KResearch views that the market value of imported cosmetics will likely be more than THB17 billion, rising around 15 percent YoY, accounting for 50 percent of the Thai cosmetics market value. This relatively high market value is due to the way that people are placing grater emphasis on beauty and personal appearance, as well as health. Many imported products have penetrated into the mid- to high-end segments of the domestic market.
To enhance the competitiveness of Thai products over imported alternatives, Thai cosmetics producers should adjust by:
- Taking advantage of the Baht appreciation to acquire international production technology and modern innovations that could reduce production costs and improve product quality to internationally-recognized standards.
- Focusing on research and development to meet market demand and help boost competitiveness as well as enhancing value of their products.
- Launching promotional campaigns and other PR programs via mass media to afford greater brand recognition by using famous personalities, e.g., singers, actors, actresses and celebrities, etc., as presenters to help spur sales.
- Implementing corporate social responsibility programs that are currently significant to create a finer image for their brands.
- Seeking cooperation between government and private sector agencies in formulating plans for a cosmetics industrial cluster linking elements of the supply chain and relevant industries (such as upstream to downstream industries.)
All the above will help enhance the potential and productivity of our products, which may lead to greater acceptance in domestic market, as well as promoting sustainability for cosmetics business operation.
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