Philippines Beauty & Personal Care Market Hits $4.7 Billion by 2026
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Increase in young population, influence of social media, and rise in number of local beauty brands drive the growth of the Philippines beauty & personal care market. However, availability of alternatives may hinder the market growth. On the other hand, rise in adoption of online platforms and increase in demand for natural beauty products create new opportunities in the coming years.
The key market players operating in the Philippines beauty & personal care market have adopted key developmental strategies such as product launch to fuel the growth of the market in terms of value sales. In addition, they have also emphasized on continuous innovations in their products to maintain a strong foothold in the market and to boost the demand for beauty & personal care products in the Philippines.
According to the key market players, Filipino consumers are approaching for natural and organic beauty & personal care products due to the rise in concern for harmful effects of synthetic ingredients used in beauty products. Therefore, increase in investments in R&D activities and continuous efforts in launching new & improved beauty & personal care products with more functionality that can meet the rise in demand for Filipino consumers are the key factors that boost the growth of the beauty & personal care market.
Moreover, men Filipino consumers are also increasingly showing their interest in experiencing beauty & personal care products in the Philippines to look good and fashionable. Moreover, the rise in trend of using skin care products such as acne treatments, face masks, facial cleansers, facial moisturizers, and other among the Filipinos consumers who are keen to maintain a healthy and youthful appearance contributes in driving the growth of the beauty & personal care market in the Philippines.
The report offers a detailed segmentation of the Philippines beauty & personal care market based on product type, nature, gender, end user, and distribution channel.
Based on product type, the skin care segment contributed to the largest share in 2018, accounting for more than one-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, the color cosmetics segment is expected to register the highest CAGR of 6.3% from 2019 to 2026.
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Based on gender, the female segment accounted for the largest share in 2018, holding more than two-thirds of the total share, and is expected to maintain the largest share throughout the forecast period. However, the male segment is estimated to portray the highest CAGR of 5.3% during the forecast period.
Based on nature, the synthetic segment contributed the highest share, accounting for more than half of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, the organic segment is expected to grow at the highest CAGR of 6.1% from 2019 to 2026.
Leading market players analyzed in the research include L'Oréal, Coty Inc., Shiseido Company Limited, Estée Lauder Companies Inc., Beiersdorf AG, Unilever, Kao Corporation, Olay, LVMH, and Johnson & Johnson services, Inc.
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