Philippines Skin Care Products Market Forecasted Healthy Growth at 7.3% CAGR through 2021-2027
Herbal and natural skin care products are expected to drive the growth of the Philippines skin care products market in the coming years
POTLAND, 5933 NE WIN SIVERS DRIVE, # 205, OR 97220, UNITED STATES, January 12, 2022 /EINPresswire.com/ – According to a new report released by Allied Market Research, titled “Philippines Skin Care Products Market By Product Type, Demographics, Age Group, and Sales Channel: Analysis of Industry Opportunities and Forecast, 2021-2027, ”The Philippines Skin Care Products Market size was estimated at 1,205 , $ 6 million in 2017 and is expected to reach $ 2,018.6 million by 2027, registering a CAGR of 7.3% from 2021 to 2027.
Philippines Skin Care Products Market by Type Product Type (Cream, Lotion, and Others), Demographic (Men & Women), Age Group (Gen X, Millennial & Gen Z), and Distribution Channel (Supermarket / hypermarket, specialty stores, department stores, beauty salons, pharmacies and pharmacies and online sales channel): analysis of industry opportunities and forecasts, 2021-2027
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Skin care products have seen increased adoption in recent years, due to increasing youthful demographics, increasing disposable income and increasing awareness of personal well-being and the desire to develop and maintain a strong identity and self-image. In addition, increased Filipino awareness of physical appearance and increased demand for personalized products and services has driven the growth of the Philippines skin care products market. In addition, various multinational brands such as L’Oréal SA and Beiersdorf AG have entered the Philippine market and are focused on increasing their customer base through their respective pricing strategies and providing high quality products to consumers.
Main conclusions of the study
Based on the product type, the cream segment dominated the market in 2017 and is expected to maintain its dominance throughout the forecast period.
In demographic terms, the female segment accounted for the highest share of the Philippines skin care products market growth in 2017, and is expected to grow at a CAGR of 6.8% from 2021 to 2027.
On the basis of age group, Generation X segment dominated the market demand in 2017 and is expected to maintain its dominance throughout the forecast period.
According to the sales channel, the supermarket / hypermarket segment dominated the Philippines skin care products market share in 2017 and is expected to register a CAGR of 6.0% from 2021 to 2027.
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The Major Players Operating In The Philippines Skin Care Products Market: –
Procter & Gamble
Patanjali Ayurved Limited
Estée Lauder Companies Inc.
Johnson & Johnson Services, Inc
Himalayan Pharmaceutical Company
Growing Philippines Skin Care Product Market Trends: –
Beauty bloggers and social media influencers are creating new avenues of growth for the market. Additionally, the increase in advertisements as well as product awareness on social media sites such as Facebook, YouTube, Instagram and Twitter have increased awareness of skin care products, especially among Millennial and Millennial consumers. Generation X from the Philippines. In addition, a number of local YouTubers are now hosting popular channels to feature product reviews and tutorials, which in turn is driving market growth.
The upsurge in demand for herbal and natural skin care products is expected to drive the growth of the Philippines skin care products market in the coming years. In addition, government support for cosmetic companies for local expansion is expected to boost the opportunities in the skin care products market in the Philippines during the forecast.
In addition, the improvement in the lifestyle and the increase in the fashion awareness among men in Philippines has greatly contributed to the growth of the trends in the skin care products market in the Philippines.
CHAPTER 1 INTRODUCTION
1.1 Description of the report
1.2 Key market segments
1.3 Main benefits of the market for stakeholders
1.4 Research methodology
1.4.1 Primary research
1.4.2 Secondary research
1.4.3.Tools and analysis models
CHAPTER 2: EXECUTIVE SUMMARY
2.1 CXO perspective
CHAPTER 3: MARKET LANDSCAPE
3.1 Definition and scope of the market
3.2 Main findings
3.2.1 Superior investment pocket
3.3 Porter’s five forces analysis
3.3.1 Bargaining power of suppliers
3.3.2 Negotiating power of the buyer
3.3.3.Result of new entrants
3.3.4 Threat of substitute
3.3.5 Intensity of competitive rivalry
3.4. Snapshot of market dynamics
3.5 Main influencers
3.6 Average registration time for skin care products
3.6.2.Part 1 Regulatory framework and competent authority
3.6.3.Part 2 Cosmetic products
3.7 Impact of COVID-19 on the Philippines Skin Care Products Market
CHAPTER 4: PHILIPPINES SKIN CARE PRODUCTS MARKET, BY PRODUCT TYPE
4.1.1 Market Size and Forecast
4.2.1. Key Market Trends, Growth Drivers and Opportunities
4.2.2 Market Size and Forecast
4.3.1. Key Market Trends, Growth Drivers and Opportunities
4.3.2 Market Size and Forecast
4.4.1. Key Market Trends, Growth Drivers and Opportunities
4.4.2 Market Size and Forecast
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