Thai cosmetic business is shining bright in Myanmar

We cannot deny that Myanmar is one of the countries that attract investors. In the past 5 years, Myanmar’s GDP has continually grown with a GDP growth of 6.8% in the year 2019. This means that Myanmar’s income continues to increase, and more investors are coming in. Moreover, the cheap wage (the minimum wage of 109 THB/day) also attracts investors.

As the employment rate in Myanmar continues to rise, people have more purchasing power and start to focus on their health and appearances. This gives the cosmetic market a bright future. Thailand's cosmetic products have long been accepted due to their quality even though they are set at a higher price compared to the ones from China. In addition, Myanmar nationals are familiar with made-in-Thailand products which is a strength that helps Thai businesses to succeed in the Myanmar market by responding to the increasing people’s needs.

According to the export data from the Thai Custom, it is found that in 2011 which was the year that Myanmar started opening their country, Thailand's cosmetic export value reached 1,747 MB and it has been grown to 3.248 MB in 2019. The numbers show 85.92% growth and tend to increase. Since the Burmese change their core value due to access to the internet, they have been accepting more international cultures. Coupling with the increasing purchasing power and the emerging of the modern trade industry, it is not difficult for Thai cosmetic brands to get in Myanmar’s market.

Myanmar has a 2,401 km connected border with Thailand with 21 border controls (5 permanents, 13 special border trade areas, 1 border trade area, and 2 temporalis). In addition, the ASEAN Free Trade Area (AFTA) is also beneficial. These make exporting cosmetics to Myanmar more convenient and Myanmar is also a gate to China and India.

The most famous Thai cosmetics are Miss Teen, Giffarine, Snail White, and Nok Kaew Soap. Because cosmetics are popular in Myanmar, the retailer of beauty products is established such as Beauty Diary which is the same as Sephora in Thailand with many beauty brands selling.

With the market value, growing direction, and the strength of Thai cosmetic products, this is a good opportunity for Thai cosmetic businesses who are interested in investing in Myanmar to study and prepare for related documents. Once the COVID-19 situation is relieved, they can jump right into the market.

For those Thai investors, SCB is the only authorized bank to find a subsidiary bank in Myanmar to conduct the commercial banking business in the same manner as the local banks. Furthermore, SCB is able to service major customers, SMEs, and individual customers.

Thanks for Siam Commercial Bank Myanmar Limited, Yangon 


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