Many people dream of becoming entrepreneurs. Some think about starting their own businesses with their hard-earned savings, but are at a loss about what industry would earn them the most profit and ROI. We have some recommendations about the industries with potential of long-term growth that may be the answers you are looking for, so keep reading!

One of the hottest industries with long-term growth rates and is gaining popularity is beauty and health. In 2024, the beauty and health trend will focus more on the health of both body and mind, and AI will play an important role. Currently, health & wellness is a booming industry both at a global level and in Thailand. The statistics reveal that the market value for health and wellness in Thailand is 1.5 million Baht in 2019, or 8% of the total national GDP. Moreover, the Global Wellness Institute (GWI) also estimates that the global health and beauty market will continue to grow. By 2025, it is expected that the value will reach US$5.9 trillion while the healthcare economy will grow 8.6% per year through 2027, bringing the market value to US$8.5 trillion.

Now, let’s take a look at what beauty and health trends in 2024 that may be of your interest.

• Products and services related to beauty and health

Due to the current crisis of PM 2.5 that pervades daily life, microparticle dust has been causing harmful effects on health and create skin problems such as acne and premature aging. Therefore, many brands have developed products in response to the beauty and health challenges by promoting the benefits for healthier skin from ingredients such as Hyaluronic Acid that helps replenish moisture, protect the skin from water loss, and strengthen the skin’s protective barrier.

• Dietary supplements

Modern consumers pay great attention to their health, and have a tendency to take dietary supplements due to ease of consumption and convenience as well as nutritional values. Examples of these products include protein powder that provide complete amino acids for muscle recovery and body composition. Other dietary supplements containing natural or herbal extracts are also popular. Since they are designed in the easy to take formats such as pills or capsules, consumers prefer them because it helps taking care of their health and beauty become a breeze. 

• Anti-aging and silver generation

Thailand is inching toward becoming a super-aged society. The latest data from the National Statistical Office indicates that the average age of the Thai population is higher than the average age of the world population. At the same time, the modern elderly in Thailand have the capacity to take care of themselves with financial power to spend on anti-aging products and services such as skincare that contains Coenzyme Q10 to keep their skin looking youthful. On the other hand, dietary supplements that help them extend the health of their cells and reduce body fat such as grape seed extract are also popular.

• Environmentally friendly products

Environmentally friendly products have become a mega trend that every industry, including health and beauty, needs to incorporate into their product strategy. This is because modern consumers are mindful about the benefits of the products as well as how they can contribute to the preservation of the environment through the choice of products and the brands they choose. They tend to check out whether their brands of choice have policies on the environment, on the fair treatment of their employees, on the animal rights and even on veganism. Products that use recycled/recyclable materials or are made from circular processes will also attract more attention because they promote sustainability which aligns with consumers’ eco-conscious mentality.

If you have been thinking about starting your own business but have no idea where to start or what product to develop, then come find your solutions at COSMEX 2024 where you will meet with hundreds of ODM/OEM suppliers for beauty products, personal care & skincare, and dietary supplements during 5-7 November 2024 at BITEC, Bangkok. Pre-register to visit the show today to get a 500 Baht exemption on entry fee at www.cosmexshow.com

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