More than 20 Taiwanese companies, particularly in the skincare, food and drink, haircare and lifestyle product sectors, are exploring new business opportunities in Thailand.
Among the notable firms are Beauty Essentials Ltd, the marketer of Naruko skincare and beauty products; K2-Medical (Thailand) Co, the distributor of the NHH skincare brand; and Shaan Honq Int'l Cosmetics Corp, the manufacturer and exporter of HH-RD haircare and styling products. These firms took part in the recent 2023 Taiwan Expo Thailand, aimed at identifying product distributors.
Jeffrey Lee, director of the overseas sales department at Beauty Essentials, said the company is in the process of forging local partnerships in Thailand to distribute beauty products.
The firm postponed this move for three years because of disruptions caused by the pandemic.
"Thailand has huge business potential given the sizeable population of 70 million. While Japanese and South Korean beauty and skincare products might come to mind first when discussing this sector in Asia, Taiwan's skincare and beauty offerings are equally impressive," he said.
Beauty Essentials sells three distinct skincare and beauty brands: Naruko, am+pm and Jing Chen. The company's beauty products are available at 600 Watsons stores and several leading e-commerce platforms, including Shopee, within Taiwan.
The company exports its products to 12 countries, including China, Singapore, Malaysia, Vietnam, Hong Kong, Canada and the Philippines. Beauty Essentials wants to expand its international presence, including in Thailand.
"We are keen on introducing our products to the Thai market because the consumer profile aligns well with our offerings. Word-of-mouth marketing through key opinion leaders is one of our strategies to effectively convey the product benefits to Thai consumers," said Mr Lee.
Cathy Liao, a market development specialist at Shaan Honq Int'l Cosmetics, said during a recent visit to Thailand that prior to the pandemic the company conducted annual market research here and found it to be a promising market for its products.
She said Thailand's cosmetics industry is thriving and competitive, with a blend of local and international players, while Thais like to be fashionable.
Established in 1985 in Taiwan, Shaan Honq Int'l Cosmetics specialises in haircare, styling products and hair creams. The company's haircare products have been exported for more than 40 years, reaching Indonesia, Vietnam, Singapore and Malaysia.
"Thailand is a very promising and attractive cosmetics market to vendors like us because of the size," said Ms Liao.
"We have tried to expand our business to Thailand for 5-6 years, but we have yet to find the right partners."
According to an industry source who requested anonymity, K2-Medical (Thailand), the distributor of the NHH skincare brand, is planning to expand its products through Thailand's retail channels such as beauty chain Eveandboy.
In addition, the company plans to extend its product lines to healthcare in the future.
Nick Ni, director of the Economic Division at the Taipei Economic and Cultural Office in Thailand, said Thailand is among Taiwan's top 10 trading partners, though the bulk of investments are in the electronics business.
"We are now promoting more lifestyle products, spanning beauty, fitness, shampoo, sports and healthcare items, to enhance people's quality of life," said Mr Ni.
"A diverse array of products will be showcased at the upcoming Medical Fair Thailand in September."
