Cosmoprof CBE ASEAN faucets into rising magnificence markets in Southeast Asia

The third version of Cosmoprof CBE ASEAN is prepared for kick-off. From 13 to fifteen June 2024 the Queen Sirikit Nationwide Conference Centre in Bangkok will host over 1,500 manufacturers and suppliers from completely different international locations and areas with a powerful consideration on probably the most modern launches and market traits. The present serves because the gateway to ASEAN and neighboring international locations encompassing all the wonder sectors, from ingredient to branded completed product.

The final version hosted greater than 1,000 exhibitors (57% of them coming from abroad international locations. In response to the organizers, worldwide firms comprise 62% of the overall exhibition space, with 54% from Asia Pacific and eight,2% from the EU and remainder of the world. The availability chain section accounts for 58% of whole sqm, whereas completed merchandise characterize 42%.

Final yr, 13,255 attendees participated within the occasion, coming from 69 international locations and areas For 2024, greater than 14,000 attendees are anticipated to attend the present.

One of many world’s quickest rising space

In response to Euromonitor Worldwide, Southeast Asian magnificence markets are rising yr after yr with double-digit development percentages from 2023 to 2024. The ASEAN — a political and financial union of 10 states in Southeast Asia, representing a inhabitants of over 600 million — is predicted to stay among the many world’s fastest-growing areas within the subsequent decade. ASEAN international locations can take benefit from free commerce agreements with China, India, Japan, South Korea, Australia, New Zealand, and Hong Kong.

Indonesia, already the biggest ASEAN economic system, is about to change into a number one international rising 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 additionally anticipated to hitch the ranks of main rising markets by 2035. Moreover, Malaysia is on observe to change into a complicated economic system within the Asia-Pacific area, with a per capita GDP of round USD 26,000 by 2035.

Thailand, the nation internet hosting the present, is among the greatest performing markets within the area, with an anticipated improve as much as 11% in comparison with 2023. The nation accounts with the best variety of native manufactures of the area, largely OEM/EDM, and serves as a major provider of magnificence merchandise to main markets resembling China, South Korea, and Japan. Many worldwide manufacturers selected the nation as their manufacturing heart, because of investments supplied by Thai authorities for cosmetics manufacturers as much as 8 years, to the straightforward entry to prime quality components and uncooked supplies, and to decrease prices in comparison with neighboring international locations.

Premium and luxurious objects demand represents the 28% of the Thai magnificence market by way of income. The rise of common earnings, in addition to the higher monetary independence for ladies, are impacting positively on merchandise with greater high quality and security requirements. Additional to that, the rising client consciousness of sustainability and well being considerations is driving the demand for pure and natural magnificence merchandise, which have gotten the most effective performing section not solely in Thailand however in the entire ASEAN area.

To date, the Cosmoprof idea that mixes suppliers and types beneath the identical exhibition roof has proved extremely profitable within the area and, after the success of the 2 preliminary editions, the organizers of the occasion intend to spice up networking between the provision and demand. They’ve invited over 300 high consumers from Thailand and different worldwide locations to attend the exhibition inside their “Worldwide Purchaser Program”. As well as, a Match&Meet platform permits stakeholders to schedule tailored B2B conferences properly prematurely of the present.