According to a new report published by Allied Market Research, titled, “Philippines Skin Care Products Market by Product Type, Demographics, Age Group, and Sales Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” The Philippines skin care products market size was valued at $1,205.6 million in 2017, and is projected reach $2,018.6 million by 2027, registering a CAGR of 7.3% from 2021 to 2027.
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According to the perspective of top-level CXOs, natural and organic skin care products have gained momentum in the Philippines skin care products market. Thus, shift in the consumer purchasing behavior makes way for manufacturers to introduce herbal skin care products along with affordable prices and eco-friendly packaging.
The CXOs further added that rise in trend has been witnessed among Filipinos of using skin care products such as masks, lotion, cream, serums, peel offs, powder, oil, cleansers, and toners to enhance their physical appearance and keep skin younger and radiant. This factor acts a key factor, which drives the growth of the Philippines skin care products market. Furthermore, increase in penetration of various online portals in the Philippines and huge discounts offered by online channels to attract a large consumer base contribute toward the growth of the market. Moreover, online sales channel has increased the consumer reach, making it the key source of revenue for many companies.
Upsurge in demand for herbal and natural skin care products is anticipated to boost the growth of the Philippines skin care products market in the upcoming years. Moreover, support from government to cosmetic enterprises for local expansion is expected to boost the Philippines skin care products market opportunities during the forecast.
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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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