Philippines region leads skin care products market growth with 7.3% revenue share

Rising demand for herbal and natural skin care products is expected to drive the growth of the Philippine skin care products market in the coming years

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220U, USA, September 18, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, ‘Philippine Skin Care Products Market by Product Type ” is entitled. , Demographics, Age Groups, and Sales Channels: Opportunity Analysis and Industry Forecast, 2021-2027” Philippine skin care products market size was valued at $1,205.6 million in 2017 and will grow to $2,018.6 million by 2027 is expected to reach a CAGR of 7.3. % from 2021 to 2027.

The adoption of skin care products has increased in recent years due to a growing younger population, increased disposable income, increased awareness of personal well-being, and a growing desire to develop and maintain a strong identity and self-image. Additionally, increasing awareness among Filipinos about their appearance and increasing demand for personalized products and services are driving the growth of the skin care products market in the Philippines. Additionally, various multinational brands such as L’Oréal SA and Beiersdorf AG have entered the Philippine market and are focusing on expanding their customer base by providing quality products to consumers through their respective pricing strategies.

Rising demand for herbal and natural skin care products is expected to drive the growth of the Philippine skin care products market in the coming years. Additionally, support from the government for local expansion to cosmetics companies is expected to expand opportunities for the Philippine skin care products market during the forecast period.

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Additionally, there is an increasing adoption of men’s skin care products among urban men in the Philippines. This is because we believe that men’s skin care products can effectively improve your appearance and, in turn, improve your social and work life. Additionally, male consumers primarily belong to the upper-middle class Millennials and Generation X, where smartphones and the internet are more prevalent.

Additionally, the improved lifestyle and increasing fashion consciousness of Filipino men are contributing significantly to the growth of the Philippine skin care products market trends.

Beauty bloggers and social media influencers are opening up new avenues of growth in the market. Additionally, the increased advertising along with product knowledge on social media sites such as Facebook, YouTube, Instagram, and Twitter has increased awareness of skin care products, especially among Filipino Millennials and his Generation X consumers. Additionally, many local YouTubers host popular channels demonstrating product reviews and tutorials, which is driving the market growth.

For analytical purposes, the Philippines skin care products market is studied based on product type, demographics, age group, and sales channel. Based on product type, the market is segmented into creams, lotions, etc. In terms of demographics, it is divided into men and women. By age group, they are divided into Generation X, Millennials, and Generation Z, and by sales channel, they are classified into supermarkets/hypermarkets, specialty stores, department stores, beauty salons, pharmacies/drugstores, and online sales channels.

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The Philippine skin care products industry includes Procter & Gamble, Estée Lauder Companies, Johnson & Johnson Services,
Emami Limited, Kao Corporation, Unilever Plc., L’oréal SA, Beiersdorf AG. However, in a highly competitive market, new players are constantly emerging with a particular focus on clean label, natural ingredients products.

Some of the major companies operating in the Philippines skin care products market analysis are Procter & Gamble, Patanjali Ayurved Limited, Estée Lauder Companies Inc., Emami Limited, Johnson & Johnson Services Inc. They include Himalayan Drug Company, Dabur, Kao Corporation, and Unilever. Plc., L’Oréal SA, Beiersdorf AG.

Main results of the study

Depending on the product type, the cream segment dominated the market in 2017 and is expected to maintain its dominance throughout the forecast period.
By demographics, the female segment accounted for the highest share of the Philippine skin care products market growth in 2017 and is projected to grow at a CAGR of 6.8% from 2021 to 2027.
Based on age group, the Generation X segment led the market demand in 2017 and is expected to maintain its dominance throughout the forecast period.
By sales channel, the supermarket/hypermarket segment led the Philippine skin care products market share in 2017 and is projected to register a CAGR of 6.0% from 2021 to 2027.

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Similar report:-
Indian skin care products market https://www.alliedmarketresearch.com/india-skin-care-products-market-A06651
Bangladesh skin care products market https://www.alliedmarketresearch.com/bangladesh-skin-care-products-market-A06650

david correa
Allied Analytics LLP
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