The number of operators registering businesses in the industry rose 90% over the first eight months this year, the ministry said.
A total of 353 health and beauty businesses were registered from January to August, compared to just 167 in the same period last year.
August alone saw 56 registrations, up 211.12% from the same month last year.
A total of 1,621 health and beauty businesses were operating in Thailand as of August 31, accounting for capital value of 7.51 billion THB (198.41 million USD). More than half are operating in Bangkok.
Deputy Minister of Commerce Sinit Lertkrai attributed recovery in the industry to seniors paying more attention to their health and looks.
He added that health and beauty businesses had also gained a boost from pandemic trends such as working from home, exercise, and healthy foods, vitamins and supplements.
The Thai health and beauty industry generated 16.08 billion baht in 2019 before COVID-19 emerged. That figure fell to 14.31 billion baht in 2020 before recovering to 15.15 billion baht last year.
The Ministry of Commerce expects the global health and beauty industry to generate 206 trillion baht this year as the rising elderly population drives continuous growth.
As of December 31 last year, 12.24 million or 18.5% of Thailand’s population were aged 60 or above, according to Department of Provincial Administration data. Of these, 5.42 million were men and 6.81 million women.
