress and
anxiety, which can also cause skin problems. Thanks to rising health- and beauty-
50.000
consciousness, consumers also tended to have high interest in adopting a skin care
regime to improve their skin condition and pamper themselves. These factors helped
to drive dynamic retail volume and current value growth in 2022. The ageing population
and more knowledgeable consumers drove demand for anti-agers, as well as premium 0
skin care products. However, with limited purchasing power, some consumers shifted 2008 2022 2027
towards more affordable alternatives, while still retaining all the steps in their skin
care routine.
Sales Performance of Skin Care
Particularly dynamic development was seen in eye creams and eye serums. New
% Y-O-Y Retail Value RSP Growth 2008-2027
launches in this specific area were numerous at the end of the review period, and
included: Drunk Elephant Ceramighty AF Eye Balm with 3% ceramide blend and 10%
plant omega-lipid complex; Three Balancing Condensed Cream; Clinique Smart Clinical
Repair Wrinkle Correcting Eye Cream; La Mer the Eye Concentrate (relaunch of an
11.0% Forecast
14%
advanced formula); Kanebo Wrinkle-Lift Serum (can be applied not just to the eyes, but
also facial areas such as the forehead, lips, and other areas with wrinkles); Dior Capture 12%
Totale C.E.L.L. ENERGY (firming and wrinkle-correcting eye cream); Hourglass
Equilibrium Hydrating Eye Balm; Lancôme Advanced Génifique Eye Cream; Eucerin
10%
Hyarulon (HD) Radiance-Lift Set (including filler 3D serum, night cream and eye cream);
Eucerin Hyaluron (3X) Filler (including day cream SPF30, night cream and eye cream);
8%
Estée Lauder Advanced Night Repair Eye Concentrate Matrix Synchronized Multi-
Recovery Complex; and Cle De Peau Beauté Synactif Eye Cream.
6%
Another dynamic category in 2022 was face masks. Due to the emphasis on time-saving
and cost-saving for skin care routines, Thai consumers like to pamper their facial skin 4%
through sheet masks, with popular products seen amongst Thai and Korean brands.
New launches included Banobagi Jelly Mask (new Thailand-exclusive formulae – acne, 2%
sleepless and brightening), Wellnova Instant Repair Mask (CBD x Dragon’s Blood),
Sisley Exfoliating Enzyme Mask (powder-to-cream format), Mirai Cannabis leaf sheet 0%
masks, and BK Acne Balancing Mask. 2008 2022 2027

Entry of new brands, and expanded portfolios from existing brands

Skin care in Thailand remained fragmented in 2022, with a large number of both Sales of Skin Care by Category
international and local players, and only one player (L’Oréal Thailand Co Ltd) holding a Retail Value RSP - THB million - Current - 2022 Growth Performance
double-digit value share. While certain beauty and personal care categories suffered
from COVID-19, many players were interested in jumping into skin care, as this remains Body Care
a category with high potential and great opportunities to explore. Meanwhile, existing 10.988,1
brands also offered wider portfolios to cater to the sophisticated new demand and Facial Care
unmet needs. For example, L’Oréal introduced new products Micellar Cleansing Water 80.917,6
(with salicylic BHA), Garnier Bright Complete Anti Acne Booster Serum (with salicylic Hand Care
acid, vitamin C, niacinamide and AHA), and Garnier Bright Complete Vita C Gel Wash. 1.168,5
Skin Care Sets/Kits
Meanwhile, smaller brand Srichand was losing share in its core product line, colour 2.156,1
cosmetics, so it planned to gain momentum by launching a skin care product line 0% 10% 20%
focusing on mass basic moisturisers, with the Srichand Brightening collection, including
Srichand Super C Brightening Intense Serum. Yves Rocher took a similar approach to SKIN CARE 95.230,3 CURRENT % CAGR % CAGR
YEAR % 2017-2022 2022-2027
Srichand. The company withdrew its colour cosmetics line and invested more in skin GROWTH
care, as well as hair care. New product launches included Yves Rocher Super Serum Bud
Nectar (an anti-ageing global super serum).

Anti-ageing is the main trend in skin care, driving numerous new

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product launches Competitive Landscape
Various product trends were seen in skin care in 2022, the most significant of which
were demand for anti-agers, demand for natural multi-benefit products, and demand Company Shares of Skin Care
for products to address skin problems. In terms of anti-agers, thanks to rising health- % Share (NBO) - Retail Value RSP - 2022
and beauty-consciousness, more consumers started to take good care of their skin at a
L'Oréal Thailand Co Ltd 12.3%
younger age, which drove growth. In addition, Thailand has an ageing society, also
boosting demand for anti-agers. With demand rising, more brands made efforts to Beiersdorf Thailand Co L... 7.7%
include anti-ageing products in their product portfolios, with both premium and mass Unilever Thai Holdings L... 5.0%
skin care brands actively focusing on such products. Consumers are becoming more
educated and paying attention to active ingredients to combat ageing, such as collagen, Elca (Thailand) Co Ltd 4.2%
hyaluronic acid, retinol, and vitamin C. New launches in anti-agers included a wide Amway (Thailand) Ltd 3.7%
range of products from Chanel, such as Sublimage L'Extrait De Nuit (night serum),
Chanel N°1 de Chanel Red Camellia Rich Revitalizing Cream, Chanel Le Blanc Foam Procter & Gamble Mfg Tha... 3.0%
Cleanser, and Chanel La Mousse Cleansing Cream. Meanwhile, Yves Saint Laurent Shiseido (Thailand) Co L... 2.5%
launched the Or Rouge Collection, available in lotion, oil and crème format: Or Rouge
Better Way (Thailand) Co... 1.9%
La Lotion, Or Rouge Creme Riche, and Or Rouge Huile. Other product launches included
Dior Capture Totale Le Sérum, Caudalie Premier Cru The Cream, Sisley Ecological Giffarine Skyline Unity ... 1.2%
Compound Advanced Formula, and Lancôme Super Serum. Genaissance de la Mer The Amore Pacific (Thailand)... 1.1%
Concentrated Night Balm comes with Double Melt Balm technology and Crystal Miracle
Broth ingredient for anti-ageing. Anti-ageing skin care products were also seen in the OP Natural Products Co L... 1.1%
mass segment, such as Olay Antioxidant, containing three vitamins (B, C and E) for Rojukiss International P... 0.9%
strengthening, anti-ageing and moisturising the skin, with a claim of seeing a better
result in seven days. Meanwhile, Jula-Herb Gluta HYA Booster Serum Aura White Speed Johnson & Johnson (Thail... 0.9%
Whitening contains glutathione, hyarulon, blood orange, rainbow algae and Karmarts PCL 0.7%
astaxanthin as ingredients. It is good for use on its own, or for mixing with other skin
LVMH Moët Hennessy Louis... 0.7%
care products for a better result.
Central Trading Co Ltd 0.7%
The launch of products with multiple benefits has also been seen, with such launches
Do Day Dream Co Ltd 0.7%
driven by natural/herbal and innovative ingredients to create more advanced formulae;
for instance, Covermark Cell Advanced Serum-WS with natural ingredients such as neel Kao Industrial (Thailand... 0.6%
leaf, Assam red tea leaf, eggplant extract, pecan seed bark extract and geranium flower Other Private Label 1.4%
extract for healthy-looking skin. In addition, The Body Shop BOOST is a vegan self-care
range with mandarin and bergamot as the key ingredients, with the products also Others 49.8%
coming in recyclable aluminium bottles. The Origins GinZing product line comprises
Brightening Serum, Energising Gel Cream containing caffeine from green coffee bean
extract, niacinamide, vitamin C, and hyaluronic acid, and is available in
environmentally-friendly packaging. Hemp is another natural ingredient that is being
seen in an increasing number of new launches, such as: Nami Lab Series Acne Clear Brand Shares of Skin Care
Cannabis Leaf Soap; Nami I’m Fresh Hya-Hemp Seed Oil Brightening Gel; Mistine % Share (LBN) - Retail Value RSP - 2022
GunChong Seed Oil Lip Balm; In2It Hemp Seed Oil Serum; Mami Magical Moment Hemp
Seed Oil + Swiss Black Bee Honey Serum; LOPAZELLE Sleeping Mask 360 (with CBD); and Garnier 4.1%
Fuji Cream Botaganic Booster Serum (with CBD). Nivea 3.4%

The constant wearing of face masks continued to cause skin problems such as acne and Artistry 3.4%
skin irritation. This boosted demand for skin care, especially for sensitive formulae, Eucerin 3.3%
acne treatments, and dermocosmetics brands. For instance, Vichy Normaderm Probio-
L'Oréal Revitalift 2.4%
BHA Serum claims to solve up to 77% of acne problems and see effectiveness in the
first seven days. Eucerin Spotless Brightening Sebum Control Crystal Booster Serum Shiseido 2.3%
contains patented Thiamidol. Meanwhile, Yanhee Hospital launched Yanhee Premium Pond's 2.2%
Serum at THB390 for 30ml, with ingredients such as liquorice extract, niacin (vitamin B),
aloe vera and tranexamic acid. A new local brand, Per Skincare, covers several of the Mistine 1.8%
latest trends, by targeting ageing skin, melasma, freckled skin, skin with dark spots, Olay 1.7%
blemishes, acne scars, and sensitive skin.
Estée Lauder 1.6%

PROSPECTS AND OPPORTUNITIES SK-II 1.4%

Giffarine 1.2%
Continued growth expected, driven by both mass and premium skin La Mer 1.2%
care
Oriental Princess 1.1%
Skin care is set to see dynamic although slowing retail volume and current value growth Clinique 1.1%
over the course of the forecast period, with strong performances expected for both the
L'Oréal Paris Dermo-Expe... 1.0%
mass and premium segments. While mass brands could benefit from their more
affordable price point, wide variety of brands and product offerings, and aggressive Garnier Men 1.0%
promotions and marketing campaigns, the premium segment will be strongly driven by
Vaseline Intensive Care 0.9%
the presence of dermocosmetics skin care products. Dermocosmetics is likely to see
further development as consumers continue to review their skin care regimes. The Other Private Label 1.4%
damage from outside influences such as pollution and the regular wearing of face Others 63.4%
masks could have a negative impact on their skin condition.
5-Year Trend
Face masks, anti-agers and basic moisturisers are expected to be amongst the most Increasing share Decreasing share No change
active categories, thanks to trends such as at-home beauty, the ageing population, and
people starting to use skin care products at a younger age. Aside from this, further
developments could be witnessed in facial cleansers and lip care, which are considered
as essentials in consumers’ beauty and grooming routine.

Aggressive promotions will be a strategy to attract consumers

Skin care has a competitive landscape which is amongst the most intense within beauty
and personal care. At the end of the review period, some existing brands faded away,
but newcomers saw the opportunity and decided to jump into the category. With such a
competitive, challenging situation, brands are expected to compete against each other

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by launching aggressive promotions and discounting activities. Playing around with the
price offering and free gifts is likely to be one of the strategies with the most potential
over the forecast period. This already started to be seen at the end of the review
period; for example, Kiss offered double the volume at the same price point. Garnier x
Lazada also allowed customers to buy Garnier products via LazLive and get up to 50%
discount and other special gifts. Meanwhile, L'Oréal had several collaborations with
retailers to provide offers and promotions to customers. L'Oréal x Shopee allowed
customers to buy L'Oréal skin care products via Shopee and get up to 40% discount and
free home delivery for a limited period of time. L'Oréal Paris x Tops Supermarket
offered free prizes (Dyson Supersonic hair dryer and Tops gift vouchers) to top
spenders on all product lines, including skin care. L'Oréal x Lazada (for the Lazada
Birthday campaign) allowed customers to buy L'Oréal skin care products via LazMall and
get up to 70% discount, free coupons, cash back, flash vouchers, prizes for top
spenders, prize for first order, free samples and free gifts.
Pre-sale campaigns are also expected to be popular; these allow customers to pay the
first instalment on pre-order, and pay the rest by a specific date. Many premium brands
are expected to adopt this tactic, such as Estée Lauder, Sulwhasoo, Shiseido, Clarins,
Lancôme, La Mer, SK-II, Clinique, Laneige, Innisfree and Uriage, amongst others.
Meanwhile, private label is also expected to take advantage of the opportunity to
compete against brands in the forecast period, strengthening the competition. Private
label players will be keen to launch new product innovations to meet the latest
consumer demands. Some might even gain a premium image through this approach.
For instance, in 2022 Watsons launched Dermaction Plus Triple Vitamin C, with claims of
sensitive formula, 3x concentrated vitamin C in micro capsules, vitamin E, no alcohol,
and fragrance-free. With filling sphere biotechnology for its intensive serum triple
vitamin C, its product image is more premium.

Consumers likely to maintain their full skin care routine, even if they
trade down
Thanks to rising beauty- and health-consciousness amongst Thai consumers, they tend
to care more about their physical appearance, and they are more likely to be willing to
invest in skin care products. They are also likely to have more complex skin care
routines over the forecast period. Even though they might be facing limited purchasing
power and high inflation, which could lead some people to tighten their belts, they are
likely to shift their choices towards more affordable alternatives while still retaining all
the steps in their skin care routine.
More players are offering multiple benefits in skin care products, and these are
expected to gain popularity amongst Thai consumers. Sales of these products will be
supported by the hectic lifestyles of urban consumers, as they can apply one item and
gain more than one benefit, shortening the time spent on their beauty routine. Also,
they are likely to consider such products as offering value for money, as they buy one
product but receive multiple benefits.

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