The opportunitiesfor brands as consumers’ needs change
Supplement sales have continued to rise in Thailand post-COVID, as people focus on strengthening their inner health and wellness.
At Worldpanel, we’ve been closely observing Thailand’s Health & Beauty (H&B) Supplement market, and the behaviour of consumers in this category, for two decades. During this time the market has fragmented in terms of brands, segments, and variants, while low investment costs and uncomplicated licensing with OEMs has created a favourable climate for brands to enter and expand. The H&B Supplement market has grown strongly across many dimensions, gaining more value, more buyers, and more players.
Why is consumerbehaviour changing?
An aging society, rising health trend, and the COVID-19 pandemic have driven Thai consumers to start spending on supplements, and penetration has continued to grow after the pandemic.
As everything returned almost back to normal after lockdown, people began to enjoy life outside of the home, going back to the gym or the office for example. These behaviours are changing people's needs in terms of the benefits they expect from the products they buy. They still care about their health, and are keen to boost their immunity and general wellbeing. They’re also focusing less on skincare benefits, and becoming more interested in protein and body care.
