PHILIPPINES COSMETIC MARKET

The Philippines cosmetic market is forecast to grow at a CAGR of 6.2% till 2031 fueled by a rising middle class, higher income, and an increasing focus on personal grooming.

Major Philippines Cosmetic Market Drivers and Emerging Trends

Philippines cosmetic market size growth is significantly driven by urbanization, changes in lifestyle, and rising awareness of the importance of personal care. The inclination to improve appearance and achieve healthy skin is stimulating the need for a broad spectrum of cosmetic items including skincare and makeup.

The Philippines cosmetic products market is experiencing growing demand as young adults concentrate on achieving a healthy look. Women account for 54.6 percent of the total population with the majority being working-class individuals aged between 19 and 64. Around two to five percent of the overall population are able to afford luxury products and these upper-class buyers often rely on third-party agents to source items from overseas. Social media plays a crucial role in influencing cosmetic and personal care items purchases which leads brands to collaborate with influencers and local endorsers to enhance product promotion and brand visibility.

The Philippines is a market that is highly sensitive to pricing with easily accessible skincare products typically priced between $5 and $10. US brands are preferred by older consumers due to their familiarity whereas gen Z and millennials show a greater interest in products from Japan and Korea. To build brand awareness, US manufacturing companies should focus on a comprehensive marketing strategy.

A surge in interest in natural beauty products is also likely to further drive market growth in the years ahead. This trend is driven by increasing consumer awareness within the country about the negative effects from synthetic beauty products which can cause irritation and other issues. This has led to a growing preference for natural beauty products among consumers in the Philippines.

The Philippines’s cosmetics market report highlights that a key challenge is to keep pace with swiftly evolving beauty trends and consumer preferences which necessitates constant product innovation and adjustment. It is also crucial to find a balance between high quality and affordability to effectively serve various consumer demographics. Furthermore, the market needs to focus on product safety issues which encompass ingredient transparency and the potential for negative effects.

Managing the complicated regulation for cosmetics requires precise compliance and extensive testing. The country adheres to the ASEAN Cosmetic Directive which unifies regulations in Southeast Asia. It details the ingredients that are allowed and banned along with labeling requirements to guarantee consistency across different countries. Cosmetic product labels must be in English or Filipino and include an ingredient list arranged by prominence. Clear indications about possible hazards are also necessary while any product claims should be backed by scientific proof.

The cosmetic market can be segmented into haircare, makeup, skincare, and others. Skincare is leading the market with female and male consumers seeking local or imported brands with active ingredients that support a fresh look while protecting their skin from harmful pollutants.

The market is segmented by the distribution channel into online and offline categories. The offline segment leads the market with conventional distribution networks such as supermarkets and specialty stores driving the total sales in the country. Meanwhile, online sales are greatly supported by e-commerce platforms including Shopee and Lazada along with social media shops on Instagram or Facebook.

Top Market Players

Several key players in the market include L’Oreal, Shiseido, Olay, Maybelline, Skin Game, Skintific among others.

Segments covered in the Report:

The Philippines Cosmetic Market has been segmented on the basis of product and distribution channel. Based on the product, the market is segmented into skin care, hair care, makeup, fragrance, others. Based on the distribution channel, the market is segmented into offline, online.

Market Segmentation

Philippines Cosmetic Market by Product

• • Skin Care
  • Hair Care
  • Makeup
  • Fragrance
  • Others

Philippines Cosmetic Market by Distribution Channel

• • Offline
  • Online

Philippines Cosmetic Market Leading players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • L’Oréal
  • Shiseido
  • Olay
  • Maybelline
  • Skin Game
  • Skintific