Beauty & Personal Care - Philippines

Philippines

In 2024, the Beauty & Personal Care market in the Philippines is projected to generate a revenue of US$6.49bn.
This market is expected to grow at an annual rate of 0.97% (CAGR 2024-2029).
The largest segment within the market is Personal Care, which is estimated to have a market volume of US$2.97bn in 2024.
When compared to other countries globally, in the United States leads in revenue generation with US$101bn in 2024.
Looking at the per person figures, the revenue generated per individual in the Philippines amounts to US$54.52 in 2024.
As for online sales, it is projected that 35.0% of the total revenue in the Beauty & Personal Care market will be generated through online channels by 2024.
Despite economic challenges, the Beauty & Personal Care market in the Philippines continues to grow due to the increasing demand for skincare and beauty products among young consumers.

Key regions: United States, Worldwide, India, Indonesia, Canada

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Analyst Opinion

The Beauty & Personal Care market in the Philippines is experiencing negligible growth, influenced by shifting consumer preferences, economic challenges, and increased competition. Despite these hurdles, rising awareness of personal grooming and innovative beauty tech sustain interest in the sector.

Customer preferences: Consumers in the Philippines are increasingly favoring clean and sustainable beauty products, reflecting a growing consciousness about environmental impact and health. This trend is particularly prominent among younger demographics, who prioritize transparency and ethical sourcing. Additionally, the rise of social media influencers has shifted purchasing behaviors, with consumers seeking personalized recommendations and authentic brand stories. Furthermore, the demand for multifunctional products is rising, as busy lifestyles drive the need for efficiency in beauty routines.

Trends in the market: In the Philippines, the Beauty & Personal Care market is experiencing a surge in demand for clean and sustainable products, highlighting a shift towards eco-conscious consumerism. This trend is particularly pronounced among younger consumers, who are increasingly prioritizing brands that emphasize transparency and ethical sourcing. Social media influencers play a pivotal role in shaping these preferences, as personalized recommendations and authentic narratives resonate with audiences. Additionally, there is a growing inclination towards multifunctional beauty products, driven by fast-paced lifestyles that seek efficiency. This evolving landscape presents significant opportunities for brands to innovate and align with consumer values, ultimately reshaping the market dynamics.

Local special circumstances: In the Philippines, the Beauty & Personal Care market is influenced by the archipelago's rich cultural diversity and strong community ties. Traditional beauty rituals, often rooted in local herbs and natural ingredients, resonate with consumers seeking authenticity. Additionally, the tropical climate drives demand for products that address humidity and skin protection. Regulatory factors, such as stricter standards on harmful ingredients, further encourage brands to innovate with safer formulations. This unique blend of cultural heritage and contemporary values shapes the market, fostering a distinctive consumer landscape.

Underlying macroeconomic factors: The Beauty & Personal Care market in the Philippines is significantly shaped by macroeconomic factors such as national economic growth, consumer spending power, and changing demographic trends. The steady rise in disposable income among Filipinos fosters greater demand for premium and diverse beauty products. Additionally, the global trend towards sustainability and ethical consumerism influences local brands to adopt more environmentally friendly practices. Fiscal policies promoting local manufacturing and innovation also bolster market growth. Furthermore, the increasing urbanization and influence of social media drive consumer awareness and preferences, creating a dynamic landscape for beauty and personal care products.

Methodology

Data coverage:

The data encompasses B2C enterprises. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations such as population, GDP per capita, and Human Development Index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, multiple forecasting techniques based on different forecasting methods, such as Autoregressive Integrated Moving Average (ARIMA) and exponential trend smoothing, can provide the most accurate forecasts.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.