Informa Markets, the leading organizer for business, industry and growing innovation trade fair, has joined hands with The Federation of Thai Industries and one of The Cosmetic Manufacturers Association’s member, Milott Laboratories company, to enter a press conference “Cosmoprof CBE ASEAN 2020” in Bangkok.
In this event, Miss Rungravi Kittisinchaikul, Milott Laboratories’s managing director, has given remarks about the strategies implemented in creating beauty products in the world market, “Although cosmetics market’s growth value is on the growing verge right now, the competition in this particular market is also high. In the last few years, not only is the number of new products skyrocketing, but the presentation forms of each one are also becoming abundant, for example novel trendy products, convenient and easy-to-carry package, lower price, and accessible selling channels. These channels include the conventional platforms in modern trade, convenient stores, beauty shops and retail shops as well as disruptive online channels like startups, celebrities and social media influencers, which bear lower cost but has higher potential to reach consumers. All these factors open consumers to new products and brands all the time which consequently make them less likely to continue being any particular brand loyalty.”
The change in consumers’ behaviors together with the economic deflation situation have stirred up the cosmetics market to get highly competitive among all players including new entrepreneurs, importers and even global brands. In order to approach the mass consumers, they need to come up with new collections of products or new fighting brands at a lower price range. In doing this, they will be able to conserve the market share in that particular product group as well as fulfill the customers’ needs. In 2021, the age of consumers who use cosmetics products tend to get lower while foreign investors don’t seem to decrease, which means that the number of consumers in this field will certainly expand in the future.
Miss Rungravi added that “Thailand is a country capable of producing goods since it is prompted with comprehensive supply chain, trained labour and advanced technological tools. In order to support all these strong points, entrepreneurs need to learn to use their limited resources to develop new innovations and new cosmetic formulas while concerning about its effects on the environment. They also need to strengthen consumers’ trust by launching products with safety guarantee from both domestic and international organizations. Last but not least, they need to keep empowering their own company at all times. Maybe they could start by improving the production, storage and delivery management, or even getting the benefits of raw material import tax exemption into other countries.”