Thailands ...
Thailands Health and Beauty Industry Rejuvenates Amid Aging Society
Thailand's health and beauty sector is experiencing a significant resurgence, driven by the nation's aging population and heightened health consciousness. Recent data indicates a 90% increase in the registration of health and beauty businesses over the first eight months of this year, compared to the same period last year. This surge reflects a growing demand for services and products that cater to an older demographic seeking to maintain health and vitality.
The Commerce Ministry reports that from January to August, 353 health and beauty businesses were registered, a substantial rise from 167 in the same timeframe the previous year. As of August 31, a total of 1,621 such businesses operate nationwide, with Bangkok hosting more than half of them. This growth is attributed to seniors placing greater emphasis on health and appearance, alongside trends like increased exercise and consumption of healthy foods, vitamins, and supplements.
Financially, Thai investors dominate the sector with investments totaling 7.28 billion baht. Foreign investments are led by mainland China, contributing 80.92 million baht, followed by Hong Kong and Italy. The industry's revenue, which stood at 16.08 billion baht in 2019, experienced a dip during the pandemic but is now on a recovery trajectory, reaching 15.15 billion baht last year.
Looking ahead, the global wellness economy is projected to grow from 145 trillion baht in 2020 to 230 trillion by 2025. Thailand's aging demographic is expected to play a pivotal role in this expansion. The Foundation of Thai Gerontology Research and Development Institute anticipates that by 2040, seniors will comprise one-third of the nation's population, underscoring the importance of the health and beauty industry in supporting this segment.
In response to these trends, industry leaders are advocating for consistent government policies to sustain long-term growth. Proposed initiatives include promoting soft power activities and designating prime locations for small businesses to showcase health and beauty products. Drawing inspiration from countries like South Korea, which has effectively supported its beauty industry, Thailand aims to bolster its position in the global market.
The emphasis on health and beauty is not only a response to demographic shifts but also a strategic move to enhance the country's economic landscape. By fostering an environment that supports wellness-focused enterprises, Thailand is positioning itself to meet the evolving needs of its population while stimulating economic growth.
Market Thailand - News Service
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