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In 2022, Thailand's cosmetics market exceeded 80. $4. 5 billion-XJ BEAUTY

by:XJ BEAUTY     2020-03-09
In 2022, Thailand's cosmetics market exceeded 80. $4. 5 billion 'Thailand is one of the countries with the highest popularity and growth rate of the Korean Wave. Recently, the business and industry conference and the Korean Investment and Trade revitalization commune (KOTRA) At the 'Thailand market development strategy seminar' jointly held, the former director of Bangkok trade center Cheon Chunu said, 'Thailand is the base camp of the Korean wave boom and expects the market of Korean wave beneficiaries such as cosmetics to expand. 'He pointed out that Thailand is the largest ASEAN cosmetics export market in South Korea, with an average annual growth rate of 32%in the past five years. It is a potential market actively opened up by major Korean cosmetics enterprises such as Amore Pacific and LG life health. Korean drama and K- POP and so on are becoming more and more popular. As a Mobile First country, the penetration rate of Mobile phones reached 135 in 2017. In 4%, the Thai government promoted the commercialization of 5G from 2020, which is good news. According to Euromonitor statistics, the size of Thailand's cosmetics market in 2017 was 58. $3. 8 billion, an increase of 11 U. S. Dollars over the previous year, and speculated that by 2022, the market size will reach 80. $4. 5 billion. Especially in terms of geopolitics, Thailand is becoming a logistics distribution center for India and China. He believes that Thailand is adopting the ASEAN connectivity master plan (MPAC) ', Realize ASEAN integration and carry out ASEAN regional production network (RPN) Construction and China's 'The Belt and Road Initiative' and economic corridor construction, border trade and e-commerce markets will become logistics markets with great potential. As a result, more than 20 Korean companies such as CJ Korea Express, Hyundai Merchant ship and CIC have entered the Thai market. In 2017, the number of foreign tourists in Thailand reached 3538, and the tourism industry accounted for of GDP. Therefore, South Korean enterprises are expanding into the catering industry for tourists and attracting MACE (Exhibitions, conferences)The scale of such fields. In addition, Thailand's economic growth slowed down after the Asian foreign exchange crisis in 1997, pushing forward to get rid of the middle income trap. 'Thailand 4. 0 'Policy and Eastern Economic Corridor (EEC) The development projects have promoted tourism and urbanization such as high-speed rail, airports and ports, and have also improved the investment environment for foreigners. However, Japan's manufacturing investment is concentrated, which is called 'small Japan'. In addition, the high family debt ratio and the continuous entry of multinational enterprises such as Alibaba into the market have all become obstacles for South Korean enterprises to enter the market. Source: rich body beautiful makeup headlines
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