Philippines cosmetics industry eyes 10% growth this year

MANILA, Philippines — The country’s cosmetics industry is expected to continue to bloom and post a 10-percent growth this year as Filipinos put importance on skin care.

Chamber of Cosmetics Industry of the Philippines Inc. (CCIP) president Christine Michelle Reyes told reporters on the sidelines of Cosmobeaute Philippines that the group expects to achieve a double-digit growth in retail value this year as companies innovate.

The trade event featured the latest innovations, trends and products in the beauty industry from 250 brands and companies.

If the outlook is achieved, the industry will be growing at the same pace as last year’s.

Reyes attributed the growth last year to the increase in consumption due to lifestyle changes and easing inflationary pressures.

Inflation averaged 3.2 percent last year, lower than the six percent average in 2023.

“Middle-income groups are also growing in the Philippines, alongside urbanization, with the provincial areas attracting new consumers through the development of modern grocery retailers,” Reyes said.

Easier access to credit is also enabling more Filipinos to purchase beauty and personal care products.

In terms of products driving growth, Reyes said sun care, including sunscreen products, are seeing rising demand.

“The best-selling products are products that integrate SPF (sun protection factor),” she said, noting that increasing awareness and the intense heat in the country are driving the demand for sun protection.

There is also growing demand for skin care products.

While there are regulatory challenges faced by the industry in terms of securing permits from government agencies, she said the CCIP is working with the government to address these.

“We also support our members in making sure we are compliant with the regulations. Of course, if we’re compliant, it goes with the improvement of your product,” she said.

Trade Secretary Cristina Roque told reporters that there is room for the cosmetics industry to continue to grow, given the country’s population of 115 million that serve as a market for beauty and skin care products.

According to Roque, the government has programs in place to help those in the beauty business grow through financing and marketing efforts.

In terms of exports, she said coconut-based personal care products are ready to go global.