Page 65 - Export Magazine

REPOR T

With its vast market size, Asia presents significant opportunities Thailand have much to offer due to their economic growth and
for beauty brands, but entry into individual markets requires a expanding consumer bases. From 2020 to 2040, Asia’s emerging
localised, culturally sensitive, and strategic approach to cater to markets are expected to increase their GDP from 23% to 30%,
the unique preferences and needs of each country. mainly driven by China’s growth. Indonesia and Vietnam are set to
more than double their GDP, while India and the Philippines are
gENERAL ouTLooK foR expected to see the strongest growth rates and triple their GDP.
ASIAN EMERgINg MARKETS However, there are challenges to be faced, such as slow
SouTH EAST ASIANS dEMANd gREATER productivity growth due to skills shortages, insufficient
ATTENTIoN To cuSToMER TyPE ANd infrastructure development, and the growing risks of climate
MoRE AccESS To LocAL & PREMIuM BRANdS change in coastal and island nations in the region. While GDP

For the past two decades, Asia’s emerging markets have been and consumer spending are on the rise, living standards still
dynamic, and this trend is expected to continue despite growth lag behind those of advanced economies.
rates potentially slowing as economies mature. By 2040, it is Opportunities for post-COVID growth involve shifting
forecasted that Asia will contribute nearly a third of global towards more service-oriented growth models, as seen
GDP and over a quarter of consumer spending as over one in the Philippines. Even in places such as Thailand, where
billion people enter the consumer class between 2021 and manufacturing remains essential, services are becoming
2040, totalling 2.7 billion consumers by 2040 and presenting increasingly important. In Vietnam, both manufacturing
significant opportunities for businesses and investors. and services sectors are poised to expand, impacting both
Smaller Asian economies such as Indonesia, Malaysia and business and consumer cultures.

63 www.exportmagazine.net www.exportmagazine.net
63