A surge in foreign investment in Thailand’s fragrance oil and aroma compound production is anticipated, which can boost the nation’s cosmetics industry, according to the Federation of Thai Industries (FTI).

The cosmetics market in Thailand is the largest in ASEAN. In 2023, the market value increases by over 11% year-on-year, reaching about 260 billion THB (7.2 billion USD). (Photo: bangkokpost.com)

Ketmanee Lertkitcha, FTI’s Health and Beauty Sector Chairperson said that Thailand has a potential to become a hub for the health and beauty sector and Thailand’s unique floral scents are in high demand globally, making it an attractive prospect for foreign firms looking to invest in fragrance oil production.

She added that Thailand’s rich raw materials make it an ideal location for developing the health and beauty industry.

The government’s promotion of bio-, circular, and green economic development aligns well with the circular beauty trend in the cosmetics industry, a process that involves upcycling ingredients to minimise waste and benefit the environment.

The cosmetics market in Thailand is the largest in ASEAN. Last year, the market value increased by over 11% year-on-year, reaching about 260 billion THB (7.2 billion USD).

Thailand exports around 60% of its beauty products, with the remaining 40% sold domestically. The country exported beauty products worth 86 billion THB last year, according to Ketmanee.

Source: VNA