Portland,OR, July 06, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the Philippines beauty & personal care market generated $3.3 billion in 2018, and is estimated to reach $4.7 billion by 2026, registering a CAGR of 4.8% from 2019 to 2026.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
Increase in young population, influence of social media, and rise in number of local beauty brandsdrive the growth of the Philippines beauty & personal care market. However, availability of alternatives may hinder the market growth. On the other hand, rise in adoption of online platforms and increase in demand for natural beauty products create new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic,the Food and Drug Administration of the Philippines issued guidelines in which it was mentioned that the labors should utilize hand sanitizers during the labeling ofbeauty products.
- However, the revenue from beauty products in Philippines has taken a huge plungedue to the restrictions on sales channels and supply chain.
The report offers a detailed segmentation of the Philippines beauty & personal caremarket based onproduct type, nature, gender, end user, and distribution channel.
Based on product type, the skin care segment contributed to the largest share in 2018, accounting for more thanone-third of the total share, and is estimated to maintain its dominant position during the forecast period. However, thecolor cosmetics segment is expected to register the highest CAGR of 6.3% from 2019 to 2026.
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Based on gender, the female segment accounted for the largest share in 2018, holding more than two-thirdsof the total share, and is expected to maintain the largest share throughout the forecast period. However, the malesegment is estimated to portray the highest 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, theorganic segment is expected to grow at the highest CAGR of 6.1% from 2019 to 2026.
Leading market players analyzed in the research include L’Oréal, Coty Inc., Shiseido Company Limited, Estée Lauder Companies Inc., Beiersdorf AG, Unilever, Kao Corporation, Olay, LVMH, and Johnson & Johnson services, Inc.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.