14 Jul 2020
Posted in Consumer
Philippines make-up sector is expected to reach US$263.2m by 2024, says GlobalData
The make-up sector in the Philippines is expected to grow from ₱10.5bn (US$200.4m) in 2019 to ₱14.1bn (US$263.2m) by 2024, recording a compound annual growth rate (CAGR) of 6.2%, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Philippines Make-Up – Market Assessment and Forecasts to 2024’ reveals that the sector growth is driven by growth in the face make-up category, which is projected to register the fastest CAGR of 6.7%, in value terms during 2019–2024. The category growth is followed by eye make-up and lip make-up categories, which are forecast to record CAGRs of 6.0% each during the next five years.
Anchal Bisht, Consumer Analyst at GlobalData, says: “The predominantly young population in the Philippines is displaying a growing affinity towards beauty products that help elevate appearance, driving the market for myriad products. Availability of these products at multiple outlets and a growing assortment of local as well international brands has worked towards improving consumer awareness, and as a result, their adoption.”
The report further reveals that ‘lip make-up’ registered the highest volume sales of 5.8 million units in 2019. The per capita consumption of lip make-up stood at 0.05 units in the Philippines, which was considerably lower in comparison to the Asia-Pacific (APAC) and global levels.
Direct sellers accounted for the highest share of 49.7% in the Filipino’s make-up distribution channel in 2019. It is trailed at a distance by ‘health & beauty stores’ and ‘hypermarkets & supermarkets’, which held shares of 16.2% and 12%, respectively in the same year.
Avon Products, Inc. emerged as the leading market player in terms of value in the Filipino make-up sector in 2019. It was followed by L’Oreal S.A. and Ever Bilena Cosmetics, Inc. in the same year. Further, Avon, Simply Pretty and Maybelline are the leading brands in the sector.
Ms Bisht concludes: “Increasing disposable incomes along with availability of local as well as international beauty brands, facilitated by flourishing online platforms is likely to have a positive impact on the make-up sector in the country.”