The Philippines Beauty & Personal Care market was valued at $ 5,071.7million in 2019 and is anticipated to grow at a CAGR of 4.78% from 2020 to 2027. This growth is attributed to several macros and microeconomic factors such as
The increase in consumer preferences in the Philippines
Customers, especially the elderly, are increasingly searching for ways and products to maintain and enhance their appearance to appear younger. One of the major market factors is the urge to stay young and maintain one’s beauty. Anti-aging drugs not only minimize wrinkles and dark spots, but also hydrate, enhance skin texture, and protect against UV rays. Consumers are moving toward organic personal care goods due to the rising demand for organic ingredients, which is expected to fuel market growth.
The increasing influence of social media and E-commerce
Consumers now want companies to be as transparent about their ingredient lists as they are about the safety of their products. They search for natural items on social media. Social networking and e-commerce all contribute to this transition, which has a long-term effect on beauty product purchases. Everyday beauty and grooming routines are changing and spreading patterns from all over the world. Business growth is aided by a rise in media influence and the impact of the Philippines’ captivating celebrities.
Further several factors restraining the market growth include
Prevalence of counterfeit products
Counterfeit goods particularly are causing a significant dent in the industry in a big way. Since these materials are often tainted, they can be toxic, which is quite significant. They are also made with actually low-cost ingredients, which can lead to negative side effects including hair loss, scratching, and kind of red scars, which is fairly significant. Chemical-based beauty and personal care products in the Philippines, as well as the skin problems they cause, have made the fairly young population wary of using them, leading them to gravitate toward organic and sort of natural alternatives.
High manufacturing and marketing costs
International and other country brands with more prestige, definitely lower costs, and better quality are gaining ground in the Philippines market, putting a sort of local producers at a disadvantage. This for all intents and purposes is a challenge for fairly local producers and specifically is expected to stifle market growth.
Collaborations and Alliances in the Philippines Beauty & Personal Care market are expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the Philippines Beauty & Personal Care market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.
In terms of COVID 19 impact, the Philippines Beauty & Personal Care market report also includes the following data points:
- Impact on Philippines Beauty & Personal Care market size
- Distribution Channel Trend, Preferences, and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in Philippines Beauty & Personal Care market
Key Insight in the report:
The global Philippines Beauty & Personal Care market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which includes the following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Philippines Beauty & Personal Care market is analyzed across the below-mentioned different segments:
- Skin Care
- Hair Care
- Color Cosmetics
- Distribution Channel
- Online Stores
- Specialty Stores
Some of the key players in the Philippines Beauty & Personal Care market include:
- Johnson & Johnson (Philippines) Inc
- Shiseido Group
- Coty Inc
- Estée Lauder
- Procter & Gamble
- Pilipinas Kao, Inc. (PKI) (Kao Corporation)
- Colgate-Palmolive Company
REPORT CONTENT BRIEF:
- High-level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Philippines Beauty & Personal Care market estimates for 2021 and forecast from 2022 to 2028 with CAGR from 2021 to 2028.
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding took an investment done, among others.
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding the industry dynamics of the Philippines Beauty & Personal Care market