BANGKOK — The Department of Business Development reports the beauty business has experienced continuous growth with new establishments over the past 5 years, now totaling 6,621 legal entities with foreign investments reaching $83.1 million.
On February 25, Mrs. Oramon Sapthaweetham, Director-General of the Department of Business Development, disclosed an analysis showing beauty business registrations jumped from 527 entities in 2020 to 1,161 in 2023 and 1,135 in 2024, with total registered capital of $5.65 billion.
In-depth analysis of the past 3 years (2021-2023) shows average annual revenue exceeding $9 billion:
2021: $9.05 billion
2022: $10.54 billion
2023: $10.78 billion
Top foreign investing countries include Malaysia ($6 million), China ($5.4 million), and Singapore ($2.8 million).
The growth stems from changing consumer behavior influenced by social media, where influencers promote self-care, convincing followers to improve their appearance. Society has become more accepting of cosmetic surgery, while medical technology advancements have made beauty innovations more affordable, less painful, and safer.
The customer base has expanded beyond women to include men, working Gen Z, elderly seeking anti-aging treatments, and foreign clients, creating significant opportunities for Thai beauty entrepreneurs.
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