The skincare market in the Philippines will be primarily driven by the make-up remover category, with the overall fastest value CAGR of 7.8% during the 2021-2026 period, followed by facial care with a projected CAGR of 7.7%, found GlobalData in a recent report[‘[Philippines Skincare Market Size by Categories, Distribution Channel, Market Share and Forecast, 2021-2026’, March 15, 2022]].
As COVID-19 restrictions ease and people begin venturing out for work and social activities, consumers are naturally paying more attention to their personal appearance with ‘clean’ beauty products trending on social media and proving popular. These products are usually formulated with a simpler ingredients list, are quick and easy to use, and serve a multipurpose.
“Consumers are seeking effective and convenient methods to rejuvenate their skin without using multistep skincare regimens, which is why multipurpose products with high quality and more natural ingredients are growing in popularity,” said Likitha Nalluri, Consumer Analyst at GlobalData.
Per capita expenditure (PCE) of skincare in the Philippines increased from USD 4 in 2016 to USD 4.6 in 2021, which was lower than the global average of USD 9.8, and the regional average of USD 9.2 in 2021 due to the lower consumer spending power of the developing economy. By 2026, the PCE on skincare in the Philippines is expected to increase by a third to reach USD 6.1, according to GlobalData.
Convenience stores were the leading distribution channel in the Philippines’ skincare market in 2021, followed by hypermarkets and supermarkets, direct sellers, health & beauty stores, chemists and pharmacies, para pharmacies and drugstores. Unilever, Procter & Gamble, and Natura & Co were the top three companies in the Philippines’ skincare market by value in 2021, and Pond’s and Olay were the leading brands.
“The resurgence of household disposable incomes, consumer confidence, and the return to offices will boost demand for skincare products in the Philippines. The ‘clean’ beauty trend will continue gaining momentum, thereby spurring the launch of more natural and sustainable skincare products,” concluded Likitha Nalluri.