08 Jul 2020
Posted in Consumer
Philippines skincare sector to reach US$1.3bn in 2024, forecasts GlobalData
The skincare sector in the Philippines is forecast to grow from PHP50.9bn (US$975mn) in 2019 to PHP70.5bn (US$1.3bn) in 2024, recording a compound annual growth rate (CAGR) of 6.7%, says GlobalData, a leading data and analytics company.
GlobalData’s report, ‘Philippines Skincare – Market Assessment and Forecasts to 2024’, reveals that the facial care category led the sector with the highest value sales of PHP45bn (US$862.9mn) in 2019. The category is forecast to register the fastest growth at a value CAGR of 6.8% during 2019–2024. Facial care is closely followed by make-up remover category, which is projected to grow at a value CAGR of 6.7% during the same period.
Anchal Bisht, Consumer Analyst at GlobalData, says: “Skincare sector is all set to flourish in the Philippines due to the growing beauty trend, modernizing retail landscape and rising influence of social media on consumers. Declining unemployment rate is fueling growth in the Philippines’ skincare sector.”
Convenience stores dominated the sector with majority value share of 32.1% in 2019, followed by hypermarkets & supermarkets, and direct sellers at value shares of 17.7% and 16.1%, respectively.
Unilever, Procter & Gamble and Avon Products, Inc. are the top three companies in the Filipino skincare sector. Pond’s, a Unilever brand, remained the most popular skincare brand in the country with highest value share in 2019.
Ms Bischt concludes: “Growing focus on beauty, particularly towards achieving fair complexion, and rise in product selection for consumer to choose exudes tremendous potential for future growth. Furthermore, Filipinos are increasingly seeking products that contain natural ingredients as they perceive them to be safer than those with chemical formulations. Innovation on this front will contribute to the future growth of the market.”