Exports of essential oils, perfumes, cosmetics, and toiletries from Thailand have demonstrated substantial variation over the past decade. The value stood at 2.3814 billion USD in 2023, showing a steady upward trend following a period of decline and stagnation from 2013 to 2017. Since 2018, the sector has benefited from consistent annual growth, most notably peaking in 2018 with a 21.79% increase year-on-year. Between 2022 and 2023, the exports grew by 2.69% year-on-year, with a five-year CAGR of 2.1%, reflecting moderate yet stable growth. Forecasts predict further increases, with a five-year CAGR of 2.02% through 2028.
Future trends to watch for include:
- Innovations in product formulations and sustainability trends in cosmetics and toiletries.
- Expansion of export markets, particularly in emerging economies.
- The impact of e-commerce growth and digital marketing on global product reach.