Cosmoprof CBE ASEAN taps into growing beauty markets in Southeast Asia

The third edition of Cosmoprof CBE ASEAN is ready for kick-off. From 13 to 15 June 2024 the Queen Sirikit National Convention Centre in Bangkok will host over 1,500 brands and suppliers from different countries and regions with a strong attention on the most innovative launches and market trends. The show serves as the gateway to ASEAN and neighboring countries encompassing all the beauty sectors, from ingredient to branded finished product.

The last edition hosted more than 1,000 exhibitors (57% of them coming from overseas countries. According to the organizers, international companies comprise 62% of the total exhibition area, with 54% from Asia Pacific and 8,2% from the EU and rest of the world. The supply chain segment accounts for 58% of total sqm, while finished products represent 42%.

Last year, 13,255 attendees participated in the event, coming from 69 countries and regions For 2024, more than 14,000 attendees are expected to attend the show.

One of the world’s fastest growing area

According to Euromonitor International, Southeast Asian beauty markets are growing year after year with double-digit growth percentages from 2023 to 2024. The ASEAN — a political and economic union of 10 states in Southeast Asia, representing a population of over 600 million — is expected to remain among the world’s fastest-growing regions in the next decade. ASEAN countries can take advantage from free trade agreements with China, India, Japan, South Korea, Australia, New Zealand, and Hong Kong.

Indonesia, already the largest ASEAN economy, is set to become a leading global emerging market, with its GDP projected to rise from USD 1.3 trillion in 2022 to USD 4.1 trillion by 2035. Vietnam and the Philippines are also anticipated to join the ranks of major emerging markets by 2035. Additionally, Malaysia is on track to become an advanced economy in the Asia-Pacific region, with a per capita GDP of around USD 26,000 by 2035.

Thailand, the country hosting the show, is one of the best performing markets in the region, with an expected increase up to 11% compared to 2023. The country accounts with the highest number of local manufactures of the region, mostly OEM/EDM, and serves as a primary supplier of beauty products to major markets such as China, South Korea, and Japan. Many international brands chose the country as their production center, thanks to investments offered by Thai government for cosmetics brands up to 8 years, to the easy access to high quality ingredients and raw materials, and to lower costs compared to neighboring countries.

Premium and luxury items demand represents the 28% of the Thai beauty market in terms of revenue. The increase of average income, as well as the greater financial independence for women, are impacting positively on products with higher quality and safety standards. Further to that, the increasing consumer awareness of sustainability and health concerns is driving the demand for natural and organic beauty products, which are becoming the best performing segment not only in Thailand but in the whole ASEAN region.

So far, the Cosmoprof concept that mixes suppliers and brands under the same exhibition roof has proved highly successful in the region and, after the success of the two initial editions, the organizers of the event intend to boost networking between the supply and demand. They have invited over 300 top buyers from Thailand and other international destinations to attend the exhibition within their "International Buyer Program". In addition, a Match&Meet platform enables stakeholders to schedule tailor-made B2B meetings well in advance of the show.