Thailand urged to boost beauty and wellness market for long-term growth

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Thailand’s new coalition government is being encouraged to adopt a consistent policy to support the nation’s beauty and wellness market over an extended period.

 

Ketmanee Lertkitcha, the chairwoman of the health, wellness and beauty industry cluster of the Federation of Thai Industries, highlighted the need for a national strategy to promote this sector, which, along with tourism, plays a crucial role in the country’s economy.

 

Ketmanee proposed the implementation of soft power activities and the identification of prime locations for local small businesses to showcase their health and beauty products. She cited South Korea as an excellent example of a nation that has effectively supported its beauty industry.

The global wellness economy was valued at 145 trillion baht in 2020 and is expected to reach 230 trillion by 2025. In 2021, Thailand’s wellness economy was estimated to be around 1 trillion baht.

In the health, wellness and beauty sector, personal care and beauty accounted for 30%, while healthy eating, nutrition and weight loss made up 25%. Wellness tourism contributed 12%, with physical activity and traditional and complementary medicine each accounting for 10%. Public health, prevention, and personalised medicine represented 6%, and spas made up 4% of the industry.

 

by Alex Morgan

Top Photo via Unsplash (freestocks)

 

Full story: https://thethaiger.com/news/business/thailand-urged-to-boost-beauty-and-wellness-market-for-long-term-growth

 

-- © Copyright Thaiger 2023-06-12

 

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