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Philippines Beauty & Personal Care Market is Booming and Anticipated to Hit $4.7 Billion by 2026
Philippines Beauty & Personal Care Market
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Beauty & personal care products are the products that are used for hygiene as well as grooming. These products are used for enhancing physical appearance. Under this category, there is a large assortment of products ranging from make-up, hair care, skin care, nails, and oral care products, and perfumes. In addition, the expansion of distribution channels in the Philippines such as online stores, specialty stores, supermarkets, hypermarkets, and B2B channels has made these beauty & personal care products easily accessible to the Filipino consumers, which in turn contributes toward the growth.
The color cosmetic segment is anticipated to garner the highest Philippines beauty & personal care market share. This is attributable to the influence of social media with platforms such as Facebook and Instagram. These social media platforms have increased the focus of Filipino consumers on personal appearance encouraging consumers to invest in color cosmetics, which can enhance their look & make them feel confident. This factor is expected to boost the growth of the color cosmetics segment in terms of value sales during the Philippines beauty & personal care market forecast period.
Upsurge in demand for natural beauty & personal care products is anticipated to boost the growth of the Philippines beauty & personal care market in the upcoming years. This is attributable to rise in consumer awareness in the Philippines regarding the ill effects of using synthetic beauty & personal care products, which lead to irritation, itching, and other problems. Thus, there is an increase in the use of natural beauty & personal care products among the Filipino consumers.
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The key players operating in the Philippines beauty & personal care industry include L'Oréal, Shiseido Company Limited, Coty Inc., Estée Lauder Companies Inc., Unilever, Beiersdorf AG, Olay, Kao Corporation, Johnson & Johnson services, Inc. and LVM
Market Segmentation
The Philippines beauty & personal care market is segmented into product type, gender, end use, nature, and distribution channel. Depending on product type, the market is classified into skin care, hair care, color cosmetics, fragrances, toiletries, and others. By gender, it is bifurcated into male and female. Depending on nature, it is divided into natural, organic, and synthetic. On the basis of end use, the market is segregated into commercial and household. As per distribution channel, it is fragmented into supermarkets/hypermarkets, specialty stores, convenience store, B2B, and online stores.
Key Findings Of The Study
○ The skin care segment is expected to grow at a CAGR of 3.8%during the forecast period.
○ Women segment is anticipated to dominate the market growth, registering a CAGR of 4.6% during the forecast period.
○ The synthetic segment is anticipated to dominate the Philippines beauty & personal care market analysis, with a CAGR of 4.1%during the forecast period.
○ The supermarket/hypermarket segment is estimated to grow at a CAGR of 4.8%during the Philippines beauty & personal care market forecast period.
○ The report provides a quantitative analysis of the current Philippines beauty & personal care market trends, estimations, and dynamics of the market size from 2018 to 2026 to identify the prevailing Philippines beauty & personal care market opportunities.
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