A lead analyst at AMR highlighted that the organic segment is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the Philippines’ skin care products market. The findings of the report state that the global market for Philippines skin care products generated $1.20 billion in 2017, and is projected to reach $2.01 million by 2027, registering a CAGR of 7.3% from 2021 to 2027. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. Increase in the practice of maintaining and enhancing one’s physical appearance with the use of various skin care products, including creams, lotions, and others, a rise in the standard of living, an increase in importance on physical appearance, and a change in lifestyle among people are expected to drive the growth of the Philippines skin care products market. In addition, growth of the online retail and supermarkets/hypermarkets are further expected to create ample opportunities for the industry.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the automotive cybersecurity market globally. The outbreak of COVID-19 has had a negative impact on the growth of the market, owing to the prevalence of lockdowns in numerous countries across the globe. Lockdowns resulted in the closure of various manufacturing facilities, including those of personal care and cosmetics products, which adversely impacted the market growth. In addition, restrictions in the movement of goods and raw materials due to strict trade restrictions further aggravated the impact on the market. However, the market is expected to recoup with eased restrictions.
“The Philippines skin care market is expected to witness significant growth owing to an increase in awareness amongst Philippines consumers regarding herbal and natural skin care products and changes in lifestyle have significantly contributed towards the growth of the market. Furthermore, an increase in aggressive advertisements and promotions through social media platforms by manufacturers plays a crucial role in the growth of the Philippines Skin care products market,” says Shankar Bhandalkar, Team Lead-Research, Consumer Goods at Allied Market Research.
The report offers detailed segmentation of the global Philippines skin care products market based on product type, demographic, age group, distribution channel, and region.
Based on product type, the skin care segment held the largest market share in 2021, holding more than one-third of the global market, and is expected to occupy a dominant status during the forecast period. The color cosmetics segment, on the other hand, is expected to cite the fastest CAGR of 6.3% during the forecast period.
Based on gender, the female segment accounted for the largest share in 2018, holding more than two-thirds of the global market, and is expected to occupy a dominant status during the forecast period. The male segment, on the other hand, is expected to cite the fastest CAGR of 5.3% during the forecast period.
Based on nature, the synthetic segment contributed the highest share, accounting for more than half of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, the organic segment is expected to grow at the highest CAGR of 6.1% from 2019 to 2026.
The key players analyzed in the global Philippines skin care products market report include Procter & Gamble, Patanjali Ayurved Limited, The Estée Lauder Companies Inc., Emami Limited, Johnson & Johnson Services, Inc, Himalaya Drug Company, Dabur, Kao Corporation, Unilever Plc, L’oréal S.A, Beiersdorf AG.
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