COVID-19 IMPACT ON BEAUTY AND PERSONAL CARE
After a strong performance over the review period, constant 2019 value growth in beauty and personal care is expected to grind to a halt in Thailand in 2020. Sales outlets such as department stores have been closed during the lockdown, which normally hold a strong share of sales of premium beauty and personal care.
COVID-19 COUNTRY IMPACT
As of 13 May 2020, Thailand had seen 56 deaths due to COVID-19 and 3,017 cases. All non-essential establishments were closed from 21 March, with only takeaway and delivery allowed from foodservice outlets.
SOCIETAL TRENDS MAKE FOR AN INTENSELY COMPETITIVE ENVIRONMENT IN 2019
A number of societal trends provided opportunities for beauty and personal care players in 2019, whilst also leading to intense competition as manufacturers battled for share. Thailand has an aging society, which supported good growth for appropriate products such as anti-agers, premium firming/anti-cellulite body care and colourants.
DISTRIBUTION MIX IS KEY TO SUCCESS FOR BEAUTY AND PERSONAL CARE PLAYERS
New product development and innovation, not only in terms of products but also in distribution, are key to drive success in beauty and personal care, especially for Japanese and Korean brands. Limited collections are launched from time to time in both the mass and premium product areas.
GROWTH SET TO RETURN OVER THE FORECAST PERIOD
Although constant 2019 value growth is expected to be flat in 2020 due to the various effects of COVID-19 and the measures taken to battle the virus, growth is set to return quickly in 2021 and maintain steady rates throughout the forecast period. Growth rates will, however, likely be lower than those enjoyed over the review period as the economy takes some time to recover and many consumers will likely be forced to manage their household and personal budgets more carefully.[by Euromonitor International]