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Philippines Beauty & Personal Care Market: Segmented: by Product Type (Skin Care, Hair Care, Color Cosmetics, Fragrances, Toiletries, and Others); By Nature (Natural, Organic, and Synthetic); By End User (Commercial and Household); By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Store, B2B, and Online Stores); By Gender (Male and Female)and Region - Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Philippines Beauty & Personal Care Market is anticipated to surpass USD 6 billion by 2030 from USD 3.5 billion in 2020 at a CAGR of 6.2% throughout the forecast period, i.e. 2020-2030.
Beauty & personal care goods are grooming consumer goods used to improve the look and get the wanted appearance. Beauty & Personal care products offer a broad variety of goods including care for the skin, sun, hair care products, toiletries, and perfumes. Additionally, these products can be found online, in supermarkets, specialty stores, and other Philippines distribution channels. Online stores are constantly expanding, and the beauty and personal care market in the Philippines is growing with them.
The Philippines beauty & personal care market analysis is segmented based on product type, gender, nature, end-use, and distribution channel. Depending on product type, the market is classified into skincare, haircare, color cosmetics, fragrances, toiletries, and others. By gender, the market is bifurcated into male and female. By nature, the market is divided into natural, organic, and synthetic. By end-use, the market is bifurcated into commercial and household. By distribution channels, it is fragmented into supermarkets/hypermarkets, specialty stores, convenience stores, B2B, and online stores.
Philippines Beauty & Personal Care Market Expected Market Growth
Consumer preferences
The market in beauty and personal care is prosperous and one of the fastest-growing consumer markets primarily driven by the sections cosmetics and skincare. The principal cause for this solid growth is the transition of the generation with young consumers. At the same time, social media, globalization, and e-commerce strengthen this transformation that has a lasting impact on beauty products' shopping decisions. The everyday beauty and care schedule is shifting and propagating trends from around the world. An increase in media influences and the effect of the Philippines' compelling celebs contribute to market growth. The Philippines, however, is expected to gain an enormous market opportunity in terms of value sales, with an increasing focus on natural beauty and personal care products, as well as a fast development of their online platforms in the country.
Rising disposable incomes
The Philippines continues to have expanded sales in 2019, led by a rise in consumer sentiment due to higher discretionary income. Local customers are getting focused on improving their looks and appearances by using products that they feel provide higher value through more sophisticated formulations, enhancing their texture and shape, such as gel sun protection, and water-based skincare that asserts to be not gray and felt softer and therefore gives good comfort in a hot and humid country. With rising disposable incomes, people are more likely to look after themselves and use better quality products. In the Philippines, the economy is growing tangibly and the people save more now. These savings tend to be spent on enjoyment and care products eventually.
Positive performance and demand set to improve from 2021
Beauty and personal care in the Philippines are anticipated to be able to increase their value during the forecast period of 2020-2030, as demand rebounds from 2021 when the consumer purchasing regularize is set to return for many commodities suffered by the 2020 COVID-19 lock-down. Since local customers can travel outside their homes more easily, as rigid shut-down policies are easier, many are likely to come back to the job and continue socializing with family and friends.
The availability of counterfeit beauty & personal care products in the Philippines and the skin problems caused by them are making the young population fearful and uneasy to use chemical-based products turning their focus on organic and natural products. The international and other nation’s brands with more prestige, lower cost, and higher quality are gaining feet in the Philippines market making the local producers lose, it is a problem for the Philippines producers and is anticipated to impede the growth of the market in the Philippines in terms of value sales during the forecast period.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Philippines Beauty & Personal Care Market size was estimated at USD 3.5 billion in 2020 and is expected to reach USD 6 billion by 2030
Johnson & Johnson Services, Inc., Shiseido Company Limited, Coty Inc. Est?, e Lauder Companies Inc., Unilever, Beiersdorf AG, Olay, Kao Corporation, LVMH, Other Prominent Players.
Drivers Consumer preferences
Beauty & personal care goods are grooming consumer goods used to improve the look and get the wanted appearance. Beauty & Personal care products offer a broad variety of goods including care for the skin, sun, hair care products, toiletries, and perfumes.
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