Thailand's male skin care market set to overtake Hong Kong
Recent analysis by market researcher Euromonitor suggests that Thailand's male skin care market could hold vast potential for both international and local companies.
The Asian men's skincare market is the largest in the world, with South Korea currently topping the charts, but Euromonitor's Senior Research Analyst Warangkana Anuwong, reports that other Asian countries including Thailand are emerging as ones to watch.
The report details that the Thai men's skin care market has seen double digit growth year-on-year, and per capita is expected to overtake Hong Kong in 2017, with the market proving popular with both international players (such as Beiersdorf and L'Oréal) and local companies that are responding to demand for male products with consistent product launches.
Anuwong also reports that the market has seen more premium brands including SK-II Men enter recently.
Euromonitor identifies one of the greatest areas of opportunity in the finding that although Thai men are becoming increasingly more interested in their appearance, many still use women's or unisex products, highlighting the potential for companies to bring male-specific products to market.
The report finds that increased consumer demand could also be influenced by the rise of male beauty bloggers in the country who produce content teaching men about skin care and the application of colour cosmetics – another sector in which Euromonitor expects to see growth.